The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: GraceZ who wrote (88470)	9/7/2007 6:57:19 PM
From: kathtoo	Read Replies (1) of 306849

Well the guy on CNBC said it, and CNBC, market cheerleaders that they are, doesn't usually over state the negative. FNMA won't help the guy up my street trying to sell his crappy house for $600,000. It would rent for about $1,200 or $1,300 at most. Which mortgage lender wants that loan? Which buyer is going to feel comfortable buying that home with declining values? Who is out there that can truly afford it? I suspect even subprime borrowers (if there are any) have to show income. No more buying on HPA (house price appreciation). This scenario is playing out all over the country in many markets. That is why we are at the beginning of this mess. The same pressures that forced the market up will drive it down. The way up was all flippers, greedy lenders, subprime loans to unqualified buyers, The elevator down will be strapped homeowners, fearful lenders, no flippers, and "why buy a house today when you can buy it cheaper tomorrow?" non existent buyers.

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