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Foreclosure Defense Florida

BOMBSHELL! BERNAKE AGREES WITH ME- FORECLOSURES ARE BAD, BAD, BAD!

In what is surely another sign of the pending Apocalypse, our nation’s central banker finally admits what we’ve known all along….

FORECLOSURES ARE BAD FOR THE ECONOMY!

It’s frankly a real DUH! of a report, but it’s bankerspeak after all.   It’s filled with all sorts of nonsense and absurd numbers that aren’t nearly close to reality….i.e. there are 12 million homes underwater….no, double that or triple that……

The ongoing problems in the U.S. housing market continue to impede the economic recovery.
House prices have fallen an average of about 33 percent from their 2006 peak, resulting in about
$7 trillion in household wealth losses and an associated ratcheting down of aggregate
consumption. At the same time, an unprecedented number of households have lost, or are on the
verge of losing, their homes. The extraordinary problems plaguing the housing market reflect in
part the effect of weak demand due to high unemployment and heightened uncertainty. But the
problems also reflect three key forces originating from within the housing market itself: a
persistent excess supply of vacant homes on the market, many of which stem from foreclosures;
a marked and potentially long-term downshift in the supply of mortgage credit; and the costs that
an often unwieldy and inefficient foreclosure process imposes on homeowners, lenders, and
communities.

Looking forward, continued weakness in the housing market poses a significant barrier to a more
vigorous economic recovery. Of course, some of the weakness is related to poor labor market
conditions, which will take time to be resolved. At the same time, there is scope for
policymakers to take action along three dimensions that could ease some of the pressures
afflicting the housing market. In particular, policies could be considered that would help
moderate the inflow of properties into the large inventory of unsold homes, remove some of the
obstacles preventing creditworthy borrowers from accessing mortgage credit, and limit the
number of homeowners who find themselves pushed into an inefficient and overburdened
foreclosure pipeline.

Read the full report here

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