Banks throughout this country are beginning to utter the phrase, "lets walkaway from this foreclosure". In some locations, the value of the underlying real estate has fallen so much that it is not worth the banks time to foreclose on the property. In other words, we are beginning to witness neighborhoods with vacant houses that are boarded up and decaying. Imagine ten houses on a street all boarded up because there is no investor willing to buy or rent the property. This is happening in places like Indiana, Missouri and Florida. These areas are being haunted by the famous real estate phrase, "location,location, location".
Random thoughts.....As the first quarter of 2009 ends this week, President Obama is tackling the eventual bankruptcy of GM & Chrysler....his actions to remove the CEO of GM should be applauded...the market is correcting today but should trend higher in the next thirty days.....this week the important phrase will be G-20 and the Employment Report on Friday..
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