Filed under: Real Estate
Dictionary.com defines Bail Out as: A) to relieve or assist in an emergency situation, especially a financial crisis…. Or …. B) to give up on or abandon something, as to evade a responsibility.
So what is the real estate industry really facing now? Is the “bail out” help from the federal government trickling down to help troubled homeowners? Or, are homeowners opting for (B)? Seems like two sides of the same coin, but what is the real story?
I looked at the local newspaper today and scanned the last four pages. Sad: 84 properties in Waukesha County going on the auction block this month. That number is staggering, but here’s one that will really make you “gulp”…. That represents almost $27,000,000 in real estate. And folks – that’s only ONE month in ONE county in Wisconsin! I did this exercise about eight months ago thinking we were peaking in the foreclosed homes. Then it was only $17 Million.
~ So for those numbers people here is some hypothetical math: $27 Million x 12 months x 72 Counties in Wisconsin x 50 States… that’s One Trillion, One Hundred Sixty Six Billion, Four Hundred Million Dollars ($1,166,400,000,000.) of potentially bank owned real estate in one year on a national level ~
Will the federal bail out really made any kind of difference? Especially if the total allocation is being carved up and dolled out to other needy industries.
It seems that if the Option (A) bail out makes little to no impact on our troubled housing market, that leaves no choice but Option (B).
There is a third definition listed: (C) make a parachute and jump!
