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The Perfect Storm
You can’t turn on the news today without hearing a new report about all the doom and gloom. Housing starts are down, foreclosures are up, prices are falling and the buyers have all retreated into their dens to hibernate for the winter. So there’s no point in even thinking about selling, right? Hold on, not so fast.
It’s true, the bubble has burst and the hedonistic increase in home values has come to a screeching halt. However that doesn't mean there aren’t a large number of homeowners who were prudent with their finances and actually do have a large amount of equity in their homes. As well as a number of qualified buyers looking to buy while rates and values are low! We’ve been here before. In the late 1980’s we experienced a similar housing rush as “Reganomics” was debated and interest rates plummeted from 16% to 7%. Values took off and then, just like now, it was unsustainable. Certainly, there are some new nuances in the current situation, unscrupulous lenders, uninformed buyers, unrealistic bidding wars and more. Yet in the end it was the synthesis of the perfect storm. Government mandated fair-lending rules forced Lender’s to “find ... more
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