patrick.net
An Antidote to Corporate Media
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32
inflection point
@
2010 Jul 2, 8:55am
inflection point
@
2010 Jul 2, 8:55am
junkmail
You are absolutely right
I think it would be great if people just did not bother to buy houses. At least not until it makes financial sense. I think that is was Patrick is trying to accomplish with his site.
It would certainly accelerate the inevitable. Wouldnt it be a economical boom if houses were affordable again. People could afford to buy a home and fuel the economy.
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As I've read the news in recent months, strategic default is on the rise at alarming rate. Banks have been letting defaulted house owners stay in the house for years without paying the mortgage. As the number of squatters increases, banks' loan portfolio performance will decrease. From one of the news articles (don't remember the source now) squatters even demand that the bank reduce principal or take the house. They refuse to pay the mortgage if the bank does not reduce the principal to the current market value of the house. If the banks foreclose on the house, banks take a haircut too. What do you think the banks are going to do? Start to foreclose on non-paying mortgages or let the squatters live free?
#housing