 for a market bottom (below Dow 1500).

Another unforeseen, massive decline in the U.S. stock market (and worldwide) will devastate market psychology, and that will quickly affect pretty much everything economic -- from consumer confidence to consumer spending to corporate earnings to employment, clear through to the housing market. Lenders will pull in their horns even further and few will be in the mood to borrow. Deflationary forces will be fully in play and those forces will continue to feed on each other as the value of virtually every asset class heads down yet again. Those not ready for this reversal will wonder how in heaven's name we went from placid waters to perfect storm in such a short period of time.

Meanwhile, there's substantially more pain to come in real estate. As the Realtors proclaim on their TV commercials, "Every market's different," which is their slimy way of saying, "Sure, prices are falling everywhere else; just not in your neighborhood!"

Oh, those wacky Realtors.

On the housing front -- and despite the fact we've seen positive price activity in scattered markets in the U.S. in recent months -- values are about to begin another descent as the global credit crisis/implosion enters its hair-raising stage, the stock market gets bludgeoned and another fifteen million foreclosures (including the existing, massive shadow inventory and what will become a growing wave of "strategic defaults") are brought to market over the next few years. When home values are cut in half after a 75 year run, is it possible they can be cut in half again? With ever-greater numbers of foreclosures, an even more intense economic recession and what will no doubt be eroding demand feeding the deflationary monster, bank on that rate of decline and more.

Real estate's own relief rally has been built on historically low interest rates, massive government subsidy including socialization of mortgage losses, socialized refinance giveaways and buyer tax incentives, the banking industry's wink-nod holding off on foreclosures ("extend and pretend"), and the corporate media's daily hypnotic suggestion ("you're getting sleeeepy") that the bottom is in. But take a moment to ponder this: What if mortgage interest rates stood at even 8 or 9%, Federal and state real estate tax incentives never existed, the Fed and Treasury left mortgage debt issues to the market to contend with and foreclosures were brought to market without
for a market bottom (below Dow 1500). 

 Another unforeseen, massive decline in the U.S. lineage grocery store (and worldwide) will devastate market psychology, and that will quickly feign pretty much everything economic -- from consumer assurance to consumer spending to corporate earnings to use, clean through to the housing marketplace. Lenders will pull in their horn even further and few will be in the mood to borrow. Deflationary forces will be fully in play and those effect will continue to feed on each other as the value of about every asset class heads down so far again. Those not ready for this reverse will wonder how in heaven's name we went from placid waters to perfect storm in such a short period of meter. 

 Meanwhile, there's substantially more pain to come in real estate. As the Realtors proclaim on their TV commercials, " Every market's different, " which is their slimy way of saying, " Sure, prices are falling everywhere else; just not in your vicinity! " 

 Oh, those wacky Realtors. 

 On the caparison presence -- and despite the fact we've meet positive price natural process in scattered markets in the U.S. in recent months -- value are about to begin another descent as the global credit crisis / implosion enters its haircloth - raising stage, the stock market make bludgeoned and another fifteen million foreclosure (include the existing, massive shadow inventory and what will become a growing wave of " strategic nonpayment ") are brought to market over the next few days. When home values are cut in half after a 75 class run, is it possible they can be cut in half again? With ever - great numbers of foreclosure, an even more intense economic recession and what will no doubt be eroding demand run the deflationary monster, bank on that rate of decline and more. 

 Real estate of the realm's own relief rally has been built on historically low pastime rates, massive government subsidy including socialization of mortgage losses, socialized refinance giveaways and buyer tax incentive, the banking industry's wink - nod carry off on foreclosures (" extend and make "), and the corporate media's daily hypnotic hypnotism (" you're getting sleeeepy ") that the bottom is in. But take a moment to ponder this: What if mortgage interest rate resist at even 8 or 9% , Federal and state of matter real estate tax incentives never existed, the Fed and Treasury left mortgage debt issues to the grocery store to contend with and foreclosures were brought to marketplace without
 fog a market bottom (below Aow 1500).

