Implosion of the US Subprime Mortgage Lenders

I wrote a little about this subject last year, more as a prediction than anything else. According to many measures, the US Real Estate market did hit its top around August last year. Now some of the market pundits have called for a bottom, after a MAJOR decline of about 9% nationally. Never mind the fact that this decline is less than any previous decline in real estate historically, never mind the fact that the bull market was many times stronger than any previous one, to a point being silly. In any case, one of the differences in this bull market was strong speculation by low income/low assets individuals, looking to make money in a safe, quick way by flipping houses.