Friday, April 4, 2008

Scenes from The Mortgage Crisis, Part Next Plus One

The Chicago Tribune finds that lenders in places where home values have fallen very low are foreclosing but refusing to take title, letting empty homes fall derelict to avoid maintenance costs and property taxes.

And Janet Yellen, President of the Federal Reserve Bank of San Francisco, says the crisis is fueled more by falling home prices than by mortgage interest re-sets--and that home prices are likely to fall still further.

No comments: