Search This Blog

Wednesday, October 6, 2010

"In the process of quick foreclosures and panic sales, the banks are creating a second national housing crisis by discounting the price of the foreclosed houses, often by 40 percent or more, thereby driving down the value of neighboring houses. Also, many title companies are refusing to issue title insurance, a basic requirement for securing a mortgage by even the best-qualified purchaser, further stifling an already weak sector of the economy."

Pat Choate
Huffington Post

No comments: