be unable to read between the lines...
of people walking away from their homes
This "Good News" is in fact very bad news.
Bank/lender foreclosures have been "set", so that they do not flood the RE market.
That "strategic move" by the banks/lenders, has been countered by "strategic defaults"
politely called "repossessions".
They have soared by 45% over last year.
And, are now 1 in 3 foreclosures.
One in four = 1 in 4, homes are underwater =
Nearly 5 million of those borrowers owe mortgage debt that exceeds their property values by 25% or more.
The total of negative equity in these deeply underwater borrowers is a whopping $655 billion
---------------
Foreclosures plateau - finally. Repossessions soar
-------------
Where does your state rank?
Americans everywhere are feeling the recession's pain – some more than others.
-----------------
States have radical ideas to stop foreclosure
-------------
Top 10 mortgage fraud states
Source:Mortgage Asset Research Institut |
===========
No comments:
Post a Comment