Joe Doakes from Como Park emails:
Fewer people are missing mortgage payments in Minnesota. I suspect that means all the bad loans, marginal loans, unemployed, sick and elderly mortgage payers have been wrung out of the system over the past seven years and now are renters, which explains the tight rental market.
The only homeowners left are those who can and will pay. It’s nice that fewer people are losing their homes. If that’s because fewer people have homes to lose, it’s not unalloyed good news.
Joe Doakes
Where are the housing values blooming these days? Not where the worst of the foreclosure crisis was, or most of the bad loans got shaken out.
I keep reading snippets here and there that the next mortgage crisis will be reverse mortgages.
Interesting in the light of a story I heard on MPR last week that Emergency Food Shelters are having a busy month of July here in Minnesota. The participants never noted that it might have to do with the weakness of this recovery – they claimed it was because of better outreach to children. It may also have to do with more and more young parents assuming someone else should help them with their responsibilities – I mean, it’s food for children, after all.
You don’t want the children to starve just because the parent had to have the newest smartphone or had to get a new tattoo to celebrate another month of not having their significant other in prison, do you?