Interesting series on the Foreclosure Crisis and the "Shadow Market" from the WSJ. ( thanks Phoenix Real Estate Guy ). For those interested in this ongoing weight on our recovery, it makes good reading.
No matter how you slice it, one thing is clear: this is far from over. The bottom line for many of the hardest hits part of this country (thankfully I do not put Charlottesville in that category):
“The distressed real estate market has become the real estate market in many locations, and that isn’t going to change for years.”
I found part 2 of the article, about banks now avoiding acquiring foreclosed homes, particularly fascinating.
Take away: the Housing Recovery is fragile at best.
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