12 November 2010

Housing Decline, A Baltimore View

On Wednesday, the Business Insider had an article based on the popular real estate valuation website Zillow.com's third quarter report on housing.  

It seems very peculiar that the Baltimore Business Journal can publish a conflicting assessment of the Baltimore area market, stating that while sales were down, prices were "up," slightly.  Additionally, the Balto Biz Journal paints a rosy picture that Maryland fraudclosures were down a WHOPPING 52% in the month of October.  HOORAY BEER! 

Every stinking one of the editors of the Baltimore Business Journal should be fired for their ineptitude in the reporting of the actual news (like this blog has discussed prior).  Of course the fraudclosures are down!  Why wouldn't they be when the mortgage industry has received an enourmous amount of pressure from the Attorney Generals of nearly every state in the union, including Maryland's own Dougy Gansler.  We are in the midst of  robosigning frauds from nearly every major mortgage creator!  Hell, some of which can't even tell us who actually owns the note, so what do we expect to happen?  Foreclosures to increase?  When have you ever known a market to move and act rationally when there is significant government influence?  

I think I can hear the Monday Night Countdown crew now... "C'MON MAN!"

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