What’s behind foreclosures - people not paying their bills. Simply really.
Homes don't sell, painters aren't painting and carpenters aren't nailing.
Real estate agents aren't earning, settlement attorneys and title companies
County and State budgets lose revenue on transfer and recordation taxes and plain sales tax.
We're all gonna die!
And they keep insisting on lending money to these people who don’t have enough income to pay their bills! go figure.
I live in Manassas, Virgina and the majority of homes being foreclosed or left for auction are primarily Spanish owned who have lost jobs due to the housing market downturn. Having been in the banking business for over 30 years, these loans should never had been made in the first place, but governmental intervention to force minority lending in the past five years has created the crisis at least in my area. Hope this provides some insight to the problem facing our nation