Foreclosures — a quick footnote

Earlier I posted a link to an item in today’s Austin American-Statesman (New-Home Sales …), and I have commented on the specific lead item.  Another digest item is worth pointing out:

Mortgage financier Freddie Mac issues warning on foreclosures

“Since the federal government seized control of Freddie and Fannie in September 2008, the two companies have siphoned $111 billion in taxpayer dollars to stay afloat. That number is expected to hit $188 billion by fall 2011.”

Even though Austin is in far better shape that many other places, these important sources of mortgage funds will continue to struggle.  We will get through this, but buckle up … there is a lot yet to go through.  (See Is The Mortgage Crisis Ending?)