I linked to an interesting story in the NY Times which addresses the high rate of foreclosures on Long Island. Lots in the article about the evil subprime mortgages and how people didn’t read the fine print (I have trouble blaming the banks for that – I know, crazy, right?). Then the article mentions how people might have to let a house go and not fight for it because the house isn’t valued as high. Sure, another good idea, let the banks and the rest of us pay for the defaults. There is of course no mention of one’s responsibility to pay one’s debts!!! Read here: Subprime, is it the only thing that is going wrong?
A News12 report (taken from Realty Trac) said that foreclosures are up 4% this year. In Nassau, the highest taxed county in the country, they are up 31.01% and in Suffolk, also one of the highest taxed counties in the country, the foreclosures are up 13.61%. They are down from last year, but, not for nothing, but how many people can actually lose their homes? Doesn’t the number have to go down eventually?
Maybe Long Island homes are increasing in foreclosures partly due to the HIGH TAXES. I’m just putting it out there since the media in New York refuses to discuss it (because they are focused on bank bashing). I know, another crazy, crazy idea.