The Ides of September: Dickensian blogging for Yahoos
Look, even the OKC neurosurgeon and his wife are selling their Oklacastle at a loss, so that means everybody's hurting. OK?
No, Yahoo doesn't actually say that. I'm kidding, OK? I'm such a kidder. And to be fair, maybe I've been excessively critical of Yahoo on occasion(also here). I imagine they're not substantially better or worse than average as far as corporate new media go. For all I know the people updating their front page actually put these kinds of items in stark opposition deliberately, to obliquely comment.
A Medieval-Style Castle in Oklahoma
By Rob Bear, Curbed September 13, 2011
"...they've put their Oklahoma City travel alternative up for sale at a loss, despite having filled the place with glamorous European light fixtures and furnishings. The castle was first listed for $4M in early 2011 and took a quick $500K price cut in May.
At 9,600 square foot, "[i]t's a big home and everything suits it," the owner says. "The chandeliers and the big door handles. Everything is more perfect than I could pick out in a million years." Yet the six-bedroom manse, a hodge-podge of faux finishes and architectural styles, might be one of the most muddled designs we've come across.
Yahoo Finance/AP: Mortgage default warnings surged in August
Report: Mortgage default warnings spiked in August, signaling potential new foreclosure wave
(also here, and here)
Rob Payne of Halcyon Days adds some useful information, in the comments:
I assume it’s part of the bailout, the subsidizing of banks who are holding onto foreclosures. It’s a really bad situation, the banks won’t loan because often the foreclosures have serious problems, damage, termites, sometimes the people who lost their home damage the property but the bottom line is they are often in terrible condition. And the question is, if the bank loans on a decrepit home, who fixes it? Who pays for it? You can bet the banks don’t want to.
I’ve read that the banks are holding onto properties to keep the number of homes for sale down so that it doesn’t further drive prices down. If they dump them on the market prices would no doubt plummet again depending on the geographical area. Rich neighborhoods are by and large not affected nearly as much as working class neighborhoods. For the wealthy prices have only dropped slightly and in some cases not at all. That’s the advantage of the wealthy and upper middle classes...
-the rest is in the third comment.