13
Oct
Bank’s Decision to Delay Foreclosures
home foreclosure delays
The news of major banks halting home foreclosures will have an adverse effect not only on the tepid recovery, but also on the entire economy. Yes, the longer the banks delay home foreclosures, the later the ‘real’ housing recovery can start.
Housing has generally represented 17-18% of the nation’s economy, as measured by Gross Domestic Product. With almost a fifth of the economy enduring pain as a large number of foreclosures grind through the system, the new normal of higher unemployment and slow growth appears to be the most likely course of the economy. Read more 