How Full — or Empty — is the Foreclosure Pipeline? Today’s New York Times includes a story that — at least at first blush — has ominous implications for Minneapolis and the overall Twin Cities housing market: In Minneapolis, lenders are bringing in at least six foreclosed homes for each they sell. –Eric Dash, “Banks...Read More
Watching “Strategic Defaults” A couple other points from Rick Sharga’s excellent presentation yesterday, including a much-needed “silver lining”: The “X” factor in everyone’s foreclosure projections is what happens with “strategic defaults.” Typically, people don’t pay their mortgages because they can’t. A strategic default is when someone doesn’t pay their mortgage because they’ve decided not to....Read More
. . . Foot-Dragging Ostriches?Just a heard a very thorough — and harrowing — overview of the foreclosure picture nationally from Rick Sharga, a senior executive at RealtyTrac. His company compiles one of the most complete databases tracking foreclosures, so he’s speaking from authority. What does he see? –The housing mess is going to persist...Read More
