The Authoritative NSS Page

[DERBENSKI]

'The Cap'm'

Everybody is covering up how bad the real estate crisis is.

Here are the California stats, the worst state in a spread sheet. I need to beg your attention to the column that is labeled "New Notice of Default". 75% or more of those will end up as foreclosure. Now look at sales. Notice of default has a 4 month lag to foreclosure hitting the market.

Looks leveling at just above 40k? But remember when looking at the last NOD number, June was the last month of the quarter. How many banks do you suppose changed terms during the quarter to give "customers more time" to make mid year results look not so bad? I might pull something up later for you if you want..

http://spreadsheets.google.com/pub?key=pLSPij1IwqTqrqtwhpn2Xdw&output=html&gid=0&

Derb