Foreclosure filings setting records

Under the GOP, banks in the US made it easy for everyone to get loans and when the real estate market was going up, everyone was happy. Now that the market is tanking - especially in some of the previously hot markets - well, we are about to get a heaping spoonful of the downside to easy credit. In Massachusetts foreclosures have exceeded the ugly numbers from the 1991 real estate crash. The market is now in a painful phase where sellers are holding, hoping to wait out the storm and buyers are fine with waiting it out, knowing that a vicious cycle is going to hit very hard. When that cycle starts, very little can be done to stop it. How excited about easy credit will Big Finance be when the dust settles and who will they blame?

NOTE FROM JOHN: As someone who didn't buy a place and fall for the "get rich quick" market, I don't have a lot of sympathy for people who did. Doesn't excuse the techniques the lenders used, but also doesn't excuse the stupidity of a lot of people.