In a recent "Letter to the Editor" appearing in the Arizona Republic, the writer declared that the "increase in retail sales" was due, in part, to many parents giving their children one last Christmas in the old house, and not making the mortgage payments. She predicted that, in early 2011, many houses will go into foreclosure, and that banks, unwilling to negotiate reasonable loan modifications, will be saddled with huge inventories of foreclosed houses, and that this will drag the economy further down.
What are your thoughts?
What are your thoughts?