Sorry about the lack of posts for the past few months... been VERY busy in the world of Real Estate and fashion... have no clue how I even found time to sleep!
That being said, I found a VERY interesting statistic In Harper's magazine, specifically the Harper's Index. Between the Robo-signing scandal of last year, and the fact that none of the States Attorneys General can come to an agreement with lenders:
At current pace, it will take 61 years for lenders in New York State to foreclose on all homes currently in default.
In 9 previous recessions, there was an average of 10 months to move from economic recovery to employment recovery – this time its forecast to be 60.
4.3% of the $47B allocated to TARP plan to let homeowner’s refinance was actually used for that.
60% of those who took a mortgage-interest-deduction have not used a government social program.
There's more, but this alone blows my mind... According to these figures, I'll be 107 by the time all the CURRENT homes in default are forclosed on....
Realtytrac indicates that it takes a bank in New York an average of 900 days from notice of default to foreclose and sell the property (that might still be faster than
some brokers I know!).
No comments:
Post a Comment