Much ink has been printed–not to mention the hot air expelled on talk shows and countless media & web sites–discussing and analyzing the state of our economy at the national, state, and local level.
On the home foreclosure front, there is a concern in some quarters about the substantial number of homes in the national foreclosure inventory and a worry that the banks will have to take another write-down of assets due to the weakness in secondary mortgage paper.
And, of course, there is the current game of “chicken” going on in Washington DC over the national budget, deficits, and debt limits. It remains to be seen how the crisis will be resolved in whole or in part…or whether it will simply continue with superficial solutions. I’ll leave that to others to analyze.
Tuning out the media noise for the moment, I decided to grab a pocket camera and take a quick look around the neighborhood to see how the economy is playing out at the street level. By way of background, on one street, if I count down five houses from the corner, only one has not been foreclosed on in the last two years:
- Two were foreclosed and resold in 2010
- Two were foreclosed in 2011 (one just this week) and are pending sale
Take a look at the slideshow and decide for yourself. How is it looking out there on the front lines?
REO–A Bank owned property (lender-owned), also sometimes referred to as a REO (real estate owned) home or property
Not all foreclosure properties have yard signs. Of the four homes discussed above, not one displayed a yard sign.
The homeless person was sleeping in front of the empty Mervyn’s store.