It’s a fact that none of us will dispute that housing values have fallen by $100s of thousands in SD.
Data sources are reporting that people in droves are discontinuing payment on those mortgages. Is this a shocking development? Should we be surprised and skeptical of data from different sources confirming this? This forum never fails to find someone willing to fight reality.
What sense does this debate make? This is what people do when they are $100ks underwater. Some here are arguing that the obvious and rational result is not happening and further that the sources supporting the obvious and rational result are wrong.
Everyday there are several articles documenting banks sitting on REOs, hiding inventory and doing all sorts of things you’d expect technically insolvent institutions to do when they would like to hide their insolvency.
Yet some debate that it’s actually happening or claim its happening but not to a disturbing degree. Rational thinking is that it makes sense that they are doing exactly what is being reported.
