As I'm sure many of you have noticed, the Obama administration has taken a rather hands-off approach to the housing foreclosure mess. Though everyday citizens are losing their homes in droves, Pres. Obama has been content to sit on the sidelines. That may start to change, however, because a new population is being adversely affected and this group carries far more clout.
Investors who have been snapping up foreclosed homes are backing off in the wake of the U.S. foreclosure fiasco, driven by sagging inventory and fears over legal title, and some economists say the trend could hurt the overall housing market.Yes, now that this scandal is impacting the wealthy, I'm betting the government will, all of a sudden, become concerned and actually do something to restore investor confidence.
With foreclosed properties accounting for a large portion of housing sales, and investors accounting for a large portion of buyers — particularly in some key markets with very high foreclosure rates — the implications for the broader economy could be serious...
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