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  Topic: The States of Foreclosure
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The States of Foreclosure
Wall Street Journal, by Editorial

Original Article

Posted By:StormCnter, 1/9/2013 5:56:11 AM

One reason for optimism in the New Year is the housing market, which continues to heal despite the weak economic recovery. Case-Shiller, Lender Processing Services and other data trackers are reporting recoveries in many regions. Even more noteworthy is that the rebound is strongest in states that let lenders enforce contracts. We´re referring to the difference between "nonjudicial" states that have streamlined foreclosure procedures and the 23 "judicial" states that force lenders to go to court to enforce mortgage contracts. Prices are stabilizing in the former but still faltering in much of the latter, which isn´t surprising, except to politicians.

      


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Reply 1 - Posted by: Spidey, 1/9/2013 6:12:30 AM     (No. 9106411)

Like I said back in 2008 when the foreclosure crisis struck,it would have been enormously cheaper to pay these people 10 grand to get the hell out of the house if they could no longer afford it. Instead we´ve thrown mega billions at keeping these people in houses ,many of which are still underwater or in the foreclosure process. Having to move into a rental isn´t the end of the world and foreclosures on your credit score are roughly the same as a bankruptcy.If you´re fairly young,you have time to rebuild your credit and maybe buy another house down the road.

Of course doing the right thing flies in the face of the hrowing mentality that home ownership is a new form of entitlement.

Not surprisingly,the FHA needs a bailout because the idiots still made doomed to fail loans even after the 2008 meltdown.As far as I know,this crop of people can still use food stamps as an income source on the application. The fact that they have to live on food stamps tell you they don´t have the revenues to afford a house,the upkeep,property taxes and insurance.

The other problem you have on these low end people buying houses,is they trash and loot them when they´re kicked out.So the bank can either rehab the house for resale or bulldoze it. In some cases private re habbers buy the house dirt cheap,fix it up and rent it out.

The most egregious part of this whole racket is the social justice element of it which once again yokes the taxpayer or national debt to cover up it´s failures.

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Reply 2 - Posted by: Crosscut, 1/9/2013 8:22:52 AM     (No. 9106564)

Romney said the housing mess would burn itself out on it´s own without government interference. Looks like he was right. America really blew it when it didn´t elect Romney. Romney may have been our last chance.

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