AS MUCH AS THE NATIONAL ASSOC. OF REALTORS(NAR) AND OTHERS WOULD LIKE US TO BELIEVE THAT THIS IS A TEMPORARY LULL, THE HOUSING MARKET(ESPECIALLY THE CONDO MARKET), WILL CONTINUE A LONG AND PAINFUL DECLINE THAT WILL HURT EVERYONE,ESPECIALLY THE MOST FINANCIAllY VULNERABLE.
LAWS SHOULD HAVE BEEN PUT IN PLACE YEARS AGO TO PROTECT SUCH PREDATORY LENDING STANDARDS THAT HAVE AND WILL CONTINUE TO RUIN THE FINANCIAL WELL BEING OF MILLIONS OF AMERCIANS FOR YEARS TO COME.
I CONTINUE TO RECEIVE CALLS DAILY FROM CASH STRAPPED PROPERTY OWNERS LOOKING FOR A WAY OUT. UNFORTUNATELY, MANY HAVE BEEN INFORMED THAT AUCTIONS ARE A MAGIC PILL TO QUICKLY DISPOSE OF THE PROBLEM. THE TRUTH IS THAT AUCTIONS WILL NOT MAKE THE PROBLEM GO AWAY WITHOUT A SELLER THAT EITHER HAS THE FUNDING OR EQUITY(IN MANY CASES) TO ATTRACT THE TYPE OF BUYERS/BIDDERS WHO ARE LOOKING FOR A GOOD DEAL IN A VERY TOUGH MARKET!! IN THE MEANTIME THE EFFECTS OF THE SUBPRIME LENDING DEBACLE WILL BE READ AND HEARD ABOUT ALMOST ON A DAILY BASIS FOR AN EXTENDED PERIOD AS THE MARKET FINDS IT'S WAY BACK TO EARTH FROM THE HYPER APPRECIATION CYLCE THAT SHOULD HAVE NEVER OCCURRED!
Troy Fowler.
Lic. Real Estate Broker & Lic. Real Estate Auctioneer (au 3595)
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