What does ‘08 have in store for our economy and the housing market??

I hope everybody had a Merry Christmas and is looking forward to fun New Year’s celebrations with friends and family.

For those of you that have been reading this blog since 2005, you know that my feelings regarding housing and the economy were not very positive as a whole. You cannot have hundreds of billions of dollars lent out to people that have no ability or inclination to make their ‘adjusted’ payment. Well, it seems there are a few more people that agree with me now…they just happen to be much ’smarter’ and have a much larger reading audience.

Here are 3 good articles to carry you through to the new year. Funny how these 3 articles were together on the front page of the Drudgereport.
Home prices post record annual drop… (duh…we knew THAT was coming!)

PAPER: Housing foreclosures largest since Great Depression… (I have asked people many times: when was the last time that Interest Only mortgages were popular? It was the late 1920’s…right before the Great Depression!!)

CHEER: Ambrose Evans-Pritchard: Bank Crisis may make ‘29 look ‘walk in park’… (Hmmmm… 1929 eh? See the previous sentence.

Stay tuned for more in 2008!

SoCalMtgGuy