A Dose of Real Estate Reality
Jr Deputy Accountant loves The Reformed Broker and Sunday's post on real estate reality shows us why:
I feel compelled to share a few data points from the ongoing real estate apocalypse, and in this post, I won’t even mention anything commercial real estate-related. This one’s strictly about the ‘hood:
1. Every 13 seconds, there’s another new foreclosure filing somewhere in America. Not a typo – every thirteen seconds.
2. There are now more than 6600 foreclosure filings a day. Yep – sixty six hundred a day.
3. There have been roughly 2 million foreclosures so far during the crisis and an assistant secretary from Treasury, Michael Barr, said that another 6 million families could face foreclosure over the next three years.
These aren’t my numbers, they were released last week by the Center for Responsible Lending, a non-partisan. So how did you, the sober and rigorous market participants I rub elbows with each day, take these latest little nuggets of tragedy?
You rallied the friggin’ luxury retailers, that’s what you did!
Read the rest over at TRB and subscribe or else JDA will be forced to kick you.