I still have such a hard time believing that we all didn't see this coming. I told my husband 3 years ago that we were all headed for the ditch, if we didn't change our way. And well look where we are. I truly believe it was greed on all of our parts. Media, Banks, loan officers, appraisers, Realtors, sellers, and yes the buyers. It had gotten long past the Win,Win scenario, right into the ME, ME mindset. Well now we're all going to Pay & Pay. With what, I've yet to figure out.
Yeah, the economy is definitely problematic. I think that the Fed and government is avoiding the "R" word but thats EXACTLY where we're headed.
I wouldn't be surprised if our dollar takes an even bigger dive.
Possibly a 1929 type rescission? (I hope not)!
Who really knows, but its time inform our clients and family to get education and start practicing sound financial principles and bracing themselves for some hard times in our country.
Here's a thought for all the banks and lending institutions out there. How about giving some of these bank repossesions to THEIR OWN MORTGAGE clients that are qualified Realtors. What a novel idea?? How many real estate professionals are out there falling behind in their own mortgages. If my mortgage company XXXXXXX would let me handle 5 or 10 of their listings, since those seem to be the houses selling, wouldn't that be a help to all involved? Maybe as real estate professionals... we never thought to ask our mortgage company for them.
Hey banks... think about it. How much of your inventory are you getting back because it's realtor owned?
Just a thought.
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