ANOTHER ONE BITES THE DUST BANK FAILURES
The FDIC closed down three more banks this past Friday for a total of 98 bank failures in 2009. Millions of homes are still being foreclosed upon, unemployment rate is right at 10% and we have more bank failures before this year ends. It is expect from 60 to 106 more banks will fall before the end of the year. It seems the banks that are in great position are taking over the weaker banks. Will we have enough competition in the banking world as time goes on for consumers? Was there too many banks?
Many homeowners who have their mortgages with the smaller banks that are being taken over are being foreclosed upon because there are no more special mortgages. Home owners that are upside down in their house do not have many choices to refinance unless the Government comes up with a program.
I will continue to report each weekend on the banks that close on Friday in one name and reopen Monday morning with a new name. Like I always say, "Only in America."
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.
