The housing bubble in the USA is exploding....See timeline of real
estate bubble meltdown(in Wikipedia ):
http://en.wikipedia.org/wiki/United_States_housing_bubble

2007: Year-to-year decreases in both U.S. home sales and home prices
accelerates rather than bottoming out, with U.S. Treasury secretary
Paulson calling the "the housing decline ... the most significant risk
to our economy."

Timeline 2007

2007: Home sales continue to fall. The plunge in existing-home sales
is the steepest since 1989.
In Q1/2007, S&P/Case-Shiller house price index records first year-over-
year decline in nationwide house prices since 1991.
The subprime mortgage industry collapses, and a surge of foreclosure
activity (twice as bad as 2006 and rising interest rates threaten to
depress prices further as problems in the subprime markets spread to
the near-prime and prime mortgage markets.

February-ongoing: 2007 Subprime mortgage financial crisis. Subprime
industry collapse; more than 25 subprime lenders declaring
bankruptcy.

this guy below has been warning of this for over five years.....

Worse than ENRON......as bad as crash of 1929.???....

"The Adrian Report" on BLACK MONDAY, January 21, 2008, Martin Luther
King Jr. Day ... Wall Street sleeps....

http://www.angelfire.com/planet/blacklisting_central/FANNIE_MAE_REPORT.html

culled from the notes of Andrew Meyer, CUNY professor, NYC

ARM mortgage loans -- Analysts fear that a wave of defaults could
create a vicious cycle of foreclosures and fire-sale liquidations that
would bleed U.S. real estate markets of massive equity.

While this situation is well reported, little has been said about its
link to Chinese fiscal policy and U.S.-China trade relations. A
disasterous Chinese-U.S. trade imbalance is married to the growing
crisis of sub-prime mortgages meltdowns. China's foreign currency
reserves have grown to 1.2 trillion dollars U.S. The reasons for this
mounting pile of cash are well-understood: China has kept the value of
the Renminbi (RMB) relative to the dollar artificially low so as to
keep prices in China low and spur employment and economic growth.

On Jan 10, 12:08 am, baldeagle yahoo.com.sg> wrote: