I recently ran across the following question on a blog, and thought I would share my answer with all of you to help alleviate some of the 'sub-prime myths' floating around out there.
Titled:
FORECLOSURES IN TOWN?
"Can anyone speak to the issue of foreclosures in Bellingham, Washington? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Bellingham?"
Mimi's answer:
Unlike many other areas, Bellingham was spared much of the 'blood in the streets' due to the recent sub-prime meltdown. I think we can thank being a small community, with a large University at its core, a relatively strong economy and home prices that average in the low $300k's, along with a community that is PRO "smart growth", AND anti-sprawl. Yes, we do have SOME foreclosures due to sub-prime, predatory lending practices, but not nearly as many as other areas around the nation. The main impact on our area due to the sub-prime 'mess' is a reduction in relocations because folks are 'stuck' in other, more impacted, markets.
Thanks for asking!
Live Good. Be Happy. Be Curious.-Mimi
a little p.s.; My answer is based on what I am SEEING in the market around me. It was not extensively researched, I have not taken polls, it is merely my observation of the world around me...and more often than not (especially in economics!), perception IS reality.
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