Scary Math…Indeed

Recently ran across this article on CNN Money.com, and couldn’t help but notice that it is yet another doom and gloom report on the subprime lending market.  There are a couple quotes that do pertain to San Francisco:

-“At a minimum, it means financing is drying up for those with less-than-perfect credit and that spells fewer home buyers.”-True

-“foreclosed properties will add supply to a housing market that already has too much.”-Which housing market was that?

-“The hardest hit areas, which he thinks will be Arizona, Nevada, parts of California and Florida, will absorb high single digit or even double-digit punches.”-We’d love to look in that crystal ball.

-“According to a report from the Center for Responsible Lending (CRL), about 1 in 5 of the subprime loans written in the past two years will go into default, costing 1.1 million their homes and unleashing a flood of foreclosed homes on the market.”-Think about buying some investment/rental property if you can.

Could we please have a similar report, but written by cnnmoney.com/california/bayarea/sanfrancisco?

-“Meanwhile New York, Boston, and coastal California, and even D.C. should hold up OK,”-Oh, there it is. In the very last sentence.

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