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The “EYE” of the foreclosure storm

September 26, 2009

As a native Floridian, I know a lot about hurricanes and the one thing I know – Expect the unexpected.

Hurricanes are somewhat predictable. As the hurricane blows through you have destruction followed by a peaceful, tranquil lull where the sun may even reappear and you will walk outside your secured dwellings to survey the damage. It’s called the “eye” of the storm. For a short while, during which the eye passes over land – nothing happens and it is as if there is no storm. That’s where we are right now in FORECLOSURES. We are in the eye of the storm.

The federal government, banks and agents are all predicting we have hit bottom and personally, I think we have. But NO ONE is talking about the fact that the eye of the storm is upon us and a second wave of SERIOUS FORECLOSURES are about to hit the market. We are talking about people who once made a good living, bought an expensive home and are now underwater.

As a real estate agent, I see the forecast CLEARLY yet no one in Congress seems to understand the urgency of working to help homeowners – massive FORECLOSURES are forecasted. Congress needs to help homeowners negotiate the short sale process  or there will be a lot of homes foreclosed. In addition, there are so many people out of work, across all economic categories, that without a job – homes are lost. It’s just that simple.

Health care reform is important – but it is NOT as important as fixing our economy. With no jobs, massive foreclosures and people running out of savings – we are in crisis mode but because we are sitting in the eye of the storm – we don’t see what is coming on the horizon and it’s ugly.

WAKE UP WASHINGTON and start working on the economy and keeping people in their homes. The eye is upon us and the storm approaches.

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3 comments

  1. The wave has only begun. Its going to get a whole lot bigger before it all over.

    I am curious to see what will happen once the moratorium is over and the lenders start releasing more properties.

    Follow me on Twitter, lets connect:
    http://twitter.com/OliverGraf360


  2. I read recently that there were 40,000 foreclosures in the month, but 2.2 million homes lost value because of those foreclosures… multiple foreclosures in a neighborhood are like a wrecking ball coming hitting home values.
    But what is the solution, with over 12M unemployed. What should gov’t be doing?


  3. In Charlotte NC foreclosures are hitting highest in the lowest and most expensive neighborhoods, for different reasons. in the first case they were sub-prime 100$% financed deals- that have gone bad- the Sub-sub-prime if you will. At the most expensive, it the Alt- A type borrower, with interest only or pick a pay notes…

    Again I ask, how to intervene? I understand there at=bout $1Trillion in outstanding mortgages



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