Update from the Foreclosure-Based Economy 0
Wall Street’s wizardy continues to weave its spell:
Last month marked the 15th consecutive month of year-over-year declines in median existing home prices.
Increases in the sales volume can be attributed in part to distressed sales, which have played a major role in Hampton Roads in the past year. Last month, foreclosures and sales by homeowners whose homes were worth less than their mortgage balances – known as short sales – accounted for 36 percent of all sales.
