Saturday, October 2, 2010

The Halting of Foreclosures

The hottest ticket in the Financial/Real Estate news is the halting of foreclosure statements we've read all over the place in the last few days. Read the article below:


So, really what do we think that means to us?

Well, in my humble opinion, it just means a further delay in weeding out the bank-involved properties. Which means a further delay in coming to a stable, 'normal', Real Estate market.

The financial institutions have been in a mess for several years now. And, the honest admission that foreclosures were being granted, by some of the biggest companies, without validating important information, was no surprise to many of us I'm sure.

So now, the horse comes after the cart, and they are halting foreclosures. Really now, will any homeowner in that position continue to make their mortgage payment? Will that house not end up foreclosed upon anyways?

At least they haven't put a halt on Short-Sales.....yet. But, Wells Fargo isn't offering much of an extension on those anymore now either. Others will follow. They do seem to do that.

So, all these bail-out, buy-out, incentives, stopping, starting ideas.....just clear it out and get it done, I say. I've been saying that for a couple years now. All this date estimating of when the market will be normal. All these thoughts that we are getting stable. News about appreciation. News about hitting bottom.

No one can predict any of that when there is still constant change in the financial market. Predictions are valid for a moment, then ...whoosh....another idea and that prediction becomes invalid!

But, I do still swear by Real Estate as being a great investment. Long term, just like stocks and bonds. A great investment financially, a great investment for you and your familys' happiness. Rocky roads are hit along the house highway, for certain this is one of the rockiest in years, but the road to happiness is paved with good intentions, isn't it?

I'm just not so sure that some of the above mentioned good intentions were all that good..... ;o)

No comments: