Subprime Meltdown...Update

Jim Cramer is a loud-mouth, bloviating, doofus, but if you listen to him carefully, he is pretty smart. You should listen to him now. As he points out, you are losing money over this thing, and of course he is correct. The Orange County Register has an article tracking one street's subprime difficulties (people were paying 600k for these hovels?!?). What I find interesting is that anyone is buying these properties even at a 20% discount. The housing downturn will REALLY start when the buyers figure out that a "good buy" today, is a lousy buy six months from now.