The US residential housing market implosion isn’t over yet. My recent web searches turned up some testimony before the U.S. House Judiciary Committee Subcommittee on Commercial and Administrative Law.  In reading it, we learned that the majority of ARM  rate “resets” in the US will occur in in the fourth quarter of 2007 and the first quarter of 2008. And specifically, the peak for subprime resets will be in March of 2008, the peak in agency loan resets will be in September of 2008, and the peak in “jumbo”  loan resets will not be until April of 2009. Buckle your seatbelts and be prepared for a long, bumpy, downhill ride.
o o o
Courtesy of reader SJC: Centex Reports Loss as Housing Slump Intensifies 
o o o
Stephen in Iraq sent us this article that comes as no great surprise: Merrill Lynch Reports Loss on $8.4 Billion Writedown 
o o o
The folks at Front Sight  have posted their 2008 schedule of courses on their web site. Click on Course Schedule  in the left hand navigation bar. The Memsahib and I can both personally attest that their training is absolutely top notch, and indispensable! At least one member of each retreat group should attend both the Front Sight four day practical rifle  and four day defensive handgun  courses, and then come home to train others.