How many more years will the Banks and the Government keep playing this loosing game?
The longer this hopeless strategy continues-The longer it will take for the Housing market to even think about recovering. So much personal wealth has been lost to this point that the only logical thing to do is;
1. Stop trying to help everybody stay in a home that they couldn't afford to own in the first place!.
2. Let the free market and those in it-Fix It!
3. Start helping those Home Owners who have been faithfully paying their mortgages on time even though they owe more than their home is worth!
4. Stop using Tax Payer dollars to pay for all the useless mortgage modification programs being offered to home owners who are now back in default!
It's very clear to me and most people that the Governments involvement in trying to support the housing/real estate market has failed miserably. It's time to admit defeat and let the pros on the street and the market start fixing this mess!
RealtyTrac's Sharga: Banks still holding 70% of REO from market
RealtyTrac Senior Vice President Rick Sharga said major banks currently hold roughly 1 million REO, or homes repossessed through foreclosure, but only 30% have actually made it onto the market.
Read more at www.housingwire.com
According to its year-end report, foreclosure filings reached a new high in 2010 and should climb even higher this year, possibly surpassing 4 million filings. And that's not counting the more than 5 million delinquent loans that have yet to enter the initial stages of the foreclosure process, Sharga said.