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One of the major reasons we are in a Depression is that the Democrats led by Congressman Barney Frank (absolutely no relation) created government policies that gave loans to people that could never pay the home loans. Then as the economy collapsed, jobs were lost and a second rung of people lost their homes.
How bad is it in California? "The MLS lists slightly over 176,000 homes yet if we throw in homes in the foreclosure pipeline the total inventory jumps up to a stunning 468,000! The shadow inventory in the state is off the charts and locks us in to years of distressed inventory."
Those numbers are growing--lots of homes that would be foreclosed have not--the banks know that if they did what they should, the whole housing industry would collapse over night.
This is a major reason we will be in a Depression for at least a generation.
More...
How bad is it in California? "The MLS lists slightly over 176,000 homes yet if we throw in homes in the foreclosure pipeline the total inventory jumps up to a stunning 468,000! The shadow inventory in the state is off the charts and locks us in to years of distressed inventory."
Those numbers are growing--lots of homes that would be foreclosed have not--the banks know that if they did what they should, the whole housing industry would collapse over night.
This is a major reason we will be in a Depression for at least a generation.
More...