When the real-estate industry made it easy to borrow a lot of money, it also made it easy for people to get into financial trouble. Which is exactly what's happening, as foreclosures are surging across the country. Read More.
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Sunday, September 24, 2006
Avoiding mortgage crisis is a priority
Are we in for a home crisis? I really don't think so, but I do feel we are in for a correction. Home prices rose too quickly and have priced out a large segment of the population. This in turn spawned creative financing for people who otherwise could not qualify for a loan. If the market backs up even a little bit, it's foreclosure city. So while I do not believe there will be a crisis, I feel that many mortgage institutions will begin tightening there lending, and some, who never should have bought too begin with, will lose their homes.
When the real-estate industry made it easy to borrow a lot of money, it also made it easy for people to get into financial trouble. Which is exactly what's happening, as foreclosures are surging across the country. Read More.
When the real-estate industry made it easy to borrow a lot of money, it also made it easy for people to get into financial trouble. Which is exactly what's happening, as foreclosures are surging across the country. Read More.
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