Wednesday, February 03, 2010
CBS News looks at the current condition of the nation's housing market as more and more "homeowners" contemplate just throwing in the towel and walking away as discussed in this New York Times piece by David Streitfeld.
With waves of foreclosures now coming in and with the U.S. government now running nearly the entire mortgage market while failing miserably at modifying mortgages (how long do you really think that the couple at the end of the video will stay in their $700,000 loan?), it is just stunning to see that so many people think that conditions will not get worse.
The most recent evidence of this rosy view of the local real estate market comes via the 84 percent of respondents in this poll who indicated their housing market would stay the same or get better over the next year.