Free fall for housing market with no end in sight
I was talking again with few people who are very enthused and simply itchy for housing to rebound. One is the realtor and two others rather heavily bought into few foreclosures and REO properties. Presently these two have been watching the values of investment homes they own plummet another 20-25%. They were ready to hurt me when heard my opinion. I finally stop this heated argument with a brilliant little summary -
Used to be that every dummy wanted to buy and could easily get cheap money, all while several other dummies were ready to kill each other for a dubious right to overpay further to this first dummy. So there were plenty of buyers with plenty of credit money. Now all those dummies don't want to buy and scared bad, and no money is in a bank. Even worse, there will be even less money as banks are running out. So there are no buyers and no money, easy or not, while supply of unsold/foreclosed/bank owned properties is growing daily.
Sun Jul 13, 2008 05:07PM | Copyright: www.bad-credit-advisor.com | More in Personal Finance | Comments (0)
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