I needed a bit of good news.
Here’s the thing which you really have to grasp...when foreclosure occurs, that means a bank gets stuck with the property. Unless they can resell it within an accepted amount of time....they get screwed. If they end up with dozens within a short period of time, then it become a lose-lose situation each month for the bank.
Chances increasing for bank failures in these states? Yes.
Should we be worried? If the trend continues through to spring....I’d be fairly worried that another recession cannot be avoided. The fix? Unless some government idiot stood up and opened up the fancy bank to give $1 down mortgage opportunities again....we are stuck with screwed up banks and empty houses.
And yes, if you had some money, it’s the best time to walk in and buy houses for rental properties. You could be fixed up for the rest of your life.
Most people don’t start watching the election until 6 weeks before... bad numbers now... then better 6 weeks before...
It’s going to be interesting with the bond collapse, repudiations of debt, layoffs, currency adjustments and “haircuts” for bond investors and government incomes ahead. Whole rural developments in the mountains for cheap—not to mention the big Baby Boomer croak-fest.