'I don't think it gets any better really until the end of 2013,' analyst says
NEW YORK — A record number of homeowners lost houses to their banks in August as lenders worked through the backlog of distressed mortgages, real estate data company RealtyTrac said Thursday.
New default notices decreased at the same time, suggesting that lenders managed the flow of troubled loans and foreclosed properties hitting the market to limit price declines, the company said.
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It is not getting better then either.
ReplyDeleteAmerica is crumbling.
We will be the generation that fell off the cliff. This thing will last decades and it will never be the way it once was. The world turned and we cant catch up.
ReplyDeleteTake my wife ....... please!
ReplyDeleteAnd they will sell the property to China to pay off the debt therefore effectively selling out the country.
ReplyDeleteThe mortgage companies have an incentive to let loans default.
ReplyDeleteDue to TARP the insurance providers for mortgage companies are propped up by the government (our taxes).... the mortgage companies make more money if loan defaults and they recover the difference through insurance and then sell the house at auction and make more money on another loan.
Thats how I bought my last foreclosure at below market rates. The bank didn't care about cost. I now have 150 grand in equity.
Don't you love it when the government gets involved in our lives. Buy a safe and store your cash.