"We know that being underwater is one of the biggest factors in people deciding to walk away from their mortgages. It stands to reason then that the more underwater a borrower is, the more likely they are to walk away. Certainly it will be many, many years before these borrowers see positive equity again. We also know that should any of these borrowers need to leave, at best they are looking at a short sale."
and that is before THE BIG FORECLOSURE DUMP COMING. :shock: :shock: ............this is a horror and the Fed and 'guys in charge' say to expect 10% or higher unemployment for the next 2-4 years...............
and the huge story that NO ONE TALKS ABOUT IS that every foreclosure is tied to some pension, insurance or other investment in the world!!!
so if these people are 50% down now, add 6 million or more foreclosures getting ready to hit the streets and then the planned gutting of the mortgage interest rate deduction on top of that.......
along with.................450,000 or so unemployed coming up on friday and no I don't get excited if it is only 439,000 :roll: :roll: :roll:
the government does not seem to want real estate to come back as a profitable entity, do they?
They took us out once, why does no one think they won't take us out the rest of the way?
Everything they are doing is against making housing strong again, THEY TALK REAL REAL PRETTY, but they continue to gut real estate AND IGNORE THE UNEMPLOYED.
There is no such thing as a jobless recovery and everytime they say it with a smile......................the only jobless recovery is when these politicians are jobless then America can 'recover'......
it is starting to look like they are doing it 'on purpose' doesn't it??? :cry: Permalink