not see the rich taking it in the shorts sales...
The problem is not only that the homes were not worth what they cost them...
there is NO funding available for "Jumbo RE loans".
So..., you hold your own contract, if you can...
OR, you take a really big hit...
What is also interesting is that this RE collapse is affecting, or is that effecting, OR is that INfecting...
different areas, in different ways, and at different times.
While the so-called "sand states" = Cal, Nev, Fla & AZ, were clearly most impacted by the collapse first...
due to the Trifecta ARMS = Countrywide (now BoA), WAMU (now Chase) and Wichovia (now Wells Fargo)..
THAT mess appears to have now stabilized.
What we are NOW seeing is the serious impacts of:
loss of jobs...
and
loss or pulling back of lines of credit.
The rich are finding that their banks/lenders are now calling their loans, for payment.
Their banks/lenders NEED the money to restore their capital.
How sad....
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Big Discounts on High End Real Estate
- Luxury and Waterfront Homes are Selling at "Bargain" Prices
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Time to Storm the Castle?
At the High End, a Bit More Money Yields Lots More Home; 14 Acres and an Orchard
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