Realty Check From CNBC? Really?

Mindless drivel from CNBC

www.cnbc.com/id/32630317/"

I have posted countless times on shadow inventory in housing. In a word...Brutal.

tradersutra.blogspot.com/2009/07/shadow-home-market-holds-key-to-housing.html"

tradersutra.blogspot.com/2009/07/next-wave-of-failures.html"

Anyone who tells you that this is not a problem and the banks have it under control either works for the banks or is a shareholder of such entity.

The last part about bad loans rolling through the system is interesting in the sense that the only place bad loans are rolling to are currently:

Even more crappier securizations.

tradersutra.blogspot.com/2009/08/return-of-king.html"

Rolled into government balance sheets as part of a larger shell game.

Anybody who listens to BOFA about anything needs to have their heads examined. Ken Lewis lies for a living, ask Judge Rakoff.

Foreclosure Starts Vs. Foreclosure Sales

Look at the number of Prime Mortgages that are in trouble. They have surpassed Sub Prime as the biggest factor in foreclosures. I understand that the brunt of sub prime is behind us, but these numbers are downright scary.

As of July 9Th, there is 3x more prime mortgages going into foreclosure then sub prime.
Also Foreclosure starts are running about 3.5x more then actual sales. Who cares that housing sales are growing quarter to quarter, most of them are distressed sales, and what ever is being sold, 3x is being foreclosed on.

Foreclosures Starts Vs. Foreclosures Sales

From looking at this, I want one human being who lives in realty to tell me that housing is getting better!

I have continued to say that the next disaster to hit housing is not sub prime, but prime. Sub prime is so 2007-2008 Bear Stearns/Wamu/Wachovia/Lehman/CountryWide.

Prime is the next asteroid that will kill the dinosaurs that is currently BOFA, JP, and Wells.

tradersutra.blogspot.com/2009/05/structural-problem-in-mortgage-land.html"

Come on people!