So the price is factored in -- thats what I wanted to know.
Housing market is already recovered. The new lower prices seems to have settled in. They were just way too high for a couple of years. Govt is giving away tax credits and that has cured the market for now.
I am not short. I have been buying at 70 to 72 cents and selling at 77 to 80 cents making a few quick 10% gains. Right now I don't own any. My other bank penny stock holdings have not been doing well. IRWNQ formerly IFC is down to a penny. I bought at 90 cents, sold out at 45 cents the day the FDIC marched in. The next day it was 7 cents. Hate to see that happen here. Got to admit, these guys here were fast and loose with their lending.
For whatever reason the CEO & CFO made loans as if they believed the economy in Michigan was going to be strong. This was in spite of the auto industry tanking and a big time population drain. They are incompetent at best. Other banks did similar lending and are in the same position but this bank was and is too small to be operating in this manner. For the good of the employees I hope they survive but their management should be held accountable.