If you have the time, I would love to put a spin on the real estate market. You see, there are lots of homes for sale. There are newly built homes in developments just waiting to become neighborhoods, there are resale homes including condos, townhomes, and single family homes. Homes are for sale by builders, banks, and everyday homeowners. Sales remain less than one would think, based on the attractive prices of the homes. Why is that?
At first glance, people point the finger at the tightened underwriting for mortgages. The general assumption goes along the lines of something like, well, they lent money to anyone with a pulse and that idea blew up in their collective faces. Loans went into default, lenders went belly up faster than a Chesapeake Bay fish fry, the economy was on the brink of disaster and Uncle Sam stepped in. Programs to assist any and all lenders were created. Acronyms replaced everyday language and those at the top of the pyramid hemmed and hawed until such time as they could fill their own pockets and get out of town. A few did get caught, prosecuted and sent away (I learned on the Real Housewives of New Jersey, going away is the nice way to say someone has gone to jail). As for the rest, they tried to pick up the pieces and put some kind of mortgage lending system back together again.
Are you still with me?