I realize the media has been exposing the demise of the Sub Prime lenders, there isn`t a day that goes by when we`re not bombard with a new mortgage lender who is affected by this turn of events. We`re seeing a new wave of "Renters" who have been the victims of this "Fall-out" throughout the state and the rest of the country, these people are now looking for rentals to move their families.
Let`s be honest,many of these people weren`t astute to understand what an "ARM or 100% financing" really meant.They trusted their mortgage brokers who in some cases were either their family or friends to help them with the loan process. Many didn`t realize these so called friends were tacking on ridiculous "Back end Fee`s" which would effect their rate and monthly payments.
In Ocala,Florida the market has indeed shifted, i read this the other day Florida Sales Report For August 2007. and it was obvious "Home Sales" in Ocala have in fact dropped. Suddenly, we`re seeing more renters than ever before,many are from the "Sub Prime Fallout of 2007". These renters are attempting to rebuild their credit,majority need a roof over their heads to live. I know the media doesn`t take this into consideration when discussing our countries turmoil.Like you I also believe our government isn`t overly concerned what happens to many citizens who live in the country, it`s disheartening at best to watch.
The nation is under going a change where "Owning a Home" will become harder and harder in the future. Today`s renters are seeking alternatives,many are just seeking shelter!
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