Colli Real Estate

What happens after the housing slump is over?

Apparently, we’ve entered a difficult time for home owners, both with existing / new homes not selling for those who want to move and with loan issues causing foreclosures to rise. I’m sure this isn’t the first time this has happened.

According to the National Association of Realtors (NAR) economist, the current “slump” is expected to continue into about the middle of 2008. It seems that we’re in a natural correction after almost 5 years of ridiculous property appreciation … and a lot of frenzy where people bought properties even though they shouldn’t have. Unfortunately, some lenders took advantage of people and put them into loans that were NOT good products … and those people are now losing their homes.

The good lenders are still doing loans to the buyers who haven’t been scared to death by the news media and the Wall Street pundits. We will survive this … and once we do, then the buyers will come back into the market, homes will be selling again and property values will appreciate.

Ohio Attorney General Richard Cordray talks about foreclosure issues

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