As more people walk out of their homes more banks will fail I have watched home listings go from 842 to 980 in the past month in my area.
In Vegas there is 25,000 foreclosures from what a realtor told me the other week. It is obvious imo the US is in a very different economic downturn than anything else the past 50 years. I will look to buy an additional property in Vegas soon, but I am going to wait until about 9 months from the opening of the CityCenter on the strip. http://www.citycenter.com/luxury_las_vegas_condos/?CMP=KNC-Yahoo-City_Corp
Absolute crazininess on an epic scale... ...wait and watch the collapse of many banks over the coming months. Everything that's being said and done is clearly intended as preparation for bank failures. They're trying to prevent a massive run on the banking system, but once the first dozen or so go down, they won't be able to stem the tide. The residential real estate bubble was far more massive and artificial than anyone imagined - even the gold bugs and bears.
So I guess you guys are not big believers in this latest ramp? Was it just option week cashing in by put sellers? Looks like we will know by Tuesday or Wednesday, most indicies are sitting right at the downtrend line and we are getting close to over bought levels, will we break out with enough volume to make skeptics like me a believer? I still think that the probability of a lower low this year is high, I'm not selling any puts here and am looking to get back short again, long SKF especially.
i think the only bullet they have is to bring oil down,how is a good question,my bet is they pull it off though
bank america reports at the open...great way to start the week-NOT! WM also reports this week....8000 new foreclosures every day...All these desert communities that sprouted out of the sand have no chance...what with high gas for the commutes to vegas,phoenix or LA there is no reason to ever live in those places.There will be a lot of ghost towns in the next decade.