Wednesday, August 13, 2008

Is the Housing Crisis Finally Settling Down?

By Chris Thompson
Wed, Aug 13, 2008 at 8:18 AM

That would be a big fat NO. Sure, it looks like the market might recover, as the number of California homes that went into default declined for the third straight month. But according to the EB Biz Times, that's just because the broken financial giant Countrywide, which holds the paper on thousands of bad loans, is being digested by Bank of America right now. Once B of A finishes absorbing Countrywide, they'll get back to the business of kicking people out of their homes. Speaking of which, would you like to know the loan value of California homes foreclosed upon and sold at auction last month? $12.6 billion. That number is projected to only rise month by month. But it's not a recession.

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