Irvine Housing Blog explains why ARM resets aren’t finished, and just how bad things might get, at least in California. Yikes.
And since California is basically the size of a country all by itself, it’s kind of difficult to be optimistic about a quick rebound of housing prices on the West Coast. You could give AIG $25 billion a day for the next year and it wouldn’t help much, unless they hold all their parties in vacant houses rented for the occasions.
This socialism stuff is hard. Can I interest you in a used car (company?)