Since everybody needs some kind of good news on a cold, rainy, windy, nasty, I-want-to-go-home-and-crawl-under-the-covers-with-the-dog-or-just-DRINK kinda’ day, I bring to you an article from WaPo today showing that foreclosures are going in the right direction in our area. The drop in foreclosures or take-overs this past month was nearly half the previous month in the District. The drop has also been seen in Virginia and Maryland, although not nearly as significant.
Several factors can play into this, including employment, which is pretty much the largest but one that has not made a similar rebound, at least not directly. The way banks handle dealing with people that are behind on their mortgages seems to be making the largest impact right now. The Obama administration has made helping those facing foreclosure a priority, but their programs have come under fire pretty much since day one for the program’s level of effectiveness. I don’t have the info to comment on whether the programs are directly solving this crisis and, even if they are, if they are spending tax money in an efficient manner to do so, but none the less, this is GOOD news. When someone gets kicked out of their house, it has a terrible cyclical effect on pretty much everyone.
So cheer up DC, there is a reason to smile today. Now…almost beer o’clock, time to drink.