Mortgage Crisis 2008?
Okay, it's been a while since I last blogged! Please forgive me. With the holidays, the family, plus my two businesses and websites I've always got a lot to do. So, what does the 2008 Real Estate & Foreclosure Market forecast look like? Just judging by the media's reaction to the "Mortgage crisis" the outlook is bleak for many home buyers who may have gotten in over their heads and now face rising mortgage payments.
Those higher risk consumers have been seriously defaulting on subprime, and adjustable rate mortgages during 2007 and now millions are potentially facing financial bankruptcy. During the Seller's market of 2004-2005 homes were going fast. Lenders started getting aggressive and financing non-conventional or even exotic mortgages. People were getting into houses that were truly bigger than their budgets.
Subprime lending and these exotic mortgages together with over-inflation or too fast of appreciation caused the bubble to bust. This year the United States government decided to step in and address the issue. The Feds are trying to help millions of people save their homes by helping defer the rise of the "teaser" interest rates or just help people get out of the loans completely by refinancing.
Some say that the government is too little and too late to help many. This may be true, but at least they are attempting to help. People have to stand up and take a responsibility for their own actions as well. So, we may still be going through this "mortage crisis" for a little while longer, but things will change as they always do. There will be plenty of foreclosures on the market still as usual, but not many great or even good deals. The deals are few and far between, with a lot of "garbage" out there.
Those who are going to face foreclosure in association with the mortgage crisis will face it when it is there time regardless. Many will save their homes through their own means and a few will owe thanks to the government. The slow real estate market will pick up, demand will go up, appreciation will pick up and then it will be time to sell again!
Scott
http://www.homeforeclosurelist.net
Those higher risk consumers have been seriously defaulting on subprime, and adjustable rate mortgages during 2007 and now millions are potentially facing financial bankruptcy. During the Seller's market of 2004-2005 homes were going fast. Lenders started getting aggressive and financing non-conventional or even exotic mortgages. People were getting into houses that were truly bigger than their budgets.
Subprime lending and these exotic mortgages together with over-inflation or too fast of appreciation caused the bubble to bust. This year the United States government decided to step in and address the issue. The Feds are trying to help millions of people save their homes by helping defer the rise of the "teaser" interest rates or just help people get out of the loans completely by refinancing.
Some say that the government is too little and too late to help many. This may be true, but at least they are attempting to help. People have to stand up and take a responsibility for their own actions as well. So, we may still be going through this "mortage crisis" for a little while longer, but things will change as they always do. There will be plenty of foreclosures on the market still as usual, but not many great or even good deals. The deals are few and far between, with a lot of "garbage" out there.
Those who are going to face foreclosure in association with the mortgage crisis will face it when it is there time regardless. Many will save their homes through their own means and a few will owe thanks to the government. The slow real estate market will pick up, demand will go up, appreciation will pick up and then it will be time to sell again!
Scott
http://www.homeforeclosurelist.net
posted by Irrigationman at
7:52 PM
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