Federal Reserve Chairman Ben Bernanke said Wednesday that the embattled housing market has crippled the economy, and at-risk homeowners need a bailout – even if they knew they couldn’t afford their home in the first place.
“Some borrowers presumably knew what they were getting into,” Bernanke said before the House Financial Services Committee. “But from a [...]
On 08.13.08, In News, Real Estate, by Financial Wisdom
When you read an article like the following where a foreclosed home sold for only $1, you no longer have to wonder why banks are losing money.
In what might be considered a new low for the housing market, a home in Detroit sold for $1.
The home, located at 8111 Traverse Street, close to the Detroit [...]