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Good post. We will party like it's 1999...and then worse. Nevada, including LV and Reno, were huge flipper towns in 2002 - 2006. It's now collapsing, many people holding the flippers bag. Sad, really, many families destroyed. The Alt-A/Option ARM (Liars Loans) bomb is just beginning to explode. It's bigger than sub-prime. The next leg down in real estate is just beginning.
Hard to believe that the down-payment "assistance" beast is still alive...and by the gov't, no less. This is one of the reasons the country is in the mess we're in. Buyers who were "assisted" with down payments have no financial skin in the game, and can easily default/walk away. Couple that with "exotic voo-doo loans" to "buyers" that had no qualifications to "buy", and it compounds the mess. The next bomb to drop will be the Alt/A Liars Loans. It's just starting, will run through 2012, and is bigger than the Sub-prime meltdown. Until the RE industry comes clean, regains credibility, and steers people away from these toxic products, the free-fall will continue.