Jay Brinkmann, vice president of research and economics for a Washington-based trade group sums it up best. “….because they couldn’t afford the home in the first place.”
That reminds me of some news we got from our carpet man just this past week. He told tales of real estate agents buying up foreclosures in Murfreesboro, TN (a suburb of Nashville) and turning them around after a quick rehabbing. How are they doing it? Connections with the banks. The banks know them and trust them. But here’s my point. We may be able to skip a lot of those pre-foreclosure and foreclosure courses on how to approach the defaulting homeowners and go directly to the banks. According to a meaty article by Kathleen M. Howley for Bloomberg News, the Mortgage Bankers Association is stating foreclosures rose to an all time high at 2007’s end. Of course many of us already knew that, but she also gives a lot of info and statistics to prove large numbers of these distressed homeowners really are throwing out the white flag. She’s predicting it all won’t stabilize at least until sometime in 2009. The buying opportunities are still out there. Read Mortgage Foreclosures Rise as Owners Give Up 
I’m somewhat shocked at the news about foreclosure owners simply walking away from their homes. That’s before the reset and without even trying to hold on long enough to negotiate with the banks.
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