Sins of Years Ago Come to Haunt the Housing Market: Foreclosure is a Slow Process in California.
Even though things appear to be deteriorating rapidly and are shocking the public and officials, this castle made of mortgage sand was built over a decade of frankly irresponsible greed and corruption. There really is no way of sugar coating it. In the middle of it all, there was ethical behavior and those who acted as agents of financial responsibility but an incredibly large number of folks inflated the market. The power bestowed on this large number of people simply created a market that has no way of being supported try as the government may. The philosophy is inherently wrong. There are a small handful of politicians that have the backbone to flat out say that this was a decade long spending spree built on debt and now the edifice is crumbling like the walls of Jericho. If you really cut to the core […]
Original post by drhousingbubble
This entry was posted on Sunday, April 13th, 2008 at 3:01 pm and is filed under southern-california-housing, short sale report. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback