That's it, the party's over, turn out the lights...

[30ashopper]

A couple interesting blurbs -

"We will never see these prices again in our lifetime, when you adjust for inflation," says Peter Schiff, president of investment firm Euro Pacific Capital of Darien, Conn. "These were lifetime peaks."

http://feedproxy.google.com/~r/Futu...N8-U/why-home-values-may-take-decades-to.html

Delinquencies skyrocket over the last six months -

Fitch cited a ?rapid increase in 60+ day delinquencies experienced over the past six months,? despite servicers? collective efforts to hold off on actual foreclosure sales ? likely implying that a halt to foreclosures is having little effect in resolving borrower delinquencies. Between May and October 2008, Fitch said that 60+ day delinquencies for the 2007 vintage increased from 8.80 percent to 14.65 percent; 2006 and 2005 vintages also experienced steep increases rising from 10.30 percent to 14.24 percent and 6.57 percent to 8.79 percent, respectively.

While delinquencies are continuing to pile up, cumulative losses are not ? at least, not yet.. ?The small increase in cumulative losses relative to the rising level of 60+ day delinquencies reflects, in part, the lengthening foreclosure/liquidation timeline being experienced throughout all vintages,? analysts at the agency wrote.

All of which means that it?s time to get ready for a whole new slew of downgrades to Alt-A in the coming few weeks. Fitch warned in its note Monday that it expects that it will downgrade many senior bonds to below investment grade ? just in time for fourth quarter earnings.

http://www.housingwire.com/2008/12/...ges-deteriorating-more-rapidly-than-expected/

The 2007 vintage numbers are pretty amazing. The wreckage continues.

 

[AAbsolute]

Says him.