Tuesday, February 12, 2008

Housing Is Nowhere Near the Bottom

From CBS Marketwatch:

Lehman Brothers has estimated that about 2.8 million subprime mortgages will reset this year and next at a rate that is 30% higher than the so-called "teaser" rate. The investment bankers also forecast foreclosures to shoot up to about 1 million this year and next, quadruple last year's level.