More From the Bloomberg Article,click the title to read more :
Feb. 12 (Bloomberg) --" U.S. foreclosure filings exceeded 250,000 for the 10th straight month in January as falling prices trapped owners in homes worth less than the mortgage, RealtyTrac Inc. said. A total of 274,399 properties got a default or auction notice or were seized by banks, the Irvine, California-based seller of default data said in a statement today. It was the 37th straight year-on-year increase in filings."
2 comments:
Enigma, funny you never see much about the collusion which occurs while foisting these real-estate bubbles onto the public. The affairs are written up in the press as some kind of unavoidable natural disaster, when in fact they are specifically engineered to quickly absorb profits from desirable land which is in demand. Brokers, corporate builders, zoning boards, planning commissions, and bankers play in harmony to leave not only buyers upside down, but taxpayers as well (when TAD/TIFs are used by local governments to finance infrastructure upgrades for new developments which profit only the aforementioned - often at ruinous interests rates), or when federal funds are used to bail out the banks which financed overvalued properties.
Seems to me they've already pulled the scam, Madoff with the cash, and we're left to balance the books. There isn't going to be any "recovery" from much of this real-estate crap - decades worth of natural appreciation, not to mention a cut of the current value, of many of these properties has been skimmed.
It's bad debt. The relevant question now is, "Who pays?"
Additionally, local governments are going to see less income derived from propery taxes due to reappraised property values. Less money for the interest payments on the TAD/TIFs, less money for social services.
One guess as to who'll be making up the differences?
it's funny HOW much is not covered publicly about this...
I am going downtown this week...to take photos of Homeless in front of many blocks of empty buildings in downtown Ctown...
For me- I see that greed created this mess....the banks wanted more and more...and they are even willing to evict paying tenants- that makes NO sense...
did you see more than 500 Corporations are being investigated for Fraud ? Me I wonder HOW many are Banks ? or Crappy ass Mortgage Companies ( Countrywide ?)....
( I keep thinking in the end - maybe we should keep Gitmo open so we have a place to send these fuckers ?)
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