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Menino: Worst is yet to come on foreclosures

By adamg on Thu, 02/28/2008 - 3:58pm

Chris Lovett reports on a meeting of the mayor's Foreclosure Intervention Team yesterday morning:

"We're not as bad as '93 and '94, but we never want to get there," said the mayor. "And all the predictions we get are the worst is yet to come."

Lovett also provides a map showing properties which not only have been foreclosed but for which the owning banks have been unable to find buyers.

Topics: 
Home 'n' hearth
Free tagging: 
foreclosure


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Comments

By wellbasically on Thu, 02/28/2008 - 8:28pm.

I've seen a study that said that 60% of recent foreclosures were due to the loss of a job by the borrower. Only 2% were due to mortgage rate resets.

So all the stuff about the bad banks and the bad borrowers is complete misdirection.

People lost their jobs because the Fed raised rates 8 times to raise unemployment. Poor people always lose their jobs first. That's where the problem is.

By adamg on Thu, 02/28/2008 - 8:39pm.

Boston Condo Guy: No Real Estate Crisis in Boston.