Big RE Jump

First let's talk about real estate: 122 and 20 FCs! That's a doubling of the foreclosure inventory and sure to have an effect on the comps around here in 19363. I count four alone in Elk: two long-term FCs on Rocky Glen and on Briarcroft, but two other, new Elk FCs on Lewisville Road for 45 thousand and on Reisler Road for like 55 thousand. I could be off by a few grand on the last two, but either way, check for yourself on yahoo real estate with 19363. I didn't place any of the other FCs are being in Elk. Cheap FCs! That's investment grade cheap, I think. In some ways, I wonder if we're not getting close to 2001 prices at this point. I noted in the most recent Price-Schiller Report that we are back at 2003 prices, but it seems lower than that sometimes. So much inventory anyways and then these FCs and there must be at least a hundred properties just waiting to list if the market improves even slightly. Then there's the recasting of some of the exotic mortgage products (like WaMu's Pick and Pay mortgage, a very popular product for them up until just last year, believe it or not, that allowed a homeowner to pay whatever he/she wanted to pay and allow the interest to run up to 125 percent of the mortgage price when it would recast and go to a set monthly payment at a certain rate). We're gonna eat more inventory over the next two years as unemployment increases and these crappy almost-subprime mortgages recast.