Real Estate Doom

Gary North / LewRockwell.com:
There are today over 18 million empty houses in the United States today. Of these, 650,000 are in foreclosure. Under these circumstances, lenders should be aggressively negotiating to get new buyers to take over the payments. They should be dropping prices to market levels. If they don't, vandals will strip these houses of everything movable. But the foreclosure system is paralyzed. The locals have no authority to negotiate. The distant bureaucrats are insulated from reality.

Posted by Editor at May 14, 2008 03:41 AM