real estate: Housing Market Crash "quote of the week"
- 07/04/08 02:50 PM
"From 2005 through 2007 alone - that is, at the peak of the housing bubble - more than 22 million Americans bought either new or existing houses. Now that the bubble has burst, many of those homebuyers have lost heavily on their investment. At this point there are probably around 10 million households with negative home equity - that is, with mortgages that exceed the value of their houses."- Paul Krugman, New York Times Columnist … (13 comments)
real estate: Short sales are not as hard or as bad as you may thing... stop sucking the crack pipe of phantom equity
- 08/24/07 02:37 AM
Here are some questions becoming more common in my business: Q. I bought a home in 2005 for more than it is worth today, and I wanted to try and sell it as a short sale, is this possible? I am not going into foreclosure, and have never been late or missed a mortgage payment, but I am barely making ends meet with the mortgage. I've heard that lenders won't even consider a short sale unless the homeowner is close to foreclosure, is this true? A. Smart lenders are working with sellers on short sales even if they are current on the payments. Until … (13 comments)
"From 2005 through 2007 alone - that is, at the peak of the housing bubble - more than 22 million Americans bought either new or existing houses. Now that the bubble has burst, many of those homebuyers have lost heavily on their investment. At this point there are probably around 10 million households with negative home equity - that is, with mortgages that exceed the value of their houses."- Paul Krugman, New York Times Columnist
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