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The Housing Crisis Is Over!!!!!!!!

By Robert Ott

Real Estate Agent with Century21 Beal Inc.

December 11, 2009 03:13 AM

Really? Believe it or not, I read that statement in a real estate periodical the other day.

I present some facts and I will let the reader decide.

23% of people with mortgages owe more than their home is worth.

About 10.7 million US Mortgages are "underwater" and the top five States are:

Nevada 65%.

Arizona 48%.

Florida 45%.

Michigan 37%

California 35%.

When accumulated debt reaches a certain point (usually 10% to 25% more than the original principal), the Option ARM Loans are recast into fixed rate mortgages. Many borrowers cannot afford the new payments.

What percentage of your area listings are REO or "short" sales?

Are your area new building/home starts higher or lower than the last couple of years?

And I pay yearly dues, a profession requirement, to obtain this magazine!

Having said all the above I leave you with this thought, "All markets are local". Happy Holidays!

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Charlie Ragonesi

AllMountainRealty.com - Big Canoe, GA

Homes - Big Canoe, Jasper, North Georgia Pros

I think the orional crisis is over. Butuntil the market rebounds the housing crisis will not be over . The marekt needs some good economic news

Dec 11, 2009 03:15 AM

Lewis Beynon

CENTURY 21 Triangle Group - Raleigh, NC

Lew B Realty

I hear you Robert, but there are some very good indicators published by NAR that lead me to believe that the worst is behind us and things are improving.....Best wishes from Clifton Park NY.

Dec 11, 2009 03:17 AM

Kevin J. May

Florida Supreme Realty - Hobe Sound, FL

Serving the Treasure & Paradise Coasts of Florida

Robert, that's just crazy. We all know it won't be over until January. Seriously!

Dec 11, 2009 03:19 AM

Broker Nick

South Florida Real Estate & Development, Inc. - Coconut Creek, FL

Broker Nick Relocation Broker Service

Forgive me, but I am still laughing my ass off, only bcause it is more healthy than to be crying all the time.

Dec 11, 2009 03:45 AM

Robert Ott

Century21 Beal Inc. - College Station, TX

Charlie - Thanks for your comments. I certainly agree.

Thanks for commenting Lewis. NAR Huh? Ah, yes! I receive their periodical. And best wishes to you sir.

Kevin- Thanks for your comments; is that 2010, 2011 or 2012 sir? I like 2010; after all it is a new year!

Nicholas - I appreciate your comments. Laughter is the best medicine.

Dec 11, 2009 04:10 AM

Melissa Anderson

Be My Neighbor Mortgage - San Antonio, TX

Your Texas Lender

Robert- THANK GOD WE LIVE IN TEXAS....................

Dec 11, 2009 09:07 AM

Jay-Paul Lowry

Riverside, CA

I heard there was a sister article for this one. It was titled "Government Spending On Decline" ...just kidding but I wouldn't put it past Propaganda Puppet Masters of today.

Dec 11, 2009 09:46 AM

Amen Melissa; thanks for your comment.

I agree JP.

Dec 11, 2009 11:53 AM

Michael J. Perry

KW Elite - Lancaster, PA

Lancaster, PA Relo Specialist

Bottom line is you can't pay your mortgage without a JOB !!!! Unemployment rate is still hovering around 10% ( 1 out of every 10 people ) !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Dec 11, 2009 11:15 PM

Michele Reneau

Certified Staging Professional (CSP) Elite Instructor - Summerville, SC

Realtor, GRI ~ Charleston, SC Relocation Experts Team

Robert-You hit the most important nail on the head: All markets are local! I don't know that the worst is over, but in my market, last year we only declined 4% and foreclosures and short sales account for about 12% of sold properties this year so far. We are holding steady on the number of closed sales this year. I don't necessarily think it means a turn around next year. But there are important things to consider if one is considering a purchase, but they need to determine if the time is ripe for them.

Dec 17, 2009 05:57 AM

Michael-Thanks for your comment.

Michele-Your local market appears to be favorable compared to many of the areas. I believe a great indicator will be what happens when the interest rates go up. When they rates go up next year (Yes, I said "when" not "if"), All prospective buyers and sellers will have to jump into the market before the buying power completely erodes!

The credit card situation will really impact most prospective buyers also (credit scores will be going down quickly as each credit card company/bank/lender increases the interest rate on their cards).

Thanks for commenting and have Happy Holidays!

Dec 19, 2009 01:04 AM

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