Foreclosures: Another record-setting quarter
By adamg - Wed, 05/07/2008 - 12:20pm.
Mass. foreclosures up 38% in the first quarter of this year, compared to last year.
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and even better,
...us renters are the ones getting screwed, because banks evict everyone when they foreclose. Better yet, the Patrick administration and legislators are protecting homeowners with moratoriums left and right, but aren't doing a damn thing to protect renters...
And, of course, as tenants get the boot, rental properties go off the market (as the banks can't sell them)...and homeowners lose their homes, rental prices go up. Woohoo!
Banks
Don't forget that the banks are also refusing to loan money to anyone so they can't get the properties off their hands! Priceless. Although its a good thing that most banks have started to reign in their sub-prime lending practices, they have massively overracted to the mortgage crisis by now refusing to loan to just about anyone. And thus, the vicious circle continues.
All these problems with housing stock...
...and yet a proposal to build housing in the North End gets shot down. People suck.