The low end of housing is hurt far worse than high end 20% down laon housing.
PHM the orginator of the ,0 down,No payments for 1 year loan.Think that through.Then think about they(PHM) are still holding Billions of that 0 down paper,on PHM books.
The write downs have just begun at PHM. PHM has not even started writing down the loans on it's finance arm.Which total way more than the raw land it just wrote down.
When you see forclosures up 65% year on year months,think PHM forclosures up 130%(2x) on PHM loans and properties.
Low end poor quality housing any one inthe home building or contractin business wil tell you that.
Contractors love PHM developments,theyknow they will have stuff to fix for years to come. PHM is like Chrysler they have nevner read Consumer Reports.Chrysler products are JUNK! and PHM housing is JUNK! Just ask the Soccer MOM's burned by both those companies.
You would think PHM or Chrysler would eventually get the message after being rated at the bottom year after year by Consumer Reports.