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Originally Posted by JOHNNY_BUTTHOLES
you're in good shape. I don't have the story to back it up, but it said MOST of new mortages in Cali are shady ARM IO speculative nonsense. Once those speculators start going bust, that could cause herd-like panic. That does NOT bode well for the economy.
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yeah I think a lot of people are going to lose thier place when that starts to happen, all those dummies getting IO loans when every finance in the world tells you to stay away from them unless you're a pro at flipping these houses.
I rent out the lomita house for 3k/mth and I'm in it for the long term. If the market starts going bust that just means I'm gonna buy a few more houses while they're cheap.