Update from the Foreclosure-Based Economy 0
Foreclosures still going strong:
“Prices are falling not just at the lower end, but prices have decreased in almost all price ranges,” said Vinod Agarwal, an economist at the university.
Despite the steadily declining number of homes on the market, sales of foreclosures and distressed properties are driving prices down across the region, Agarwal said. Such sales accounted for 37 percent of all sales across Hampton Roads last month.
If I had sold (in)securities that were made up out of thin air liberally mixed with whole cloth, or if I had had unnamed third parties sign my name to applications for mortgages, loans, and other legal papers, then failed to have them legally filed, I would be in the pokey.
We’ve gone from “Too big to fail” to “Too big to jail.”
