Remember those Sweet Deals!
If you haven't kept up with Casey Sarin's blog (http://iamfacingforeclosure.com/), you're missing out on one of the greatest car wrecks in the real estate fizzle.
It's better than the implosion at New Century. It's CLOSE to the level of poetic justice meted out to snake-oil salesman Phil Saunders with his pumping of Novastar financial via naked short conspiracy theories.
Casey is a 20-somthing real estate "investor" who lied his way into millions of dollars worth of debt at the height of the real estate bubble out West. Then, of course, the hammer fell. He couldn't move the properties. The banks caught up with him. And the rest is, well not history. It's ongoing. But Casey, who's an ace with self-promotion, still runs this site, ostensibly in the name of "educating" others in the hopes that they will invest wisely in real estate. (Note, for this crowd, that never, somehow, seems to mean "not at all.")
Since posting all the gory details at his blog, he's taken out more loans, missed payments on them, and is now considering forming a corporation so he can (wait for it) borrow more money to give to himself to cover his debts and help him make more "sweet deals."
If you wonder why market manias last so long, there's a fine lesson here. It's because Casey is not the only thick-headed one out there.
It will take a while for all of this to unwind. Here's hoping it doesn't bullocks the rest of the economy.
(But I got half my money in cash these days, for just that scenario...)