Fiddling While Rome Burns (With No Clothes)

When I agree with the NY Times Editorial, it is noteworthy. But for the senate to go on vacation with no comprehensive policy on addressing the mortgage and foreclosure crisis is reprehensible.
By the time the Senate returns next Monday from its July 4 recess, some 55,000 more homes will have entered foreclosure. And that’s hardly [...]

Read Full Post »

The Foreclosure Fight on Staten Island

The Times has a fairly balanced article on how people are adapting to the down market in NY City’s least-populated and most suburban borough. The upshot of the story is that not everyone can seek relief through a short sale.
John and Dorothy Miele are an example. Two years ago, they wanted to refinance their home, which [...]

Read Full Post »

Are Foreclosures Bargains?

Teresa Boardman says no.
It is a myth that bank-owned properties are a bargain — some are, but many are not. The bank-owned homes that are priced very low often need so much work that the cost of the repairs is more than the value of the home after the repairs are done.
I don’t take issue [...]

Read Full Post »

NY Times on the Candidates and the Mortgage Crisis

I make no secret that I stand quite a bit to the right of the NY Times editorial board on most fiscal matters. In today’s editorialon the presidential candidates, the Times portrays McCain as a Whig and Obama as a Caped Avenger. Both portrayals are problematic. Most government solutions are window dressing at best and have terrible [...]

Read Full Post »

Foreclosures Triple

May 2008 saw over 73,000 home foreclosures, almost trebling May 2007’s 28,548.
This hurts everyone. There will always be foreclosures, repos and REOs going on the market, but those extra 45,000 repossessions flood the already swollen inventory with under-priced distress sales. It will be a while before we wring out the casualties and return to any kind [...]

Read Full Post »