Sean O’Toole likes to talk about foreclosure “myths.”
The founder of PropertyRadar®, which tracks default trends, appeared before the Sacramento Association of Realtors on Tuesday and offered what he called a contrarian view of the housing crisis. The first myth: “Foreclosures are evil.”
Not true, O'Toole said. Foreclosures did not cause prices to fall. They don’t cause neighborhood blight, and there is not going to be a tsunami of new foreclosures in 2013.