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But Here’s the Real Story
Housingdoom.com was featured in today’s Arizona Republic. (see article) The article was essentially correct, although I would say it portrays Housingdoom more alarmist than I try to maintain it. While I do not foresee the collapse of real estate as we know it in a tremendous national tragedy- I think the potential for thousands of individual tragedies is horrific.
According to the Mortgage Bankers Association, foreclosures in the first quarter of 2006 fell slightly from 2005- except for subprime loans. That looks like it might be a piece of bright news among a lot of bad- but it hints of potential difficulties to come. The risk of mounting foreclosures for subprime borrows remains high.
