ECA says:

76
QUOTE:
Right now, we couldn’t sell our house if we tried. There are no buyers and with the number of others selling through desperation, the prices have been very deflated.

UM,,not that you CANT sell your home, its that YOU WONT sell it at this price..

I can see where it HURT the metal fabrication when the Price dropped..

BUT, WHAT LARGE corp is depending on STOCKS for PUSH there market share? THEY SHOULDNT..
WHat BANK gives out MORE then it HAS?? they SHOULDNT..

I posted awhile back a funny little fact.
They the current amount of PAPER money in the USA to BACK sales is only 20%, the REST is just NUMBERS being swapped back and forth.
We are in the virtual MARKET/BANKING..and the only ones that CANT do it, is the POOR and middle classes. IF most of these corps HAD to come up with MONEY and hand it to you…THEY COULDNT.
If we Pulled our money OUT of the system…Do you KNOW HOW FAR it would fall??
ALL the corps and rich would file INSTANTLY Bankruptcy..Just to save there BUTS and hold onto what they have.

Mr. Fusion says:

#81, ECA,

No, it’s that we can’t sell. If we reduced the price to where someone would buy, we would be selling for less than we owe. The mortgage holder would demand the difference and that is money we don’t have. As long as we make our payments, the Mortgage company doesn’t care so much about the value and won’t push it.

That is the biggest reason right now why the mortgages companies will “work” with someone in default. They know if they foreclose they won’t get their money back. They are hoping that keeping people in their homes will mean they don’t lose their investment.