Nothing has changed ??? Or has it?
we have not posted for awhile as we have watched the economic situation unfold. Please read back over the previous posts we have published since 2006 and you will see our current economic situation and the housing market is even worse than we thought it would be. For now in the Mortgage sector the garbage loans are pretty much gone (but they will be back because of greed) and it has become much harder to get a mortgage. The Feds cannot solve the housing market with money but as time goes on and the houses sell for more realistic prices the market will become more stable. There are a lot more rough roads ahead but be alert for the opportunities that may and will arise.
posted by Rateinformer.com at 6/04/2009 09:55:00 PM
2 Comments:
I think you need to clarify what you mean by "garbage loans". Hopefully you are referring to mortgages with negative amortization. The problem is that when these loans were eliminated, they also pushed most of the "stated income" and "no income verification" loans. This is really what is driving the real estate market down. All of the self employed borrowers cannot get approved because they all show a low NET income on their tax returns. Fortunately for people living in NJ, NY and CT those loans are still available.
EricJ - http://www.dreamhomefinancing.com
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