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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

i will gladly pay you tuesday for a hamburger today

I Will Gladly Pay You Tuesday for a Hamburger Today

The key number this week has been 4.4 million. Forget about stellar numbers from both Google and Intel. Don't worry about all the earnings reports that peak during the next two weeks, the number this week is 4.4 million foreclosures. 4.4 million Homes are either ready for foreclosure or are at least 90 days in arrears. As several of the large banks are bowing to legal and more importantly political pressure to hold off on foreclosures, 4.4 million homes are left in limbo at this time. But the problem is, the homes will eventually be foreclosed on, and they will be added to the market and only then can we begin to get a bottom in housing and the chance for the economy to rebound. By putting off the inevitable, the legal loopholes will cost the banks big dollars but we will end up at the same place. It will only take more time and will delay an economic bounce in the meantime. I have yet to hear of a case where someone that was paying their mortgage was thrown out of their home&but it is an election year.
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