Thursday, June 14, 2007

Mortgage foreclosures hit record

I predicted back in the late 90's that the irrational exhuberance of the stock market was going to lead t a lot of tears. Then in 2004 that real estate was about to crash. Well, never say you were not warned.

It seems that the banks are now being pulled under by record foreclosures. California and Nevada are hit hard. Real estate is not real, and it ain't bankable.

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