Today’s must-read: John Oldham on a rise in foreclosures
Folks, if you are not already reading John Oldham’s invaluable 94501 Real Estate blog, you should be. Oldham has his fingers on the pulse of Alameda real estate, and he is able to connect the dots to what’s happening regionally, statewide and nationally in clear, concise prose with a level of knowledge that can’t be beat.
His latest entry is this post from Monday about a recent rise in foreclosure numbers here on the Island. The numbers, while small, represent a 40 percent jump in foreclosures over the past week, Oldham writes. And then he takes readers back to May, when he first sounded the alarm about a potential rise in local foreclosures down the line.
Oldham says he’s not sure what these numbers mean in the short term, but he thinks they will continue to depress home prices locally, and that they show that some folks are having a tough time meeting the mortgage.
Anyway, check out the post by clicking the link above.
Interesting. In the end, I consider the fall in housing prices a good and needed turn of events. Other than those who have banked equity, the American dream of owning their own home is totally out of reach for most people. The baby boomers (or their kids that will inherit) shouldn’t be the only ones to have gotten that opportunity.