The downward spiral of consumer, business and banking confidence, fueled by the foreclosure crisis, has sent home values to new lows. Rick Sharga, VP of Marketing at RealtyTrac, said in July; “Foreclosure activity is the highest since the Great Depression of the 1930s.”
Headlines fill the pages of newspapers daily. “10,000 homes foreclosed on each day,” glared The Economist in August 2008. “Home foreclosures up 430%” screamed the Tucson Citizen on May 8th. Economist.com wrote on February 28th, “…brick-fronted townhouses…of northern Virginia…are now worth some 40% less….Foreclosures are rising.”
The reasons for the increasing number of foreclosures have been uniformly agreed too. Reporter Les Christie of CNN wrote on October 10th, “…couples back out of deals [because they think] they can get a better deal, so they decide to wait….forcing prices down further." On October 14th he wrote a follow-up article “Home prices plummet.”
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