Thursday, January 21, 2010

2.8 millilon forclosed homes in 2009

US NEWS just reported that 2.8 million homes were foreclosed on in 2009 and with unemployment still in double digits 2010 doesn't look any better.
 New homeowners are strategically defaulting on their mortgages because it doesn't make sense to pay 3x what they would pay to rent and take 60 years to recover from negative equity. This gives the Obama administration a new headache. Just yesterday it was reported that the government actually profited from the bailouts and the big banks are supposedly back on their feet, while the small banks are closing left and right. Hmmm, something doesn't add up, somebody's losing out here and things aren't making sense. The Texas real estate people are saying that things are a little better here and it's a good buyers market, bad if your selling. I suppose that investing in rentals will look good for the future. I also read recently that people are moving to Texas in droves. Is San Antonio the next LA?  What does that mean for us here in Seguin? I also recently discovered that Guadalupe and Comal County have the same amount of people but New Braunfels is twice as big and growing faster, Why?

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