Record Foreclosures prompt cities to make plea for aid

Record Foreclosures prompt cities to make plea for aid

www.nytimes.com

As more than 250 mayors gathered in Washington for the winter meeting of the United States Conference of Mayors, many agreed that the collapse of the subprime market had left a growing problem of vacant houses, depressed property values, tighter credit, and a need to cut services to close municipal budget gaps.

“It’s an economic tsunami that is hitting our cities,” said Mayor Douglas H. Palmer of Trenton, the president of the conference. “We need federal action not six months from now, but within the next 30 days.”

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[edit on 1-25-2008 by worldwatcher]

What a mess. Not sure what the gov can do to bail us out. They have pretty much squandered every resource at this point, and continue to do so with our 11 billion per month wars in the ME.

www.nytimes.com
(visit the link for the full news article)

Well is nothing to do about the already abandoned homes and the people that are now homeless, but the problems to be faced by the banks is when this vacant pieces of property will stagnate waiting for some buyer to purchase them.

The longer the property stays vacant the more the banks have to lose lowering their prices to attract buyers.

While many Banks are telling people to come out and take advantage of the sell out, the truth is that they are still deceiving the consumer with hight prices.

People that have the means and are willing to get a home should wait until the banks have no choice but to put the homes on bargain prices, with the low interest rates a lot of good hard working Americans will be able to get their dream home for pennies on the dollar.

I'm waiting the market out,when it gets to rock bottom I'll buy a few,with my luck declare martial law and government will use them as outposts

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