SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Residential Real Estate Crash Index
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: patron_anejo_por_favor who wrote (87066)8/25/2007 2:38:46 PM
From: Les HRead Replies (1) of 306849
 
Risky Market, Riskier Deals

But now that so many of the riskiest loans, primarily in the subprime market are going bad, that chain is unraveling. So mortgage money is harder to get for those without good credit and cash in the bank.

In such a nerve-wracking market, brokers like Cato are scrambling to keep their current deals alive.

Over lunch with another real estate agent, he took a call from an unhappy customer whose pending deal for a $650,000 mortgage was suddenly going to cost more. A lot more.

By mid-afternoon, it's back on the road. This time, to the Maryland suburbs outside Washington and another meeting with anxious real estate executives.

But no sooner were the handshakes out of the way than one veteran real estate man laid out a scary scenario of rising foreclosures and falling prices in his county.

"Seven out of 10 sellers that I am talking to now either cannot make their payment or they don't have enough equity to sell their home," Tyrone Armstrong, a veteran realator. "We are looking at a lot of folks now who are going to be looking at foreclosure."

abcnews.go.com

Explains why many sellers are sticky on their asking price. They have no other source of funds except the remaining home equity.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News