Update from the Foreclosure-Based Economy 0
The harsh truth is that the real estate bubble was a bubble.
It’s popped, not deflated. And it’s not coming back.
The number of local homeowners who were “underwater” on their loans rose 1 percent to 84,443 from June to September, according to CoreLogic, a Santa Ana, Calif.-based company that tracks mortgages nationwide.
For homeowners who aren’t in jeopardy of falling behind on payments, being underwater means they are tied to their homes – unable to sell without paying their lender the difference or negotiating a short sale.
Like the Tulip Bubble, all gone. The banksters are left with the money, having been made whole for their venality business “missteps” by the Fed; and the homeowners, left with wilted tulips.
Bombing far-away lands with strange-sounding names may be an effective distraction, but it ain’t fixing anything.
