No… This is not apples and oranges. Your talking about the Sub-prime market. Unless we have 44 million mortgages in Tucson, I think you’re a bit off here.

In any case, the data still holds for Tucson. When the per capita wage for the avg. Tucsonan is $26K a year… an ARM is the ONLY way they are getting into a home. Period.

Just watch. This isn’t over by a long shot. As I’ve said the pain is just beginning.

Aside – I’ve been emailing people on Craigslist with offers. Found a few nices homes in the $220K range. I tell them to call me when they want to sell them in the $140K range.

So far, I’ve only received insults and e-laughter…. More of the same, hahaha. In the end I’ll be laughing. I told everyone this “boom” (bubble) was going to end badly in 2005, and they laughed in my face…”Housing prices always go up!”

Funny, that sentiment is changing…

? HUH, You’re comparing national figures to a single banks reset chart?

Talk about apples and oranges, the only thing that chart tells me is that if you are invested in Bank of America you might want to think about moving those investment dollars before March of 2008

But there are some concerns out there. Foreclosures are actually up by over 90% year on year compared to July 2006, according to RealtyTrac. That’s a big jump and it has the potential to get worse as ARMs reset in a flat price environment in which sub-prime borrowers are unable to refinance.

No one knows what’s next, but as an investor these are things I take into account when I’m making decisions. Time will tell…

The article is wrong. Take a gander at this Bank of America ARM re-set chart…

http://blogs.ocregister.com/mortgage/resetbigchart.gif

I think your numbers are a “bit” off.