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Ouch

I guess this title should be called “implosion”, not explosion.

This option ARM implosion is hurting California so bad that people are actually moving out of the state.

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Read this bogus junk they call “news”

PMI Mortgage Insurance Co., has ranked the nation’s 50 largest metropolitan statistical areas according to the risk that home prices will decline further during the next two years.

The highest risk is in areas where home price growth was the greatest during the housing boom. The lowest risk of prices declining further is in areas where affordability has increased.

PMI identifies the following areas as having a less than 1 percent risk of home prices declining further (read the whole list of metro areas ranked on the risk index):

* Milwaukee-Waukesha-West Allis, Wis.
* Cleveland-Elyria-Mentor, Ohio
* Austin-Round Rock, Texas
* Denver-Aurora, Colo.
* Charlotte-Gastonia-Concord, N.C.-S.C.
* Kansas City,Mo.-Kan.
* Columbus, Ohio
* Cincinnati-Middletown, Ohio-Ky.-Ind.
* Indianapolis-Carmel, Ind.
* San Antonio, Texas
* Houston-Sugar Land-Baytown, Texas
* Pittsburgh, Pa.
* Dallas-Plano-Irving, Texas
* Fort Worth-Arlington, Texas

For the full report of all the Metro Areas go to http://phx.corporate-ir.net/phoenix.zhtml?c=63356&p=irol-newsArticle&ID=1171100&highlight

Ok, i personally been to some of these areas and I do agree that it’s dirt cheap in these places. But have you been to these places? These places are the LAST to receive benefits of economic expansion and the FIRST to lose them during down turn.

Optimism is good, as long as you’re not the greater fool.

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