Massive Bank Home Sales Fueled Past Movement
Well, the news sounded good at the time, but it seems that movement seen last February might have been due to the massive inventories of homes being sold by banks who have managed to issue tons of bad loans to customers who wanted homes, for which they couldn’t have cared much for at the time due to the housing market boom that was well, booming. The word is fitting for the booming market quickly burst sending millions of homeowners without anything to pay for their home loans.
Foreclosure has hit almost every neighborhood in the US with some booming housing areas left to waste, dotted by abandoned or foreclosed properties. City planner have had to call upon extreme measures to stem the dangers that have been presented to them by such vacant homes, closing them off to make them safer for all. The problems plaguing the housing market today would take a bit longer to get into the recovery mode which may be a few years, hope people have enough wits about them to stay in touch with reality till then.
