Banks turn to bulldozing foreclosed homes

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Banks are turning to demolition teams instead of realtors to rid them of their least valuable repossessed homes.

Bulldozers are a new remedy for banks in America’s ailing housing market.

There are nearly 1.7 million homes in the U.S. in some state of foreclosure. Banks already own some of these homes and will soon have repossessed many more. Many housing economists worry that near constant stream of home sales from banks could keep housing prices down for years to come. But what if some of those homes never hit the market.

 

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Economists Predict Unemployment Will Remain Historically High Over the Next Decade

Unemployment

The “new normal” unemployment will be worse than the “old normal”.

The American Economics Association held its annual meeting in Denver last weekend. Most attendees appeared to be in a very forgiving mood. While the economists in Denver recognised the severity of the economic slump hitting the United States and much of the world, there were few who seemed to view this as a serious failure of the economics profession.

 

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Top 10 States People Are Leaving

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#1 state people are fleeing – New York

“We’re seeing one of the lowest mobility rates in a century,” says Nathaniel Karp, chief economist for banking firm BBVA Compass. Karp says the recession has forced many people to stay put because they are unable to sell their homes, cannot find jobs or are unwilling to relocate for work if it means sacrificing a partner’s stable position.

 

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Fear of Real Estate Bubble In China

chinarealestatecreditfinal

China has the next real estate bubble waiting to be popped

With property prices soaring in key cities, many investors and bankers worry that China has the next great real estate bubble waiting to be popped.  The Chinese government is worried, too. On Sunday, the nation’s cabinet, citing “excessively rising house prices” in some cities, said it will monitor capital flows to “stop overseas speculative funds from jeopardizing China’s property market.” It also said that any Chinese family buying a second home must make a down payment of at least 40 percent.

 

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How The Day Stacks Up For The Unemployed

cleaning_house

Unemployed have picked up other forms of labor

Nearly 1 in 10 members of the American work force are unemployed — a level not seen in 27 years.

Without a paying job, these Americans have picked up other forms of labor: vacuuming the house, sending out résumés, taking classes and caring for family. And the unemployed have more time for leisure and socializing.

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