Despite Wall St.'s earlier predictions, the foreclosure crisis has not begun to slow down. We were told that this past summer would be the peak, and that sales and home values would be stabilized and growing by the end of 2008...
Well, it is the end of 2008, and the foreclosure crisis is not only still going strong, it is now spreading into communities that were considered protected from the vagaries of the market. Now it is families with fixed rate mortgages facing foreclosure, due to layoffs, and not just victims of predatory adjustable rate mortgages. The crisis has grown beyond the city, to the suburbs, and even exburbs. In America's cities, there are blocks of empty homes, and in the suburbs, there are deserted and unfinished subdivisions that a few years ago were considered prime real estate. This is no longer a problem that affecting only this or that community, it is impacting everyone. From falling property values, to vacant houses, to falling municipal revenues, no community is untouched.
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