Mortgage's and the current Real Estate Market!

We are in a Mortgage Crisis right now! You may have been listening to the News and noticing the fall of the Stock Market so you know something is going on! What is going on are foreclosed loans which are causing the sub-lenders to fold and close! Now, the question is how did that happen? Is our market that horrible that we are having a lot more Foreclosures?

No, our market is not that bad. But loans that have been made to buyers who could not afford their homes has been happening! Our sub-prime market, which is really just a small amount of the whole mortgage world, has collapsed. I really don't have too much sympathy with them since those of us on this side of the fence knew they were doing "high risk" loans and making plenty of money at the time they were doing them. What I am upset with is that those losses are filtering down throughout the mortgage industry and hurting all the prospective buyers and scaring everyone in our industry. Which in turn slows down our marketplace.

This is probably an over-correction of the mortgage industry which means the 100% financing and "no-doc" or "stated income" loans are hard to find or are now non-existent! We don't have as many good, cash-wise, credit worthy buyers out there already, so this episode just slows down the market some.

We are not crucial! We are still selling homes! The statistics are still down but a few cities have sold more homes in July than a year ago. Most of the cities still have more inventory of homes on the market than last year and have fewer pending sales than last year. Most cities are still behind in the number of homes sold (units) than they sold in 2006! Click HERE for the Statistics for cities around DFW.

We are still hopeful that August will be good to us and we will just have to wait and see. There are things in the marketplace that we have no control of