Tuesday, October 23, 2012

More Banks Fail & SS/Foreclosure Homeowners Coming Back To Buy

Three more banks have failed in 2012 bringing the total to 46. The FDIC has to dig into their insurance fund for that. Seems like a lot, but this time last year the number was at 80 failures with the total for 2011 being 92, twice where we are now.

So, while it stinks that banks have failed, one it was noted "had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices". Go figure. Think they deserve to fail?
And, on another note,....homeowners that Short-Sold or were Foreclosed upon are coming back on the market as new buyers. So, the competition is getting even fiercer. My first Short-Sale was almost exactly four years ago. And, while many have been completed since then, I'm just now seeing ones trying to repurchase.

All I can say is, let's make sure we have a darn good reason for the Short-Sale/Foreclosure and that everything is scrutinized with a magnifying glass before another loan is issued.

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