Nsh, the problems have nothing to do with home sales in the USA. That is the spin. Th eproblems are immeasurably greater, as explained by Jim Sinclair on his MineSet website.
"If it was simple mortgages it isn’t apparent because as bad as the mortgage market is they have not all failed simultaneously as if all sub prime mortgage holders have been foreclosed on at once. That alone should give you a hint that the problem is not the advertised, but much larger.
The Fed altering their banking regulations has to give you a hint that the problem is not the advertised problem, but much larger.
The financial difficulty going global has to give you a hint that the problem is not the advertised problem, but much larger.
When you see bank after bank needing liquidity in substantial amounts, this has to give you a hint that the problem is not the advertised problem, but much larger
The hope for every central bank is that the real problem can be kept from public view. The truth is the public, even professionals in Wall Street, have no clue what the problem is. They know it has something to do with derivatives, but none realize it is a more than $20 trillion dollar mountain of unfunded, unregulated paper that has just been discovered to not have a market and therefore any real value.
This is why I have suggested you plan for the worst and hope for the best. Taking cautionary action before a problem occurs only requires some of your time. If you wait and try to clean up the mess after a problem happens usually there is no action that can be taken."
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