http://money.cnn.com/2008/11/13/real_estate/foreclosures_october/index.htm?postversion=2008111315
It just keeps getting scarier by the minute. There have been over 9 million homes foreclosed since August of 2007. I thought it was particularly interesting that many people just stopped paying because of the crisis and not due to financial hardship...it is just easier to walk away. And we blame the banks, right?
2 comments:
This article and the "Housing recovery" article above it is exactly why I am confused as mentioned in my comment to the "Housing recovery" article. How can so many homes be going into foreclosure, yet there is an increase in mortgages; and the scariest part is that these news articles are usually written or based on news from "experts" in their fields. Who is right here? Is the housing market recovering or are we really further spiraling downward?
I read that some of the predatory lenders did not even ask for income statements from many of the people they gave loans to. I think the problem is much bigger than they originally thought..
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