San Joaquin Valley foreclosure victims are picking themselves up and buying new homes, the Fresno Bee reports. And in a lot less time than the seven years people assumed their credit ratings would take to recover.
This is good news, of course, symptomatic of economic recovery. But it also validates a prediction made by Lodi author Nicholas Carroll, in this column about his book, “Walk Away from Debt for a Better Future.”
“If there is no American Middle Class, then there are less people to exploit,” Carroll wrote. “So the rich can sit on their duffs for seven years waiting for everyone to get back to a 700+ FICO score – or they can make allowances.”