Who’s To Blame??
What you don’t hear about the subprime mess;
A large number of the foreclosures involve investment properties such as second home, beach condos, vacation cottages, raw land, residences for rent, etc. In the past year I have learned the details of some fifty or so foreclosures from prospective clients…Of these 50 or so foreclosures, only two involved a primary residence and one of those involves a genuine and unforseeable hardship…
From where I sit, most of the foreclosures are not the horrible tragedy portrayed in the press. People are not always losing their primary home. I admit that I live in the middle of a tourist
destination so my local perspective may not match that of the rest of the nation. But my point is that many of the foreclosure statistics are significantly inflated by the large number of foreclosures on investment properties. 48 of those 50 or so foreclosures I mentioned are investment properties and they are counted in the state and national foreclosure statistics bandied about in the press.
Why is it so hard for the MSM to report what actually is going on?????
Read the whole thing here
H/T: Malkin
