The Foreclosure Crisis Continues
For many in the real estate community it is disheartening to witness the high rate of foreclosures. Boise is not excluded from this crisis. In the neighborhood where I live I have seen homes for sale by banks and short sales, something that I have not noticed before. Other national news has Boise listed as a city where it is better to rent than buy, meaning home values are inflated. This could mean many home owners are upside down on their mortgages, where they owe more than their home is worth. So is there a way out and when will it end?
It is estimated that every 3 months 250,000 home enter foreclosure and there is a the potential for 2 million more homes to enter foreclosure by this time next year. Whether there is a way out of this crisis is still being debated. Some parties want to make it easy for homeowners to refinance at lower rates while others don’t want to bail out irresponsible borrowers. I hope they come to a conclusion that represents the greater good of the nation, not one that is self serving…
