No mystery, no urban myth. People are not paying their mortgage because they are crazy, rediculous, stupid underwater. This is accelerating and will continue. The most respected sources of data show a very, very bad situation that continues to grow but because the banks choose not to sell most of the REOs, people act as if the disaster is not happening.
Why so many can’t look at the MLS and ALSO look at the foreclosure data is beyond me. It’s as if they just can’t believe that REOs would purposely not be listed on the MLS or for sale.
Banks must be falling over themselves patting each other on the back over thier seemingly impossible ability to convince people the problem is small by simply sitting on bad mortgages.
