B/J
your right ;;
some buyers got f $%^&* but others were stupid >>>>>>>>>>>>> but it didn,t stop there // I heard the bankrupsy court is overflowing every single day >>. a descent amount of realtors /But a ton of mortgage originators / who also ready making a killing on the 80-30>. 70 -30 ,s had to know it wasn,t gonna last .. but they spent like it was >>>>>>> now SOL & out of work ;;
the buyers / on the subprime loans / mostly had fescent jobs / little money & fair credit at best >>>>> they were lead to believe that in a year to 18 months they would be able to refi >>>>>>>>>>>>> never happened ;
then ya got the buyers that had good credit & jobs & a little money >>. bUt with the market being hot &//& values increasing they didn,t want to settle [even }with the interest rate being approx 5.68 >.they took 3 & 5 years arms @ a 4= interest rate >>>>>>>>> now its time to lock in & they can,t make the lockin in payment // arms are great if you only plan on stayin a couple of years or your company will cover your ass when you relocate ;;
then you have the buyers that bought 2000 - 2003 .. that still wanted the house & all the toys >>>> so they just kepy refi ing ;;
Just this past year I had to turn down at least a dozen clients that asked me to sell their homes ;;
before I even did comps >.I,d check on what they paid .. see if they both had new SUv,s & I knew I couldn,t help them >>> they were upside down in the value of their homes >>> In otherwords ...they took the equity & didn,t put it back into their property // now its worth // alot less than what they owe // so they can,t refi ;;
it was/is a combination of many factors & people & it is truly a Cluster f #$%^&* &&&& its far from over ;;
If you have access hard cash >>. take it out of the stock market or notes & buy properties right >>> && when this does turn around / those that are doing that were wealthy before // will become alot more than wealthy
Hybrid Mode
