Bank Owned Real Estate

There was a time when being a banker in the United States of America was something to be proud of and to aspire to be. Today is not one of those times. With the financial world near explosion and the real estate market falling out of control bank owned real estate has skyrocketed while the income driven by the bank has fallen to record lows which has caused the phenomenal amount of bank failures and the need for government bailout dollars to be funneled into the bank to keep the entire country from imploding economically.

Bank owned real estate used to be nothing more than a small pimple on the face of the industries ugly step child and today that pimple has become a huge golf ball sized wart right in the center of the face and can no longer be covered up with makeup and covered up where no one even notices. It has reached epidemic proportions and is in need of some major dermatology restructuring to make it even vaguely recognizable as even a shadow of its former self.

Yes folks, it is that serious. Bank owned real estate is on the rise faster than anyone could have predicted. Customers from the private individual to the farmers to the business owners are defaulting on mortgages across the country and the property they are losing is, for the most part, reverting to the bank which lent the money and it becomes yet another in the growing pieces of bank owned real estate that is stagnating and choking the economic world in America.

In earlier times when the economy was better, the small number of property was more easily absorbed and eventually sold at some sort of auction. Today there are fewer folks with the needed credit to make the purchase on that foreclosed property so it sits longer and in the mean time more and more land gets foreclosed and added to the pile until there is nothing left that the bank is holding except land that it simply can’t sell.

This problem has been building for a long time and will take a long time to resolve its self. It will take a lot of planning and a lot of brilliant minds working hard to figure a way to reverse the problem and patch up the damage left by the issues so that the American People can move forward.

There is no doubt that we will get to that point in the future, but in the meantime we, as a people, can look forward to quite a few years of above average bankruptcies, above average business failures, high jobless rates and foreclosure rates that will boggle the mind. The amount of bank owned real estate will increase and the overall economy will drop quite a bit more before it begins to turn around and we are again back in the economic position that we, as a country, were in even just ten years ago, but we will indeed get there if we keep working at it.

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