Monday, March 22, 2010, AM | Leave Comment
In numerous parts of the country, many more mortgage foreclosures have come to see the light of the day, or perhaps the darkness of the night. That has created a market for buyers who can afford to buy the dwellings at a reduced – in some cases, much reduced – price. In the opinion of some experts, that is not a healthy sign for the real estate market and it would have been better off with fewer transactions.
What’s bad for the POD group is turning out to be good for folks who are in the market to buy a home for their families.
“Lower activity would be an improvement. A lot of people don’t really want to see recovery, because they’re doing a lot of business right now”, according to Jay Butler – Associate Professor of Real Estate in Arizona State University.
In the known history of mankind, many folks have gained financially over the misery of the POD group. It has always been the case and looks like it always will be.
To be fair, many in the POD group were overextended. They were mesmerized by the abundance of financing available to them and they took advantage of that, not realizing they might not be able to handle the finances in the long run. In the final analysis, they had to bear the consequences of taking those kinds of risks.
In a Nutshell
To bring up home prices to some decent level and in turn will help for a healthy economy, first and foremost the level of foreclosures must be reduced and eventually eliminated. Presently, the foreclosure market is in abundance now in an overwhelming majority of neighborhoods throughout America.
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