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Monday, September 10, 2007

WaMu: 'Near Perfect Storm' for Housing

by Calculated Risk on 9/10/2007 10:28:00 AM

From Bloomberg: Washington Mutual Says Housing Market in `Near-Perfect Storm' (hat tip Brian)

Washington Mutual Inc. ... said today that conditions in the housing market are creating a `near-perfect storm' ...

``The combination of rising delinquencies, higher foreclosures, more housing inventories, increasing interest rates on many mortgages and greatly reduced availability of mortgages due to limited liquidity is creating what we call a near-perfect storm for housing,'' [Chief Executive Officer Kerry Killinger] said.