I've been doing some internet real estate search for single family houses in South San Francisco, CA that are listed as the following: Preforeclosure, foreclosure, notice of default, bank owned, etc. In this town of 60,000, there are literally 100's of listings of distress sales.
What does this mean for the economy? Is this a bottom, or a symptom of more to come? What does it mean to the financial institutions that hold the mortgages? If they have loaned more than the properties are worth, will they be able to eat the loss without serious ramifications for their depositers and shareholders?
The combination of greed and foolishness is, as always, bad news. The lessons of "Black Friday" 1929 are too soon and too easily forgotten.
George Santayana (1863-1952), a Spanish philosopher, essayist, poet and novelist once said that "those who forget the past are condemned to repeat it"
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