Foreclosures in Worcester County are on a record breaking pace.
2006 - 185
2007 - 341
2008 - 391
2009 - 664
The foreclosure scenario goes hand-in-hand with the massive exodus of businesses from our area. The relationship is what financial analysis call - a linear relationship.
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More likely fools who thought they were buy investment properties during the housing boom and have lost the shirts and are simply saying to the banks "Go ahead and take it", you'll be doing me a favor.
ReplyDeleteYep 7:26 that's exactly what happened. They broke the #1 rule in real estate investing. They bought when everyone else was buying. It's been said you buy when everyone is selling and you sell when everyone is buying.
ReplyDeleteI don't know about fools. I live in Delmar and in my naborhood there must be 7or8 houses that have been foreclosed on. I have never seen anything like it in my life.
ReplyDeleteYou can thank Barney Frank D-MA for that 7:48. Frank and his "affordable housing" agenda. Instead of making housing actually affordable in the true sense, he bullied the loan institutions into easing up on mortgage requirements, like no money down and all that other great stuff which led the finiancial meltdown that occured.
ReplyDeleteThe local neighbor banks are foreclosing too. So much for what every good neighbor should be!
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