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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: patron_anejo_por_favor who wrote (299290)12/21/2010 5:02:34 PM
From: MicawberRead Replies (1) of 306849
 
Philadelphia metro area unemployment rate is under national avg. at 8.7%. Rents have been flat to declining for several years now, yet "sellers" of multifamily are waving around proformas with increases of 3-5% a year going forward. Maybe in a parallel universe.

I've seen the community banks letting some of these owners go over a year in arrears before they start taking these properties back- after the owners have loaded the property with less than stellar credits in order to take the security deposits and first several month's rent, and kick the eviction can down the road. And the banks then try to market these properties like they're gold. Higher rates will solve a lot of these problems and force these jokers to unload these properties at real market prices. The community banks are full of these problems that they don't want to face up to until they are forced to. The regulators certainly aren't turning the screws.
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