Alan Abelson calls for "No Bottom in Housing" and I have to agree. He sites the latest research from T2 Partners, a group that has shown great insight throughout the crisis. The numbers highlighted from this report are shocking, including their estimates of how underwater mortgages are in various catagories. They think we are only two crests through the deliquency wave with the following three yet to occur - jumbo primes, 2nd liens and home equity lines of credit ( still mostly on bank books), and loans outside housing. (commerical real estate). Take a deep breath and read the piece......
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