Oct 13 2007
What’s Up With The Real Estate Market?
Bottom line: the real estate market has seen better days. Foreclosures are rampant and rising sharply day by day. The sub prime market crashed a few months ago and limping through the carnage seems to be all of the biggest names in mortgage lending; Countrywide Home Loans, Bank of America, Wells Fargo, Freddie Mac, Fannie Mae, etc.
In response to the crisis, the sub prime lending market is drying up fast and the primary mortgage market has severely tightened it’s lending requirements for new loans and refinances alike. As a result, more and more people are taking a serious look at seller financing as a viable alternative for buying and selling homes.
The idea of seller-financed real estate notes isn’t a new one. Seller financing has been around for a LONG time. It was popular in the late 80’s and early 90’s, only now we have the Internet, so more people are aware of what seller financing is, how it’s done, and what to do with the note once they’ve created it and have decided they want to get their cash out.
The economic forecast? It’s bad, and it’s gonna get worse before it gets better, so get ready campers, we’re in for one heck of a ride. Don’t believe me? Fine. Wait and see. Delinquencies, defaults and foreclosures are WAY up, new mortgage loans are way down, and as of 9/20/2007 more than 40,000 mortgage brokers nationwide have lost their jobs JUST THIS YEAR. Oh times, they are a changin’!
The good news is that the forecast is not all doom and gloom. And as in times past, whenever there is a season of great change, there is also a season of great opportunity.
Speaking of great opportunity, if you’re interested in learning how to prosper financially while everyone else is ‘losing their shirts’ in the current real estate market, and not have to invest thousands of dollars to do it, check out this great Work At Home Business Opportunity.
It’s going to be very interesting to see how the real estate and mortgage markets play out.