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BIG-TIME BATH TIME
We're not sure who created this image, it was posted on Craigslist.org. Whoever it is they have a pretty good handle on the situation. The "free mortgage inside" sticker is no joke as no-interest, nothing down mortgages have been used to secure as much as 40% of recent purchases in some markets. And as yesterday's article pointed out, the underwriting for these loans has become extremely undisciplined. It'll take a while, but these insturments and the wave of defaults that will ultimately ensue, should cleanse the system quite effectively.

EWFF, May 2005

 Real estate’s rise is now marked by the unmistakable traits of a full-blown mania. In yet another sign that sentiment for real estate is “over the top,” Playboy’s May Playmate of the Month says she’s leaving the modeling game to go into “investment type real estate.” Back in 1997 when the mania for stocks was still gathering steam, one of the key milestones covered in The Elliott Wave Theorist was money’s replacement of sex as the primary preoccupation of many Americans. Now that the seduction is sweeping even the objects of society’s sexual obsessions off their feet, a final reversal is at hand.