Will the rate of Foreclosures ever drop?
Of course the foreclosure rate will eventually slow down. It has too. But for now the rate of foreclosures in Kentucky were up 12% in the 3rd quarter of this year over the same time period in 2008. This according to a recent report published by RealtyTrac Inc.
Just north of Kentucky in INdiana the foreclosure rate was actually down 15% over the previous tears quarter according to RealtyTrac Inc. Indiana still has the 20th highest rate of foreclosure in the nation.
Do we need help from the government to stabalize this crisis?
The question is, what would the government have to do to stabalize the market????
We need some good buyer agents to help their clients take advantage of the bargains while they are available. The market will adjust over time. What we see reflects the supply and demand.
I think the answer is employment. We have , in the main weeded out the bad loans . We are weeding out the bad borrowers as well. Now FHA is getting a bit tougher and people will have skin in the game in the form of down payment. So What is left is for people to get back to work.
Jobs - If the government can stimulate private sector jobs, that would help. The foreclosure "rescue" programs are doing little.
It's a vicious cycle.....the foreclosure rescue programs are a bandaid attempting to mend major surgery.....if the government continues along its current path, the result will be a truly socialist nation.
I'm hesitant to see the government get involved with anything!