All these houses have to be sold and taken off the bank's books. Actually, one way or the other, they will be. Until then your house won't be worth much because these houses will destroy the banks book value and cause them to fail keeping houses at pennies on the dollar at auction.
The Fed and Treasury have done about all they can do to stop the fall by buying inventory, giving money away and encouraging tax gimmicks. in due time prices recover or stop dropping like a rock and these house get sold and then new houses get built.
At least that's the plan.
The alternative is to close the banks and auction off everything at pennies on the dollar and get it over with. This would have meant that the bust would have lasted about half the time it has as all previous busts have.
It's amazing what all that money contributed to the politicians will do. Let's not call it bribe money in public just expect it to double and triple in the future.
Hey, do you think maybe Al queda can scrape up a few bucks and get amnesty?
40 percent of Florida homes sales are foreclosures - Business Breaking News - MiamiHerald.com
The Fed and Treasury have done about all they can do to stop the fall by buying inventory, giving money away and encouraging tax gimmicks. in due time prices recover or stop dropping like a rock and these house get sold and then new houses get built.
At least that's the plan.
The alternative is to close the banks and auction off everything at pennies on the dollar and get it over with. This would have meant that the bust would have lasted about half the time it has as all previous busts have.
It's amazing what all that money contributed to the politicians will do. Let's not call it bribe money in public just expect it to double and triple in the future.
Hey, do you think maybe Al queda can scrape up a few bucks and get amnesty?
40 percent of Florida homes sales are foreclosures - Business Breaking News - MiamiHerald.com
Sales of foreclosed homes in Florida made up nearly 40 percent of all purchases in the first part of this year, a ``terrifying'' statistic, one analyst said, and one that led to deeply discounted prices on distressed properties.
In Miami-Dade County, foreclosure sales made up nearly half -- 47 percent -- of all homes sales in the first five months of 2010, according to a new report from Irvine, Calif.-based RealtyTrac, which aims to measure foreclosure sales and their impact on home pricing. In Broward County, 46 percent of all homes sales involved distressed properties.
To compare, less than 1 percent of Florida home sales in 2005 were of foreclosed properties, RealtyTrac found.
The report, released Wednesday, defines foreclosure sales as those of homes that are bank owned or where the owners have defaulted on the mortgage and received at least one foreclosure notice.
``Forty percent is a significant number,'' said Michael Sichenzia, president of Dynamic Consulting Enterprises in Deerfield Beach.
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