I am not surprised with the housing data, it will get worse.

jingle mail, jingle mail
paid too much for your stuff
oh what fun it is to ride a bubble till it's bust

 

"There is a lot of inventory on their books that the banks don't want to recognize as losses."

i've heard that many banks wont forclose, becasue then they get stuck with the property taxes

 

And, 34% max debt, inclusive of the mortgage plus a 2 year income history.

Greenspan, Mozillo, Frank, Dodd, et al. should be tried and hung for treason.

 

And I would think HOA dues too. Sky high in parts of South Florida since so many vacancies.

 

Right now loan mods are accounting for about 31%...still too high as is, but also showing how many were way over it.

 

It appears as though they will get a pass for all their wrong doings.