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
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