The Corner

Buy and Bail

Here’s your foreclosure crisis:

Next month, Michelle Augustine plans to walk away from her four-bedroom house in a Sacramento, Calif., subdivision and let the property fall into foreclosure. But before doing so, she hopes to lock in the purchase of another home nearby.

“I can find the same exact house as what I live in right now for half the price,” says Ms. Augustine, 44 years old, who runs a child-care service out of her home. She says she soon will be unable to afford her monthly payments, which will jump to $4,000 from $3,300 in August, and she doesn’t want to continue to own a home that is now worth $200,000 less than what she paid for it two years ago.

In markets hit hardest by falling home prices and rising foreclosures, lenders and brokers are discovering a new phenomenon: the “buy and bail,” in which borrowers with good credit buy a new home — often at a much lower price — then bail out of the “upside down” mortgage on their first home.

The “buy and bail”… kind of like the old “run for Congress and bail,” but with fewer perks.

Most Popular

Searching for a Sign

I’ve been waiting for almost six months to see a Biden-Harris yard sign in my neighborhood. Finally one -- just one -- appeared about two weeks ago. It is large and proud. The homeowners even equipped it with a spotlight, so that it is visible at night. I’m surprised, because liberal political yard signs ... Read More

Searching for a Sign

I’ve been waiting for almost six months to see a Biden-Harris yard sign in my neighborhood. Finally one -- just one -- appeared about two weeks ago. It is large and proud. The homeowners even equipped it with a spotlight, so that it is visible at night. I’m surprised, because liberal political yard signs ... Read More
White House

Hell, Yes

Editor’s Note: If you would like to read more pros and cons on voting for President Trump, further essays on the subject, each from a different perspective, can be found here, here, here, here, and here. These articles, and the one below, reflect the views of the individual authors, not of the National ... Read More
White House

Hell, Yes

Editor’s Note: If you would like to read more pros and cons on voting for President Trump, further essays on the subject, each from a different perspective, can be found here, here, here, here, and here. These articles, and the one below, reflect the views of the individual authors, not of the National ... Read More
Media

About That ‘Uncoverable’ Biden Story

Journalists claim they can’t cover the New York Post’s Hunter Biden email scoop because the underlying evidence has yet to been verified. Also, they won’t look for any verifying evidence because there isn’t enough evidence. It’s quite the conundrum. Because other than the now-corroborated emails, ... Read More
Media

About That ‘Uncoverable’ Biden Story

Journalists claim they can’t cover the New York Post’s Hunter Biden email scoop because the underlying evidence has yet to been verified. Also, they won’t look for any verifying evidence because there isn’t enough evidence. It’s quite the conundrum. Because other than the now-corroborated emails, ... Read More

Another Pollster Sees a Trump Win

The Trafalgar Group’s Robert Cahaly is an outlier among pollsters in that he thinks President Trump will carry Michigan, Pennsylvania, or both, and hence be reelected with roughly 280 electoral votes. (I explained his thinking here.) Last week another pollster, Jim Lee of Susquehanna Polling and Research, ... Read More

Another Pollster Sees a Trump Win

The Trafalgar Group’s Robert Cahaly is an outlier among pollsters in that he thinks President Trump will carry Michigan, Pennsylvania, or both, and hence be reelected with roughly 280 electoral votes. (I explained his thinking here.) Last week another pollster, Jim Lee of Susquehanna Polling and Research, ... Read More
Economics

Dire Rates: The Biden Tax Plan

Despite the whopping 33.1 percent increase in third-quarter GDP, the economy is on extremely thin ice. GDP is currently about 3.5 percent below where it started in January, a drop that, if it happened all of a sudden, would signal the terrifying start of a deep recession. To be sure, policymakers should be ... Read More
Economics

Dire Rates: The Biden Tax Plan

Despite the whopping 33.1 percent increase in third-quarter GDP, the economy is on extremely thin ice. GDP is currently about 3.5 percent below where it started in January, a drop that, if it happened all of a sudden, would signal the terrifying start of a deep recession. To be sure, policymakers should be ... Read More