I know I'm repeating myself, but I'm not so hot on the uptick yet.
1. The year of the Jumbo ARM reset - This year the higher end is going to be hit like the low end was last year. It's almost like we have a two-teired market now.
2. We have $420B worth of ARM resets next year and going into 2011 - There's going to be a whole other wave of this if we don't get massive refis or loan mods done, that on top of the worst unemployment rate in CA since the Great Depression.
As someone said on CNBC yesterday, this is going to be a W shaped recovery. I don't see "full" recovery until 2012, but I hope I'm wrong.
All Comments
1. The year of the Jumbo ARM reset - This year the higher end is going to be hit like the low end was last year. It's almost like we have a two-teired market now.
2. We have $420B worth of ARM resets next year and going into 2011 - There's going to be a whole other wave of this if we don't get massive refis or loan mods done, that on top of the worst unemployment rate in CA since the Great Depression.
As someone said on CNBC yesterday, this is going to be a W shaped recovery. I don't see "full" recovery until 2012, but I hope I'm wrong.