As is reported here:

In the hardest hit states, those
not in a negative equity position
have very little equity remaining
given the current data. This is why
the all-important move-up buyers
are non-existent and over half of
the homes sold are from the
foreclosure stock.

With lending tightened to such a
large degree, sizable down payments
are now required to attain the best
financing. Ideally, a buyer wants
to extract this and all other
purchase expenses through the sale
of the property.  However, with the
median Loan-to-Value's in the
bubble states being so high there
is not enough left over from the
proceeds to pay a real estate
agent, put a down payment on the
new property and cover all of the
other costs associated with
moving.  People are stuck in their
properties unable to move or
refinance.

and here

Nearly one in three Florida
mortgage borrowers owed more on
their loans than their homes were
worth in the third quarter,
according to First American
CoreLogic of Santa Ana, Calif.
About 1.2-million of Florida's
4.2-million mortgages - 29.2
percent - were upside down. If home
prices dip 5 percent, nearly
200,000 more Florida borrowers
would slip under water. Despite
rising foreclosures and job losses,
most homeowners will hunker down
and continue to make mortgage
payments, said Sam Khater, senior
economist at First American
CoreLogic. But negative equity
destabilizes the market. More than
7.5-million properties nationwide
have negative equity. New York had
the lowest rate at 7 percent,
followed by Hawaii at 8 percent and
Pennsylvania at 9 percent.

The mortgage crisis and the economic disaster it helped
to create is far from over. If anything it will only get worse.
So pay not attention to that treasury secretary behind the
curtain. He can throw money at the banks from now until
doomsday and it will have precious little effect.

Until the housing market becomes stable again, the economic
situation will improve little.

C

Well that's what he says he wants to do.

Former Florida Gov. Jeb Bush --
the younger brother of the
president -- is weighing a run
for the Senate seat currently
held by Republican Mel
Martinez.

Martinez announced Tuesday that
he will not seek reelection in
2010. Asked whether he was
interested in running for the
seat then, Bush told Politico
by e-mail Tuesday night: "I am
considering it."

Being from Florida, I can tell you Ol Jeb is a bigger jerk and W,
if that's possible. This has got to be stopped but quick.

C

Well what do you know. Looks like Canada is about to have
regime change. The Liberals, NDP and BQ are set up to
form a coalition government. Not unprecedented since
none of the aforementioned parties have any use for Mr.
Steven Harper. And as I understand Canadian government,
perfectly legal. I believe it is either this or a vote of no
confidence followed by still another election. Since the last
one cost the Canadian government $300million, another
election would not be such a good thing.

Harper took a chance in the last one hoping to form a majority
government and could not pull it off so this is not too surprising
an outcome. And it is not terribly unusual that the BQ would go
along since Quebec would benefit economically from the NDP and
Liberal proposals and have a far greater say in Parliament.

Quid pro quo or in Quebec do ut des.

C

Tumbled ?? I don't think so. It was pushed.

C

With thew last incident of terrorism, this time in India. And the
"excuses" given by the various factions. The real reason for
the violence and it's history has gotten lost.

As illustrated  in this article from the Guardian, it is the absolute
power of life and death that Muslim men have had over their women
that they find threatened.  A power that has been diminished since
the British colonization of the area and the rise of the Muslim Brotherhood
in response to this.  This power that the Muslim men had was eroded
when the British started to educate and employ the women there and
has continued ever since. Most have accepted the change in their
culture but more than a few have not.

Oh they may use euphemisms such as "western influences"  and the
"return to true Islam" but the real reason is the continued deterioration
of this "life and death" power they had and their desperate desire to
maintain it. None will admit this especially the clerics, but this is the
core reason for the extremist elements and their determination.

C