House Foreclosure Tours - Coming To A Town Near You
60 minutes in Australia ran a story last night on the home foreclosure situation in the USA. What a mess and very sad for the people who are forced to walk away from their homes. The agents, the ones who probably helped make the mess were running bus tours (in Stockton CA) for people looking to buy forclosed properties - you know that saying, only in America? Gotta admire that spirit anyway, they never did say how much a seat on that bus was going for but it was pretty full.
The knock on effect will be felt throughout the US and the rest of the world for years to come. The report pretty much laid the blame on the big lenders who allowed the situation to spiral out of control in order to turn a massive short term profit. Greed I think they called it. A good old fashioned lynching seems to be in order but you can bet the real crooks will get to keep their money while to average Joe pays the price. Right now Australia is on the brink of a a similar thing, foreclosures are on the rise and people who bought in to the property market on 100% & 105% loans are now seeing values drop, negative equity "happens" and the banks clsoe in. Funny part is denial still happens, talk to any real estate agent out there and they are talking the market up - twats. Australian residential real estate is over heated same as the US and it will adjust, just how far remains to be seen so hold on to your hats it's our turn to take some heat.