Note on housing mortgages, the exotic instruments that were used to get a fair amount of people to buy in will start backlashing on those that bit the bait, starting now for some, and will be hitting more as time goes by.
They will be in for a major shock on how they were bamboozled with there interest only payments and delayed ARMs, mortgages.
The delayed ARMS were on anywhere from 2 years to 5 years, i understand.
I think this factor will be enough to precipitate a very sharp downturn in housing as we move into 2007.
i do not , myself, see a soft landing.
This applies to West and East Coast and places like Denver and Vegas.
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