Real estate prices are still falling, and bad loans are still held at non-market prices as assets by zombie banks on life support.

The government owns 1/3 of foreclosed properties.

The two biggest government-backed real estate lenders are effectively bankrupt.

The second dip of the recession is imminent, and

mortgage rates are hitting new lows .

This is not going to end well.

Onward and upward,
airforce