Something for people to think over at they decide what vote to cast next month:
The number of homes taken over by banks topped 100,000 for the first time in September, though foreclosures are expected to slow in coming months as lenders work through questionable paperwork, real estate data company RealtyTrac said on Thursday…
Our housing market is a complete nightmare right now – really, who would buy a house right now? Prices are almost certain to go down, and if you’re thinking of buying a short sale or foreclosure, would you now that there are so many questions being asked about the process?
We need to clear out the rot – and that means, most of all, finding the true bottom to housing prices. We need to know what our homes are really worth…government attempts to prop up the market via low interest rates and various “extend and pretend” banking policies are just putting off the day of reckoning – and ensuring it will be worse when we get there.
I know from personal experience how rough this is. Buying at the peak, loss of household income, house massively “underwater”, banks clueless on what to do. Its terrible – I don’t like it; I want it to end. Even a bad ending is better than endless misery. I’ve suggested plans, and so have others…but the banksters and bureaucrats just aren’t moving. They are living in a fool’s paradise where some how, some way, housing prices will magically recover and no one will have to make hard choices. It won’t happen that way – we have to brace ourselves to what has happened and just deal with it.
We can only hope that those we vote in to office on November 2nd will be willing to show some guts and get us on track to recovery via de-facto bankruptcy reorganization of the housing market. One way or the other, this will happen – better if we guide it as we wish, rather than just suffer from an inescapable collapse.
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