An article out of the McClatchy Newspapers group caught my eye today…in particular some numbers that may not bode well for a robust real estate industry recovery any time soon.
Bailout and Regulation Nation
The article, about how a new financial world order has emerged out of the wreckage of the sub-prime mortgage fueled disaster that exploded one year ago this week, explains why it may take many years to climb back even half way up that economic ladder most of us fell down from last September.
“Over the course of 2008, the nation’s five largest banks reduced their consumer loans by 79 percent, real estate loans by 66 percent and commercial loans by 19 percent,” the article says, quoting data supplied by the FDIC.
It’s that 66 percent drop in real estate loans that threatens to preempt any meaningful recovery in the real estate market.
More to the point, the article details why […]
Original post by Charles Feldman and software by Elliott Back
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