A news item on Yahoo (of all places) nicely sums up the utter corruption of the housing market. After repossessing hundreds of homes and rendering likely double the figure of people homeless, these houses are now being sold at prices lower than a decent second-hand car. Some houses, in areas like Michigan, are going for as little as $5oo, often at a complete loss to the repossessor.
Whilst loss of profits to such money sharks is music to the ears of this blog, it is a bitter blow to those who were forced out of these homes for not being able to meet costs that were way above the price for which their former homes are now being offloaded onto the collapsed market.
This following quote is a concise reflection of the blind, money-minded attitude allowed to exist in the housing market sector:
With prices this low, lenders aren’t looking to make any money on these deals. They just want to get these houses off their books, so they don’t have to bear the cost of maintaining them and paying property taxes“
The astonishing part of this is that foreclosures are still occurring. People are being forced out of their homes, sometimes at gunpoint, and there is no guarantee that the people repossessing will ever recover the price of the house at its actual value. So another family has its life destroyed as realtors keep on looking for profits.
Even as the market has shown its utter failure, every government has subjected struggling families to the whims of the market in the battle to keep their houses.