OR: Central Coast Home Prices Almost Down to Great Recession Levels

Housing prices along Oregon’s central coast are falling, with “values nearly back to levels of the Great Recession,” according a recent 60 Minutes report and a closely watched real estate market that caters to the rich who can afford a summer beach home here; meanwhile, lower income people report mortgages are harder to come by while the specter of foreclosure still hangs over millions of homes across America, states a nationwide house price index report.

Housing “values are nearly back to levels of the Great recession, with one thing weighting on the economy is the huge number of foreclosed houses,” states an April 1 CBS News “60 Minutes” report that questions “whether we’re headed for a second housing shock.” At the same time, 60 Minutes also reported that many American banks “can’t find the ownership documents” of millions of homes in what’s turning out to be yet another warning of “financial collapse” as Wall Street continues to “cut corners as when it created those mortgage-backed investments that triggered the financial collapse.”

According to the April 1 “60 Minutes” report on the continuing greed and mismanagement by banks in their handling of mortgages for both rich and lower income people in America, there is an “epidemic of forged and missing mortgage documents.”

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