I recently read there is over a trillion dollars of securitirized low grade mortgages outstanding and three-quarters of a trillion dollars whose adjustable rates are slated to rise over the next year. This means the other shoe hasn't fallen yet. I believe until this is worked out of the system the nausea in the housing industry will persist. This will take longer than I first thought. This will take two to three years more of pain. Those of us who hang in there should be rewarded over time.
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