Did you see this in the Wall Street Journal today on the front page had a piece of news that we should all pay attention. It will cause a change to lending and to real estate as we know it. Did you see this as the change that it truely is.
It showed that we have one in four that are now in default and probably more on the way. What that means is that a large number of consumers who own homes cannot pay their mortgages. That does not say they were in difficult loans. It does say that we need jobs. If we continue to spend money and ignor the jobs we will see this number increase.
One in four who cannot get a loan or refinance there homes. Their credit will have some heavy negatives.
So what is the way out of this mess? Those folks cannot get into the market if they do sell so 25% not counting those who have already done short sales or the banks foreclosed on. Again how do we get out of this mess?
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