Everyday, Every show...

...but everyone's a teenager. I don't know how many people watch the news at night. I gave it up for a long time (high school, college), but if you were to turn it on tonight chances are you would see the same stories as the night before, and possibly the same as a month before. I'm talking about gas prices and the Mortgage/Housing market. Now, if you DO watch, than thank you because you eyes, on our ads, pay my bills, but you know how inundating these stories can be.



Maybe you're buying the B.S. the economy is getting better and the housing market is healing. Well I would have been in that place as well if it wasn't for my family. See my dad and brother work for Countrywide (one of the companies widely viewed as the villian in the subprime debacle) and back in October when the piss hit the breeze and foreclosures were the buzz word of the moment my brother mentioned that the real disaster was gonna be about a year or two out. And guess what? That's finally getting some press.

Here's a taste of that Business Week article

Among the states expected to be worst-hit is already battered California.
Today, outstanding option ARM loans in the U.S. total about $500 billion,
about 60% of which were sold to California homeowners, according to Credit
Suisse. Option ARMs were especially popular in the state, where they were
heavily marketed during the boom by such companies as Countrywide Financial
(CFC) in Calabasas, Calif.; Washington Mutual (WM) in Seattle; and Wachovia (WB) in Charlotte, N.C. Moreover, on top of their ARMs, many homeowners also refinanced their homes, driving themselves even deeper into a
debt they thought they could escape by flipping their homes.

60% you know what that means? Ghost town. The price of homes, land, and goods in California is so inflated it makes sense that most of the ARM loan fools live out here. Now when you figure in that California makes up roughly 20% of the US economy... You think we're in a recession now? Wait for the blockbuster summer of 2009!

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