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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (5218)9/11/2002 3:47:52 PM
From: Elroy JetsonRead Replies (2) of 306849
 
A friend, who is a Realtor with a residential brokerage in Beverly Hills, told me they discussed the rise in mortgage defaults at their most recent sales meeting.

Almost half of the agents in the office had recently dealt with at least one escrow where the Seller's home was worth less than the mortgages and the Seller did not know it until they received the closing escrow statement. On closing the Sellers had to write a check.

It's clear a lot of people have taken on far more debt than they realize.
I think it's also very clear foreclosures will continue to rise.
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