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FuckTheMainstreamMedia
@
2011 Aug 4, 2:43am
FuckTheMainstreamMedia
@
2011 Aug 4, 2:43am
You talk as if the foreclosures and strategic defaults have ended. They have slowed, but are nowhere near an end. And as prices continue to fall, strategic default from home debtors that used 3.5% down loans will grow by leaps and bounds. Since the 3.5% down loans comprise the majority of non cash purchases in LA County at the moment, even at high prices, you can expect strategic defaults in a non recourse state like CA to continue for a number of years.
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Here we are in our 5th year of the real estate crash and the banks are still accumulating foreclosures, extending and pretending, hoarding cash, getting low interest government loans, reinvesting those (our) dollars in government treasuries and making record profits. Meanwhile, prices trickle down and the waiting game goes on for those wanting to buy in good areas. In past real estate busts, we would have worked through most of the excess inventory by now and the bottom would be close.
Will the government ever force the banks hand and make them "mark to market", or does the charade continue on forever?
www.westsideremeltdown.blogspot.com
www.santamonicameltdownthe90402.blogspot.com
#housing