Predictions are the foreclosure cycle will peak sometime next year. The good news is that 1/4 value reduction in home prices is the Moody's estimate for the area and we had 23% reduction already; so it seems we are almost at the bottom.
Here is an interesting quote from a news comment on record.net(not to be taken as news)
By: oooph September 23, 2007 05:38 PM While developers have some culpability, the little guys are not the cause of the biggest problems. Look at the big boys like Centex, Pulte, Bezer and Toll Brothers. They steered buyers through their own financing to the tune of 85% capture rate then when the crap hit the fan they didn't stop building. Pure greed. The small builders like FCB adjusted quickly and are in much better shape moving forward. Quit making blanket statements about subjects you know nothing about.
New Forclosure and tax info is available from IRS
The Internal Revenue Service has added a new section to its Web site - http://www.irs.gov/ - to answer tax questions for those losing their homes due to foreclosures. The new section on IRS.gov includes a worksheet to help homeowners determine whether they are eligible for any foreclosure-related tax relief. For those who find they owe additional tax, it includes a form for requesting a payment agreement with the IRS.
As far as the blame game:
The highest blame per link below goes to the Fed, then Wall Street, then mortgage lenders, a bit lower mortgage brokers, borrowers and lastly
2) Wall Street
5) Borrowers
6) Appraisers
Brian Barringer
brian@tracyhomes.com
800.894.7282
Made by Brian W. Barringer in 2006 for http://www.tracyhomes.com/ and http://www.blogger.com/www.tracyrealestate.blogspot.com
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