I don't mean to be a jerk, but I've been waiting seven years for this to happen, so I'm gonna brag. I just bought a $900,000 house on 7 acres 30 minutes from Boston for $196000. It was me, the auctioneer, and the lawyer. I was the first and only bid. The auctioneer was speechless. The lawyer offered me $600000 cash for the house. I looked like an idiot for the past seven years because I refused to buy a house. I rented an apartment for $725/month. My two mentors told me to wait. "Be patient", they said. " This is going to be a disaster." Well, they were right. This is only the beginning.
That's how Donald Trump's dad made his fortune, from what I understand. He kept low-bidding properties no one wanted.
Hope you took the Lawyers 600k,give it a few months and go get the house back for a lot less from the ambulance chaser lol.
Sprint store, downtown SF, California. Salesman sells a colleague a Sprint PDA and data services and strikes-up a conversation on the local RE market. Stated he has an Alt-A loan at 1.2mm on his home, earning $40k per annum. Broker loaned him his down-payment. The obvious assumption is that the wife must be a neurosurgeon, but no, she's a stay at home mom taking care of the three kids. He's 6-figs underwater and can't afford to sell. Sprint is sending him to Fremont, a three-hour commute.
That's what I like to hear...kind of. I'm short Countrywide...this is going to be a freaking nightmarish mess. Not much they can do to bail people out of this one.
CFC is getting back into my short area, I like shorting it above 36, trying to hold out for the 37.50-38 to get short again.
Do it...I should have waited for sure. But I also expect a number of painful items to come out about them in the future and timing those is hard. SEC/DOJ investigations, suits, etc. Someone doesn't want the stock higher....really capping it right now with some volume.