Dayton News art from 2009 on banks not foreclosing

marys1000October 9, 2010

So this has been coming but what, the economic news outlets and REA didn't make enough noise or has the recent news not been a surprise to anyone?

My initial thought is will this recent news help the non-foreclosure market as more people shy away foreclosures and there are less foreclosures to select from?

âÂÂThat makes it look like the foreclosure numbers are going down, but in actuality the banks are not even starting foreclosure,â Carter said. âÂÂSo thereâÂÂs no number to track now.

Here is a link that might be useful: Dayton News, 2009, Drop in Foreclosures scary

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earthworm

Interesting.
We do need a ton of reform and improvement here and now.
When a bank issues a (I'd guess a $120K mortgage) on a property worth $100K at best, they deserve the worst...even going under if they do this often enough.
I was in the market for this property, the owner bought it for $150K just two years ago, now the RE wants "just 100K" for it. The 2002 price was $74K..
This situation STINKS of greed and avarice.
As to the Dayton Ohio properties, issuing any mortgages on nearly worthless properties is insane!
Why was this done...???
I think our economy was "in the toilet" years ago due to an irresponsible government that covered up rather than fixing things.
Two wars, costly and un-necessary and a huge trade imbalance with China and OPEC.
Now President Obama is stuck with flushing this overflowing toilet and doing the things that should have been done years ago.

    Bookmark   October 10, 2010 at 9:59AM
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