At least it is by my observations.
When the housing market blew up last time, the real estate listings I get were loaded with short sales and foreclosures. Over the last few years, these slowly went away, and 95+% of what I received were just regular sales.
Over the last two months or so, I'm seeing a rising number of short sales and foreclosures again, along with hearing things on the radio and in blogs about the "0% Down" loans, and even some sub-prome loans being offered again.
This morning's listing of 5 properties in the 60435 area code had two foreclosures, two short sales, and one regular sale.
Looks like it's starting again, and when this one pops, I suspect it will be worse than the last time....
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What I've Been Up To....
Started this post on Monday, then came down with a head cold, which is now progressing South. Feeling better, but still a bit woozy...... To...
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Barack has instituted more of the sub-prime loans, so yes, there will be another bubble, it will pop, and the little guy will take it in the neck.
ReplyDeleteBut surely all is well? The Fed said things are so robust that raising interest rates was past due!
ReplyDeleteAs the others say, it's completely intended. The whole purpose of QE was to inflate house and stock prices, so that bank balance sheets looked as good as possible.
ReplyDeleteAnd they really should have raised rates a year ago, maybe more. The economy now seems to be going back into recession, and that's with their fake numbers. A year ago, the fake numbers looked better.
I was involved with the market the last time it was inflated, and the sub prime loans were writing themselves...it was like the wild west out there, almost anything went. It was crazy...as a realtor and a mortgage broker (at the time) I was still under the assumption that property is the wisest investment that can be made. Since I have seen many lose their Ass umptions......if they "create" the market again....it will end horribly for the consumer at the next downfall....it will be really ugly...I am out of the business now...I would suggest anyone to proceed with caution...especially with subprime loans.
ReplyDeleteA very good friend of mine is a mortgage loan broker. The bank he works for is pretty tight about who they'll loan money to, but he was telling me the other day that this current "boom" should pop in about 24 months.
DeleteI just hope it all holds together long enough for us to sell this place at a nice little profit and make our escape to Colorado....