What if 25% of homeowners mortgages defaulted in one year?

[natedogg]

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There'd be a lot of good deals in residential real estate to be had. It would be exciting.

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Do you think you could compete with China's 2.4 trillion war chest?

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Umm.. yes. The point is that if property is cheap those with capital will snap it up. If Chinese investors want to pay *too* much for it, as the Japanese did in California 25 years ago.... that's good for us too. Either the property is cheap, or the Chinese are bidding it up so high that it's no longer cheap. You can't really have both scenarios: Cheap property gobbled up by the Chinese/(insert foreign devil of the day here).

natedogg