<iframe width="560" height="315" src="http://www.youtube.com/embed/uMpaaGr6YBs" frameborder="0" allowfullscreen></iframe> Or: http://www.youtube.com/watch?v=uMpaaGr6YBs Important is the claim that there are 20 million foreclosed and vacant properties in the US. That may or may not include (it's not known) 5 million more properties close to being foreclosed. Those 5 million under water households are spending money they should be using on their mortgage in the rest of the economy creating a stimulatory effect. And significantly for the 20 million foreclosed homes, they are only being trickle fed back to the market, to maintain property prices and not force them to slide further. What a mess the US is in.
Nuts the Youube embed didn't work. I'm not at the stage of SS membership where I can edit my post. Sorry all.
Wow. You have over 100 posts and have been here over a month. How long do they keep the training wheels on for now? I'm pretty sure it was 10 posts when I arrived.
Back on topic... The situation you outline above is far worse than people appreciate. They are even BULLDOZING homes to protect values of other RE in the area by creating artificial shortages. Read more: http://business.time.com/2011/08/01/bulldoze-the-new-way-to-foreclose/#ixzz2E1qXEVMn Fortunately for Australia, we don't need to bulldoze homes to protect local high house prices. We just restrict the release of land, sell new releases to land bankers without penalty and then tax new dwellings to the hilt! Much better solution!
The script to auto-upgrade new members to members has been broken since the move to the new server. It's on the list.
And also extinguishing any legal obligation they may have for the building and it's property. It's probably cheaper to destroy the house and give the land to local government than it is to maintain the property and provide security. They probably can get a tax deduction for it anyway. 30% of development costs in NSW are in the form of taxes.
