Tom Cruise volatility hits Wall Street
That’s right, Tom Cruise has managed to follow in JLo’s big-ass footsteps and carved a place for himself in the ever-expanding nerdy ‘Street’ lingo:
[C]ondos are to the real estate boom what Internet stocks were to the 1990s bull market. And like the Internet day-traders before them, the new condo flippers, with their talk of instant riches and easy money, are about to become the life of every cocktail party.
And why not? Condo prices have soared 80 percent in the past five years, making the same period’s 40 percent rise for single-family homes look almost pokey. Developers are constructing new condo units at nearly twice the pace they were in 1999, and investors are literally lining up to buy one, two, three or more. In Miami, as much as 75 percent of some condo towers are investor-owned.
No cash? No problem. Banks, with their loosened lending standards, no-money-down loans and teaser mortgage rates, are making it easier than ever to be a mogul-in-training. […]
Mix it all together — rising prices, record levels of construction, fast-and-loose mortgages and swelling ranks of new investors — and you get a market more volatile than Tom Cruise.
And a group of clueless investors dumber than Katie Holmes.
Man, I had no idea finance was this much fun!
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