Real Estate needs to GET REAL
Hattip to a Naybob of Realty... a must read, highlights follow...
Lenders overextended credit to people who couldn’t afford it.
Lots of people in and around the industry - people who should’ve known better - either looked the other way or actively participated in the madness.
Who wants a mortgage - no matter how favorable the terms - on a property you expect will be worth less tomorrow than it is today?
Some markets may not recover until 2010 and, in cases like Florida, a turnaround could take as long as three to five years.
There’s lots of grim news still to come, including the potential for far more foreclosures than we’ve forecasted.
We’re in a mess of our own making and it’s time to own up to it. Prices need to fall.
Lenders overextended credit to people who couldn’t afford it.
Lots of people in and around the industry - people who should’ve known better - either looked the other way or actively participated in the madness.
Who wants a mortgage - no matter how favorable the terms - on a property you expect will be worth less tomorrow than it is today?
Some markets may not recover until 2010 and, in cases like Florida, a turnaround could take as long as three to five years.
There’s lots of grim news still to come, including the potential for far more foreclosures than we’ve forecasted.
We’re in a mess of our own making and it’s time to own up to it. Prices need to fall.
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