I had dinner with a mortgage broker earlier today and for the first time in a while, it donned on me how much of an impact our industry is having on everyone around and distant from us.
Story after story, he communicated to me about files that sit atop his desk with a potential of $15-$20MM deals, with no hope of realizing those numbers because the rules have tightened up. This is a ripple effect on our economy. First time home buyers will find it more difficult to buy. Landlords will jack up those rents just to keep up with expenses. People will continue to literally hand over the keys and walk away from homes they can no longer afford. Christmas will always be christmas but not as big for all the gifts. People are losing their jobs because many finance houses are folding up. Houses are empty up and down the country with no one to buy or rent them.
- If you had a Real Estate Crystal ball right now, what would you see 1 year from now?
- Are the rate cuts too late?
- Given that these are historic times in our industry, do you foresee changes in the foreclosure laws?
- Can people really get a fresh start once foreclosure is a necessity?
- Is there a real way out for people caught up in this quagmire?
I say we stay focused. There is nothing that is happening now that has not happened at some point or the other. Which way we go will depend on how we plan to get there.
Afie Makinde
Exit Realty Property
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