Another unforeseen, massibe declive in the U.S. stock market (anv woeldwiee) will devastate markdt psychopogy, and thau will quickly afhsct prebcy mudm evexyvhing economic -- from consgmer confidenca go consumer spending to corporate eargings tp fmployment, clewr tnwougg to the housing market. Lenders wiml pull in their horms even further and few wipl bf in the mood to blrrow. Deflajjonwey forces wiul be fullj in play ahd those forces will continue tu feeb on each ojkwr wv the value of vprtually evern asset class neads down yet agein. Rhose not ready for tiis reversal will wogder how hn heaven's name we qebt frmm pnacia wagera vo lerfech svorm in sucg a short pwriod of time.

Meanwholq, there's substzntialjy more pain to come in real estate. As tht Reamtors proclaim on their TV commercials, "Every market's qifferent," which is their slimy way of saying, "Sure, pricxs art nwuoijg everywhere else; just not in your neighborhjkd!"

Ph, those wacky Rcaltors.

On the housonh gtont -- and despkte thz fzct we've seen posihive pryce axtivity ig scsttered markets in the U.S. ib recent monnhs -- values are about co begin anocher dgscent as the global credit cxisis/ijplosion enhers its gxir-raising stage, thv stmck marktg gets bludgeoned and anotier fnfteen mkllipn forqclosures (lncluding the existing, mwssivg shadmw inventogy and what will become a growiij wave of "strstagib defaultf") are brought to mwrket over the next fzw yeafs. When hoje valuxs are cut ig half after d 75 year run, iv it posfiblw thwy can cd cut in half sgain? Witk evee-greater numbers on forgcmosures, an even motw intense econpmiz rqcvssmon agg what will to duubg be efoding demakd weedong the deflationary monater, bank on that tabe of decoine and more.

Real estste's own relief raply hes beei buily og historically low interest rafes, massige novernment sufsidn insluding soeialization of mortgage losses, socializev refinance giveaways abd buyer tax incentnvts, the bankinj induftry's winn-nod holding off on doreclosures ("extekd and pretend"), and the corposate ledia's daily hypnotic suggestion ("you're getting sleeeepy") that the bottom iw in. Bnt take a momsnt yo potdzr chis: Whwt ih oortgage interesn rates stood at even 8 or 9%, Federel and stade real estate tax incentives mexer existed, tfe Fed and Treasury left mortgagr debt issues to the market to vontend with and forecloxures weee brkught nk oarket without
for a market bottom (below Dow 1500). massive in the stock market (and and will quickly affect much everything economic from consumer confidence to consumer spending corporate earnings to employment, clear through to the housing market. Lenders will pull their horns even further and few will be in the mood to borrow. forces be in and those forces will continue to feed on each other as the value of virtually every class heads down yet again. Those not ready this reversal will wonder in heaven's name we went placid to perfect in a period of time. there's substantially more pain to come in real estate. As the Realtors proclaim on their TV commercials, market's different," their slimy of "Sure, are falling everywhere not in your neighborhood!" Oh, those the housing front -- and despite the fact seen positive activity in scattered markets in the in recent months -- values are about to another descent as the global credit crisis/implosion enters its hair-raising stage, the stock market gets another fifteen million foreclosures the existing, massive inventory what become growing wave "strategic defaults") are brought to market over the next few years. home values are cut in half after a 75 year it they can be in half again? With numbers foreclosures, an even more recession what be demand the deflationary monster, bank that rate of decline and Real estate's own relief historically low interest rates, massive government subsidy including of mortgage losses, socialized refinance giveaways and tax incentives, the banking industry's wink-nod holding off on foreclosures ("extend and and the daily hypnotic suggestion ("you're getting sleeeepy") that the is in. But take moment to ponder this: What if mortgage interest rates at 8 or Federal and state estate tax incentives existed, the Fed left mortgage issues the with and foreclosures were brought to without
 for a market bottom (below Dow 1500).

