The L.A. Times details what I first looked at more than a year ago — the likelihood of a second peak in foreclosures.
The Times primarily notes that many people who applied for mortgage modifications didn’t get them, and now their application-time grace periods are about to expire. However, it overlooks that many people either bought new, bought second houses, or refinanced, at the end of the housing bubble, in many cases with Alt-A, if not subprime, loans.
In turn, from my (until now) professional perspective, means more tough times for newspapers. Banks don’t take out ads to sell foreclosed homes. Sheriff’s may do legal ads for tax-delinquency sales, but that’s it. And, more individuals looking to sell, to pinch pennies, will do “for sale by owner” routes.
No comments:
Post a Comment