November 28, 2010
NUMBER OF THE WEEK: 492: The number of days since the average borrower in foreclosure last made a mortgage payment. “In other words, people who default on their mortgages can reasonably expect, on average, to stay in their homes rent-free more than 16 months. In some states such as New York and Florida, the number is closer to 20 months.” Seems calculated to make people who are struggling to make their payments feel like suckers. “Millions of Americans still are paying their mortgages even though they owe more than their homes are worth. The more banks’ backlog grows, the more likely they are to join it, adding to the already giant pile of foreclosures weighing on the housing market.”
Just fertilizing the fields for middle-class anarchy.