You have read what I have to say about the current real estate market. Want to know what other "real estate experts" are saying?
Many people are listening to the news media and thinking they are getting "expert" advice. Friends and neighbors, that ain't necessarily so. Most of your network financial gurus are stock market guys. They want you to put your money with them in the stock market and not in real estate. They have been sulking over the last few years because people were buying real estate with the money their stock brokers used to "invest" for them. (But seriously, they deserved to lose you after they sold you all those .com stocks and messed up your 401k plans.)
Click on the link below and see what a real "real estate expert" has to say. While you are there, you can read other stories about the current real estate market, but don't forget to come back to my blog when you are done with this research project.
http://realtytimes.com/rtpages/20071126_buyinghomes.htm
You are welcome to leave your own real estate comments by clicking on the link below.
2 comments:
Mr. Warren,
I hear what you are saying about the housing market and forclosure rates being exagerated by the "experts", my question is, are the banks running as scared as the "experts" say they are? As a potential first time home buyer with a not so great credit score I am concerned that the banks will be skiddish about giving me money. I find myself in somewhat of a Catch 22, when the banks were willing to turn loose of some money the housing prices were sky high, now it seems like the prices are down but will I be able to get a loan at a decent APR?
I realize this is a very broad question, I would still be interested to hear your opinion on this matter.
Regards,
Jim C Roberts
Mr. Roberts,
You are right to be concerned. Lenders are a bit skittish at present and the mortgage underwriting rules have tightened at almost every lender. Many programs that were available a few months ago have disappeared. Washington is talking (not doing), but there are so many proposals about new regulations that no one knows what limitations new legislation will bring.
We have been encouraged to expand the housing market over the last few years and lenders have listened to the politicians and been more liberal with their lending. Now they fear they are going to be penalized for doing what Washington encouraged. In a way, the market has already penalized them with the heavy foreclosures they are seeing.
Some bankers are scared, but most are just confused, or unsure of what changes they will have to deal with next.
If you will contact me, I will see if I can find a lender to help you. I am located in the Chattanooga, TN area and would be happy to put you in contact with some local lenders. If you are in another area of the country, I will see if I can find a helpful source in your area.
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