It isn't often that the Washington Post produces an alarmist article on the Housing Market. Over the last couple of years, the newspaper has earned the reputation for being the trade journal for the regions realtors. However, this story on the foreclosure rate certainly won't please many of their real estate advertisers.
According to the post, the foreclosure rate is running at historically high levels "The percentage of US mortgages entering foreclosure in the first three months of the year was the highest in more than 50 years." This is shocking stuff
The post also provided a nice graphic illustrating the key foreclosure numbers. And indeed, those foreclosure rates do little rather high.
If you find yourself squinting at the graphic, click on it and it will expand in another internet explorer window.
You cannot keep sweeping these homes under the proverbial rug. Can you honestly say these will have no effect on prices?
ReplyDeleteHigher foreclosures: add inventory, increase lending standards, reduce prices, and reduce the buyer pool. Pull your heads out of the sand for once.
LET'S LAY OFF EVEN MORE MORTGAGE PAYING AMERICANS AND THEN EXPRESS SURPRISE AND SHOCK WHEN THE FORECLOSURE RATE SKYROCKETS OFF THE CHARTS !!!
ReplyDeleteLET'S SEND MORE JOBS OVERSEAS AND THEN EXPRESS SHOCK AND SURPRISE WHEN THE FORECLOSURE RATE HITS ALL TIME HIGHS !!!
LET'S SPEND MORE $$$$ TRYING TO STEAL IRAQ'S OIL AND THEN EXPRESS SURPRISE AND SHOCK WHEN THE FORECLOSURE RATE GOES SCREAMING OFF INTO THE STRATOSPHERE !!!
WHO F***ING KNEW ???????
Now that the tricky loans are history, either prices have to be greatly reduced or you have to pull many many families earning six figures out of your hat.
ReplyDeleteInteresting times..