Lipstick on a pig; Foreclosure problem over

Regular visitors to this site may have noted there is a news feed here regarding California foreclosures. Today we found a rather interest...


Regular visitors to this site may have noted there is a news feed here regarding California foreclosures. Today we found a rather interesting story declaring the foreclosure crisis is over and prosperity is just around the corner.

The 'story,' titled N. California Foreclosures Increase 4.6 Percent in March 2008 did it's best to put lipstick on a pig.
“You really couldn’t ask for a better opportunity or better place like Northern California to be a real estate investor,” said Serdar Bankaci, founder of Default Research. “If you have the cash or credit, this is the time to buy. For all practical reasons, the foreclosures in Northern California have bottomed out and will begin to recover throughout this year. Also, Northern California has seen a drop in unemployment in February, and a higher rate of employment means fewer mortgage defaults.”

This begs the question, on a day where headlines noted several California counties are now experiencing double digit unemployment rates, with our neighboring county San Joaquin at 10.3%, and Sacramento is at 6.2%, what is this guy smoking?

Further along the 'story' notes
“The savvy investor would buy now and rent for a year or two, and then unload the property for a profit. It seems like the biggest problem now is obtaining the credit to purchase the homes.”

Isn't that another word for flipping, part of the reason we have so many foreclosures in Elk Grove?

Of course the store was fed by PR.com, as in public relations, on behalf of their client. Beware of the pr guy baring good news.

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