I have a family member (not really sure what she does) that works somewhere within the the business of home loans. She tells me the country is back where it was in '08/'09. I said it does not show that around this part of the country. Her answer was... the loan circle that she is affiliated with on the norm processes 15,000 loans a month. In the month of August, they worked 900 loans. Not to mention.. the industry/business she deals with have laid off many and some went belly up. I do believe we will not see the true colors of this until after the November Elections. We all know that the bubble has to break. They can not keep giving loans to folks with a pulse for homes that are listed and selling for who the hell knows what. We have never seen the price of real estate go as high has it has in the past couple of years. The sales of today will probably never reach that level again so how will these buyers ever re-coupe? I like many of us can sell and make a nice buck but.... then we will buy less for more. something Got to Give. Anyway, I thought I would add my two cents.
|