Two months ago I wrote about how I felt things were getting better. Well they did until about three weeks ago. Fanny Mae and Freddie Mac are now having problems, IndyMac is almost gone completely and it appears that our slight recovery has gone sour once again. Foreclosures are dominating the market and values are dropping like a rock. If you’re a buyer then you are in for one heck of a deal.
The causes for our market are attributed to many events and actions but in my opinion the biggest reason is the lenders themselves. They created the products pushed them on all of us and got lazy with their standards. I do not feel one bit sorry for the lenders and frankly am glad to see some of them go away. I do not however, agree with our government bailing some of them out. Wouldn’t it be nice to have the government bail all of us out of our personal issues?
Short sales are becoming more and more them norm. Even with perfect credit and no late payments some lenders are allowing this to happen because they know things can change and time is money. Be cautious of short sales and make sure you have an agent with a proven track record and extensive knowledge of the process or it WILL affect you down the road.
Foreclosures are up 53% from this time last year! Folks the only way we are going to correct this problem is to get this inventory off the market; it truly is time to get off the fence. The longer foreclosures sit the more prices drop and our economy gets worse. Homes drive our economy. Think about it. From the lumberjack in
