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jonpo

Bear Sterns 'investing In Us Real Estate'

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Bear Stearns and its affiliates are listed as buyers of at least 53 homes so far this year in San Diego County, California, 48 in Maricopa County, Arizona, and 40 in Cuyahoga County, Ohio, according to a search of property records.

JPMorgan, the third-largest U.S. bank, and its subsidiary Chase Home Lending acquired at least 194 homes this year through foreclosure in Wayne County, Michigan. Merrill, the third-biggest securities firm by market value, and its mortgage unit, First Franklin, took possession of at least 87 homes this year in San Diego County, California. Citigroup and affiliates are the new owners of at least 47 homes in Clark County, Nevada.

``I hope they'd continue to hold them, because selling them at a price that's too low would have an adverse effect on the neighborhood,'' DeKalb County Commissioner Connie Stokes, who is also a real estate broker, said of Decatur-area foreclosures.

``Dumping foreclosed properties back out on the market in a desperate manner actually worsens the situation because all your other borrowers, the ones who are paying their mortgages on time, are going to see their equity disappear as the fire-sale prices drag down everyone's values,'' HSH's Gumbinger said.

Measured annually, the national median price for a previously owned home probably will drop 1.3 percent this year, the first decline since the Great Depression in the 1930s, according to Lawrence Yun, an economist at the Chicago-based National Association of Realtors.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

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``I hope they'd continue to hold them, because selling them at a price that's too low would have an adverse effect on the neighborhood,'' DeKalb County Commissioner Connie Stokes, who is also a real estate broker, said of Decatur-area foreclosures.

``Dumping foreclosed properties back out on the market in a desperate manner actually worsens the situation because all your other borrowers, the ones who are paying their mortgages on time, are going to see their equity disappear as the fire-sale prices drag down everyone's values,'' HSH's Gumbinger said.

The parallels with CDOs are stark.

Whatever you do don't sell your asset, that way you wont confirm its true lower value.

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Never let your losses run. thats like my rule 4 of trading.

after:

1.buy high, sell back higher, sell low buyback lower

2.never average down a loosing trade.

3. always average up a winning trade

difficult rules to follow in practice.

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