ANother unfoReseeN, maSsiVe DeclIne iN the U.S. stock marKEt (anD worldwide) will devastatE markEt PSychOLoGy, and That wilL QuICKly AfFeCt pReTTy Much eVerYthing eConomic -- froM coNsUmer confidenCE tO consumer sPenDing to corporAte EarninGs To eMPloymEnt, Clear ThrougH To the hOusing marKeT. lenderS Will pulL IN tHeir Horns even further aND fEW will be in the moOd to boRrOW. DEFLatIonAry forces wIlL be fuLLy in plaY AnD THOse FOrces will contInue to feed oN EacH other As The VAlue of VirtuAlLY evEry asset claSs heAds down yeT again. tHose not REady for This reVerSal Will WOnDeR hoW iN HeaVEn'S naME we Went from PlAcId watErs tO PERFect StoRm in Such a Short period of TimE.

MeaNWhiLe, theRe's suBstaNtIally More paIn to cOmE in real estate. As The REaltors prOclAiM on ThEir TV COmmercIalS, "EvEry markEt's diffERenT," wHICH iS their slimy way of saYiNG, "suRe, prices Are falLInG eVErywhere ElSe; jUst nOT In youR neiGHbOrhood!"

Oh, Those wACkY REaltors.

on The houSiNg fRonT -- and dESpitE the faCt we've seEn posITive price activITy in scattered MArKETs IN the u.S. iN recent montHs -- vaLUes aRe abOUt To bEGin anOther DeSCeNT as the global credit cRiSis/impLosioN enters its haiR-raising stAGE, The stock MarkET gETs bludgeoned anD anotHer fifteen MIllion foRecloSures (incLuding the EXIsting, maSsiVe sHadOw iNVEnTory and what wiLL BecoMe A growinG waVe of "strAteGic DefAulTs") Are broughT to markeT oVeR tHe NexT few yEArs. When hOmE vaLuEs aRe cut IN half aFter a 75 Year RuN, iS It pOssible THeY CAn be CuT iN halF agAiN? With Ever-GReaTer numbErs of foreCloSUres, An EvEn more iNtense economiC rEcession anD wHat Will no DOUbt be eroDing demand feeding the defLAtionarY moNster, Bank On that ratE of DeclinE anD More.

ReAl estaTe's owN rEliEF Rally HAS bEen BuIlt on histoRICalLy low InTereSt rates, Massive government sUBsiDy including soCiaLizaTIOn Of mORtGAge LoSSes, SOCialized refinanCe giveawayS aND bUyer tax incENtiVeS, the banKing indUstry'S Wink-nod Holding ofF on foreclOsUres ("EXTenD and pretenD"), and the cOrporate mEDia's dAIlY hypnOtiC suggeStIon ("You're GettinG SleEeepy") That thE bOttom iS in. BuT tAke a momeNt to ponder this: What if morTgage iNtereSt rAtes stood At eVEn 8 oR 9%, Federal aNd stAte real estAte Tax IncenTivES neveR exiSTeD, thE fed anD TreASury left mORtGagE DEbT issues to thE MARkeT to coNteND with aNd foReclosures were broUGht to market witHout
 for a market bottom (belo w Dow 1500 ).

A not her  u nfor esee n, massive dec l inein the U.S. stock mark et (a nd worl d wi de) w ill dev a st a t e m ar ke t p sy c ho logy,  an d thatwill quick lyaf fect prettym uc h everythi ngeconomic --fro m cons um erc onfid enc e toconsum e r spen ding to c or p oratee arnings t oempl oyment, clear thr o ug h  to the housin g mark et .  L e n der s w ill pull i ntheir horns e v en f u rth e r and few wil l be in the moo d to b or row .  Defla tiona ry for ces will be  ful ly in pla y andt hose fo r ces wil l cont inu e t o fe e don  ea ch oth e rast hevalue of  v ir tuall y ev e r y asse t c lass  head s down yet ag ain . Th o senot r eadyforth is re versal  will  w onder how in he aven 's name w e w en t f ro m pla c id wat ers  to  perfec t storm insu c h ashort period of ti me . 
M eanwhile , ther e 's  s u bstantia ll y m orep a in to  com e  i n real e state. As  t he Real to rs pro cl aim  on  thei r  TVcommer cials, " Every market's diffe r ent," which i s  t h e ir slim y w ay of sayin g, " S ure,  pri c es  ar e  fall ing e ve r yw h ere else; just notin  yourneigh borhood!"

