Charlie Ragonesi Big Canoe Realestate's Blog: June 2011

They made the mess and they continue to make the mess RANT !

 The big banks and finance houses wounded housing. We all know this. But the real tragedy is that they continue to hurt housing.

Bank of America is now talking about their losses in housing. Consider this. First they do not modify enough loans. And even if you are in the middle of a modification with a bank there is no guarantee that the foreclosure arm of the bank will stop and not take your house.

Second these folks put the homes back on the market at terribly low prices. So what happens? The regular folks in a neighborhood cannot sell because now their homes do not appraise. Chances are in this market if you are trying to sell you NEED to. So you cannot sell and end up in foreclosure , because you couldn't get modified. Your home comes back on the market at a ridiculously low price. The bank loses on the mortgage, other sellers cannot sell due to these foreclosures , so they go into foreclosure , and the beat goes on.

WAKE UP ! As long as banks fire sale homes we will never get out of this mess. The banks that drove the values up and created the bubble are now driving the values down !!! I am not sure which is worse.

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

Comment balloon 12 commentsCharlie Ragonesi • June 15 2011 12:23PM
They made the mess and they continue to make the mess RANT
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