Friday, August 17, 2012

Pretty sad

"Since boom turned to bust in 2006-07, the housing vacancy rate has skyrocketed to levels not seen since the Great Depression.

With the rise in the number of vacant dwellings came a decline in the homeownership rate, which peaked at 69.2 percent in June 2004 and tumbled to a 15-year low of 65.4 percent in the first quarter of 2012, according to the Census Bureau.

The chief cause of both, of course, has been the record rate of foreclosures — from 500,000 filings in 2005 (considered a normal year, according to the search engine RealtyTrac), to 2.7 million in 2011."

I suppose the big banks and our government think this is a good thing as neither of them has actually done anything to help homeowners.  They spew politically correct comments or create programs with no accountability--pretty darn sad.

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