Jun 10
23
This post from the BondDad blog really says it all, with plenty of charts to support his position. I really recommend it. Don’t forget that we won’t really be done with the housing crisis until we have dealt with Fannie and Freddie, who together own more foreclosed properties than there are homes in Seattle. May home sales were down, which was no surprise.
The current options for delinquent homeowners to prevent a foreclosure are not working very well for the majority of borrowers, but lenders are increasingly finding themselves in hot water when trying to prove they have the right to foreclose in states where they must go before a judge. It does make me wonder how many Nevada foreclosures could have been prevented by simply making banks make their case in court.
All things considered, it looks like the housing market is barely treading water at the moment. For a better look at what’s happening here in Vegas, please don’t forget to come back here on Friday.
