Colli Real Estate

Beware buyer and current owner Beware the housing market in crisis!

I was in lending and real estate 12 years professionally. Before, I was always with my grandfather watching and learning the trade from him. It is in this field for over 50 years. What is happening today is unprecedented.

Nothing like this has happened in more than 100 years and nothing like this can happen again. At this point, all I can say is "Buyer Beware" and "current owner's house was saved."

Freddie and Fannie Mae, the two GSEs to purchase all conventional mortgages in the U.S. last week reported losses in Q2, which was 3 times less than what Wall Street estimate. After it was announced reported earnings that housing prices should drop by an average of 20% additional to current levels. Some areas do not lose up while others will be affected considerably. The areas most affected are California, Nevada, Florida and Arizona.

What does this mean for buyers?

What you buy today will be worth less in the next 12 months. Once the home will not begin to think well in a much slower pace, then at any time in our history.

What does this mean for homeowners?

If do not intend to move for several years, they are beautiful. For those who can not afford the house payment because you might just both on foot, because I see no improvement in sight. Even if the government approved the draft housing bill bailout still not known all the details. It is estimated that only help 400,000 families, but it is estimated that a total of 2 million families will be affected by an execution mortgage in 2008.

What can we do?

I have no answers. However, you can be able to find answers by talking to a professional in your area that deals with this kind of problem. You may need to consult a title = "Attorney> lawyer, attorney or real estate professional to help you with a plan. And believe me a plan of what people need right now. Do not go into this blindly. Get as much information as possible and be ready for the roller coaster ride ever.

To find a qualified person to talk about your area, just go 104inc.com. This site allows me to search different companies for the geographical focus area that I live in 104cpa.com, 104attorneys.com 104realestate.com or as a starting point. You can see comments posted by other users and join a network of people, because they may be in the same situation you.

About the Author

“It’s Simple. It’s 104Inc Approved.”
Michael P

October 19,2008 LPAC Weekly Report

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