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Welcome new contributor Keith Weiner. Keith is well-read, knowledgeable, and knows Austrian theory economics. Tyler Durden of Zero Hedge wrote an article Monday on foreclosures ((http://www.zerohedge.com/article/example-bank-america-refusing-provide-original-mortgage-note). Let us be absolutely clear what is happening in reality. Someone borrows money to buy a home, often putting little or none of his own money as a down [...] Yesterday we reported a projected record of foreclosure notices going out this year. Today according to RealtyTrac, bank repossessions, the final stage of the foreclosure process, climbed 44% from May 2009 to 93,777, the second consecutive record monthly climb. “We’re nowhere near out of the woods,” Rick Sharga, RealtyTrac’s senior vice president for marketing, said in a telephone interview. [...] From The Wall Street Journal
In a piece from the Wall Street Journal on Saturday, LPS Applied Analytics estimated that foreclosures would create so much market supply that it would take 103 months to liquidate it. As of March, banks had an inventory of about 1.1 million foreclosed homes, up 20% [...] |
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