With foreclosures bringing down home values many homeowners are walking out. No kidding! Even though they can afford the mortgage payments they are walking out of their homes and allowing them to foreclose.Since property values have dropped many homes are under water owing hundreds of thousands more than the home is worth.
Homeowners are discovering they can get more home for their money if they simply default then rent.
Read the entire article here http://online.wsj.com/article/SB126040517376983621.html?mod=loomia&loomi...
What is going on... Banks are not helping homeowners. They are forcing homes into foreclosure because they will profit more by letting homeowners go homeless http://iamfacingforeclosure.com/blog/2009/12/01/anatomy-of-a-government-....
This is throwing more foreclosures into the already distressed real estate market.
The result is home prices falling way below what the homes are worth so homeowners are walking out. http://online.wsj.com/article/SB126100260600594531.html
The result is more foreclosures hitting the market and then repeating the viscous cycle all over again.
Wow!! I wonder what 2010 has in store for the RE world?
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
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