The foreclosure crisis continues unabated all across Florida. Foreclosures in St. Petersburg, Tampa, Manatee and Sarasota are continuing to rise, while at the same time, new ones are being filed every single day.
Set against this backdrop are moves by courts all across the state to push foreclosures forward faster than ever before. It’s become most interesting now with even foreclosure plaintiffs complaining that all the court intervention is causing problems for them.
And just what will happen when the institutional investors, the hedge funds realize they’ve paid too much for the homes they’re buying in foreclosure?
The reality is this nation is experiencing very difficult and vexing issues related to the foreclosure mess. And eventually, the nation’s policy makers and the banks and wall street interests that own them will wake up and realize what a mess they’ve made of our nation’s housing and fiscal policy…..maybe:
At first blush, home buying looks quite affordable right now. New data from real estate website Zillow (Z) show that if a person earning the median income of $52,513 buys a home at the median price of $157,400, he would spend just 12.6 percent of his income on mortgage payments. That’s more than one-third less than the prebubble averages, when a mortgage on a median-priced home would cost about 20 percent of a median income.
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