The next housing shock

May 25, 2011 by

As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that’s causing lawsuits and hampering an already weak housing market.

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  1. Eel

    Wow, your post makes mine look feblee. More power to you!

  2. drevil

    That double dip that nobody thought was possible last year has now come to pass. And after the administration’s much-ballyhooed “Summer of Recovery,” no less! Gee… Who woulda thunk it?

    “The Case-Shiller 20-City Index of home prices has dropped to its lowest level since mid-2003,” explains Eric in this week’s “Financial World in Pictures” feature column. “After adjusting for inflation, the index has tumbled to 1999 levels.”

    The index reading seems to confirm what Eric and some of our other editors have been reckoning for some time now: That last year’s homebuyer’s tax credit did little more than bring forward demand, goosing markets while they were in effect, but ultimately only providing yet another unhelpful market distortion.

    “Remember those people who were tempted into buying a house with an $8,000 tax credit?” chimed Bill in Thursday’s issue. “Alas, another government program backfires. Many buyers also used the handy services of FHA financing, with just a 3.5% down payment [...] So what happened to those new homeowners? They’re underwater! Thanks a lot, feds!”

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