Me and my buddies have been warning you for a long time about the problem of the crashing home mortgage market. This is dangerous because there is the potential to destabilize whole portions of the cities and towns of America. When, foreclosures reach a certain level, homes just become abandoned, even where people were able to pay their mortgage. One of the reasons is that the home equity drops so low, that people figure they might as well abandoned their home and rent somewhere. That is what is happening in mass with foreclosures, in the exurbs of Fort Myers, Florida, and locations in the Sacramento Metropolitan area of California.
Wednesday, February 18
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