Foreclosure crisis hits America
They’re doing it tough in the USA at the moment, with a massive number of properties being hit by foreclosure (what we call, “mortgagee repossession”). In California, one in three home resales are the result of foreclosures.
Have a look at this video, where an American estate agent drives around the streets of Atlanta, Georgia, talking about and showing just how bad this foreclosure crisis has been:
In Sydney, the situation’s nasty too, with property values within entire suburbs being dragged down 12% by an abundance of mortgagee repossessions. To find out more, have a look at the website for National Mortgagee and Deceased Estate Data. The owner of NMD Data, John Kovacs, reckons we should all be checking out mortgagee sales:
Author: [ link ]“Banks should encourage people to purchase mortgagee repossessions,” he said. “If you increase demand for these properties I believe you can prevent house prices in the local area from dramatically falling in value.”
Source: Defaulted home owners drag neighbours down with them