Yet the market we currently have is really a large benefit to investment banks and the government with a smaller impact on the rest of Americans. At this point the banks and government are largely fused into one. The typical American is simply squeezed in the middle.
Our society is obsessed with the “monthly nut” like a squirrel running out onto the highway to get food only to miss the big rig barreling down on it.
This is what $549K looks like in Culver City. – Ed.
The major kink in the housing market’s recovery, and for the macro economy overall, is the work left to be done on homes currently in the foreclosure process, those about to enter it and the amount of repossessed homes the banks must shed. Striking a proper balance on how to mange this shadow inventory of foreclosures is vital for the banks to show a healthy balance sheet while not dumping too many distressed properties onto the market, further dragging down home prices and values.
Thanks to Victoria Kuo for bringing this article to our attention- Ed.
Dispatches From The Front 