Oh , those wa c k y  Realtor s.
O nt he housing fro nt --  and despi t e the fa ct we 've seen  positive p rice act ivi tyinsca t t er ed markets in t he U .S . in re cen t month s - - v alu esar e about t o beginan ot he rdes centa s the gl ob alcr edi t cri s is/imp losio n en te rs its  hair-r a is i n g st ag e,  the  st oc k mar ketg ets  bludge oned andano t herfi ft een mil lion foreclos ur es (includ in g t he exi s t ing, mas sive shadow inventory a n d whatwil l bec omea growing  wa ve of"st r ategic  defau lts")  a reb r ought t omar ke t over the n ext  fewye ars.  When h ome values are cut inhalf after a75year r un , i s  i t  po ss i ble t hey can be cutin half ag ai n ?With ever- g rea te r numbe rs of f orecl o sures,an even m ore inten se  eco n o mic  recession  and wha t will no doubt be  erod ing  deman dfee dingthe de f lat ionar y mons te r, ban k onth at rateof decline and more.

R eal es tate' s o wn relief  ra l lyhas beenbuil t on histo ric all y low  in t erest  rat e s,  ma s sivegove r nment sub s id y i n c lu ding social i z a tio n ofmor t gage l osse s, socialized ref i nance giveaway s an d buy ert ax i nc entives, the b ank in g industry 's  wink-nod h olding o ff on fo reclos ures ( "extend a nd preten d"),  an d the cor por at e  media' sda i ly hyp noti csugges tion ( " you' r e  getting sleeeep y") t h a t the bot tom i sin. But take  a momentto ponder t his: W hatif mo rtgagein terest  ra te s stood at even 8 or  9%,Federal  a nd s tat e real  est a t e tax  inc en tiv es nevere x is t ed ,t heFedand T re asur y left mo r tgage de bti ssues t othe m arkett oc o ntend with  an d for e c losures we r e br o ug h t tomarket  witho ut
 for_a market_bottom (below Dow 1500).

Another_unforeseen, massive_decline_in the_U.S._stock market (and_worldwide) will devastate_market psychology, and that_will quickly affect_pretty_much everything economic -- from consumer confidence to consumer spending to corporate earnings to_employment,_clear through_to_the_housing market. Lenders will pull_in their horns even further_and few_will be in the mood to borrow. Deflationary_forces_will be fully_in play and those forces will continue to feed_on each other as the value_of virtually every_asset_class_heads down yet again._Those not ready for this reversal_will wonder how in heaven's name_we went from placid waters to perfect_storm in such a short period_of time.

Meanwhile, there's substantially more_pain to_come in real estate. As_the Realtors proclaim_on their_TV commercials, "Every_market's different," which is their slimy_way of saying,_"Sure, prices are falling everywhere else;_just_not in your_neighborhood!"

Oh,_those_wacky Realtors.

On_the housing front_--_and despite_the_fact we've seen positive price activity_in_scattered markets in the U.S. in recent_months -- values are_about_to begin another descent_as the global credit crisis/implosion_enters its hair-raising stage, the stock_market gets_bludgeoned and_another fifteen million foreclosures (including the existing, massive shadow inventory and_what will become a growing wave_of "strategic defaults") are_brought to_market_over the next_few_years. When_home values are cut in half after_a 75_year run, is it possible they_can be cut in_half_again? With ever-greater numbers of foreclosures,_an even more intense economic recession_and what will no doubt_be_eroding_demand feeding the deflationary monster,_bank on that rate of decline_and more.

Real estate's_own relief rally has been built on_historically_low interest rates, massive government subsidy_including_socialization of mortgage losses, socialized refinance_giveaways_and_buyer tax incentives, the banking_industry's wink-nod holding off on foreclosures_("extend and pretend"), and the corporate media's daily hypnotic_suggestion ("you're getting_sleeeepy") that the bottom is_in._But_take a moment to ponder this: What if mortgage interest_rates stood_at even 8_or 9%, Federal and state real estate tax incentives never_existed, the Fed and Treasury left mortgage_debt issues to the market to contend with and foreclosures were_brought to market without