by Mike Wiegert
While the rest of the world continues to shroud itself in a cloak of doom and gloom, our Chico real estate market appears ready, able and willing to go to the 15th round.
All type of media ranging from the daily newspaper to “expert” fiscal commentaries on various internet news services to regional and local blog sites are all assuming the role of a sort of economic Edgar Allen Poe. I can’t speak for everyone, but I’m not just tired. I’m exhausted, wiped out and drained by all the tales of woe that doomsayers consider newsworthy.
It’s time to stop assuming that just because a home down the street went through a foreclosure that this is the end of Chico real estate as we know it. As pointed out in previous “moments”, foreclosure sales nationwide only amount to seven tenths of one percent of all the households in our country. Due to the reseting of adjustable rate loans and a subsequent inability to pay by the borrowers on these loans, the rate of foreclosures is certain to rise. But with all the government and banking industry sponsored programs to assist these troubled homeowners, any foreclosure rates increases are assured to be negligible.
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