Watching today's news coverage and reading the USA Today's article about the drop in homeownerhip; several things became apparent. The prediction of my realtor friends and dire warnings of the housing depression was mild compared to today's estimates....
6 MILLION - repeat 6 Million out of 8 million homeowners lagging in payments now will ultimately lose their homes to foreclosure.
Face it most Americans love owning their own home and until recently it has been a great financial decision to own a home, less expensive than renting and a matter of pride...But now; not only are some people are afraid to buy, the banking industry is making it harder to qualify for a home, and the government is not addressing the actual unemployment rate in a real and substantive way.
Things need to turn around fast to help protect our neighborhoods and communities.
Right now in our local city you can buy a foreclosed home for between 50 and 100 thousand..... There are bargains out there, but be careful because there are also many homeowners that having been evicted may be suing the bank and trying to get their home back... not the money the home. Remember that many evicted wrongfully have homes that have sentimental value. This promises to be another mess coming down the pike for those that buy without checking title or ignoring problems with title.
According to this Prisonplane Blog :
If you have read my previous blogposts; you will see that I think fraud has much to do with this foreclosure crisis, housing market crisis, or as some term it, blight on our local communities. Whatever the name for it, there are solutions for your situation. People need to stand up and fight for their homes and for reforms in banking and government.
"About 18.9 million homes in the U.S. stood empty during the second quarter as surging foreclosures helped push ownership to the lowest level in a decade.
The number of vacant properties, including foreclosures, residences for sale and vacation homes, rose from 18.6 million in the year-earlier quarter, the U.S. Census Bureau said in a report today. The ownership rate, meaning households that own their own residence, was 66.9 percent, the lowest since 1999."