5 Signs That The Worst Is Yet To Come With The Housing BubbleThe stock market took a hit and came back, the discount rate was cut, and things seem to be looking up. At least until you look at the big picture and what’s to come.

So what’s the current status of the bubble this week?

As Morgan over at BlownMortgage continues on to say:

Stay tuned, the roller coaster is just picking up speed…

And speed is picking up faster than anticipated for many subprime shops. NovaStar Financial is now cutting 37% of their workforce (about 500 employees):

Friday said it plans to cut about 500 employees, or 37% of the workforce, “to align its organization and costs with an expected reduction in loan originations.” The Kansas City, Mo.-based company said it “continues to meet all loan commitments, and its servicing and portfolio management organizations are not affected by the reduction.” The company said David Pazgan, chief executive of subsidiary NovaStar Mortgage Inc., would leave the company as part of the reduction.

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