You think the housing crisis is bad now,
just wait 'til this new set of problems enters the pipeline.
http://www.dailyfinance.com/story/investing/charting-the-foreclosure-crisiss-far-reaching-consequences/19673408/
The more I read about the mess with the mortgage companies, the more concerned I become. It was bad before this latest round, but now, the ultimate holders of the mortgages, which have been packaged and sold, and resold several times, don't have the original signed deeds, which is a legal necessity, in the eyes of the law. If I were a homeowner with a house that was under water, or even getting 'soggy', I don't know that I would continue to pay. As this article shows, many homeowners are realizing that making their house payment is like throwing good money away, AND, the eviction process which was already taking around 18 months, is gonna get a lot longer as the courts are going to be overwhelmed with legal fights. This can't bode well for home prices, OR, our economy as a whole, as Sept set an all time record for home foreclosures. http://www.dailyfinance.com/story/real-estate/foreclosures-rise-Q3/19673725/. No wonder gold and silver prices are going 'up, up and away', as investors realize our monetary system is in for some hard knocks.
http://www.dailyfinance.com/story/investing/charting-the-foreclosure-crisiss-far-reaching-consequences/19673408/
The more I read about the mess with the mortgage companies, the more concerned I become. It was bad before this latest round, but now, the ultimate holders of the mortgages, which have been packaged and sold, and resold several times, don't have the original signed deeds, which is a legal necessity, in the eyes of the law. If I were a homeowner with a house that was under water, or even getting 'soggy', I don't know that I would continue to pay. As this article shows, many homeowners are realizing that making their house payment is like throwing good money away, AND, the eviction process which was already taking around 18 months, is gonna get a lot longer as the courts are going to be overwhelmed with legal fights. This can't bode well for home prices, OR, our economy as a whole, as Sept set an all time record for home foreclosures. http://www.dailyfinance.com/story/real-estate/foreclosures-rise-Q3/19673725/. No wonder gold and silver prices are going 'up, up and away', as investors realize our monetary system is in for some hard knocks.
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