Help might be on the way. The Obama administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. But the extent of the relief remains unclear, with questions lingering about how much the lending industry will cooperate in modifying loans.
After banks take over foreclosed homes, they usually put them up for sale at deep discounts. Nationwide, sales of foreclosures and other distressed properties made up about half of the market in the first quarter, the National Association of Realtors reported.
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Nothing irks me more than hearing idiots spout garbage like this. They claim that foreclosures drive down prices, when in reality, those are the only homes being sold at market value because the “non-distressed” sellers have their heads up their a$$es and think 2005 prices are “normal” — instead of realizing that was the peak of one of the largest housing bubbles in history.
The foreclosures are the only homes real buyers are qualified to buy!
Funny how they think it’s a problem when a major part of the market consists of foreclosures, but they did NOTHING to stop it when the majority of the market was based on fraudulent transactions where the borrowers were **guaranteed** to default if prices didn’t rise to the heavens forever and ever…
