Dr. Housing Bubble, the blogger who correctly predicted the current housing crisis, has a detailed report in which he compares the national housing crisis to what Southern California has been going through.
He point out “lenders have backed off on forced evictions, allowing many to remain in their homes, essentially rent-free.”
He thinks the government is putting pressure on the banks not to foreclose and to modify loans. He says this hurts everyone who is paying their mortgages.
Could he be right?
One point we have always made is that real estate is local, not national. However, with Washington getting more and more involved that could possibly be changing the local landscapes concerning the banks.