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Who is to blame for the Real Estate market downturn?

Consumers for buying homes they could not afford with loans that were bouond to get them in trouble? Lenders for allowing consumers to buy homes they could not afford at terms they knew were going to cause trouble? The government for not having enough oversight? Wall Street for buying the Mortgage Backed Securities without understnding the risks? Rating Agencies for "overrating" mortgage companies and investment companies heavily invested in risky mortgages? All of the above?

Check out overviews of all Bank Owned Properties on http://myneighborhoodforeclosures.com/

Posted by Jona "The REO Man" from Kona on 12/29/2007 12:29 PM

Comments (3)

reo, foreclosure, bank owned properties

3 Comments on Who is to blame for the Real Estate market downturn?

DEC

2007

I would say they all have a hand in it Jona.

The blame is spread around as far as I am concerned. You had greedy realtors, greedy loan officers, greedy clients, corrupt officials , systems and checks that do not work and the love of money and profit over integrity.

Now having said that real estate historically has gone in cycles. I believe it is a combination of economics with the above that has set the present stage such as the war, oil , outsourcing of jobs etc.

It is ok that the market is readjusting, it was getting totally out of hand.

Instead of focusing on the "bad" we should focus on the opportunities and how our services can legitimally be of service.

We are hopefully seeing the market shake out the ones that have damaged our reputation as Realtors.

There will always be bad apples ,every profession has them.

The blame is on greedy investors, bad banks, bad news media, and builders over building and not giving the market a reasonable time to grow.

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