The smoking gun of foreclosure freeze


Great article why the foreclosure freeze is a complete FUBR for the housing market.  It is amazing: We started the process with mortgage brokers qualifying buyers that had a heart beat and a drivers licence.  Financed 105% and expected the values of homes to just keep on going up.  not to mention the amount of investors that bought on speculation, – cheap, then turned around and sold the homes to owner occupants for much higher.  A neat way to inflate a condo complex or housing market.  Builders of communities were a big part of this scam that has eventually put a lot of folks under water. 

Then to make matters worse the banks let a third-party handle their foreclosures (on a pay if it forecloses basis) which then makes things even worse.  I remember tell my 6-year-old in Kindergarten that two wrongs don’t make a right. 

So just when you think the economy is going to make a right turn…… it takes a big U-turn back down a one way street to know where. 

The Virginia Gazette, Williamsburg Virginia > Slide Show > The smoking gun of foreclosure freeze.

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One Response

  1. An excellent summary of our current situation.
    James Pilant

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