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What’s happening to the real estate market?

Yesterday I talked to an old friend back east who was about to lose a home through foreclosure. Today the foreclosure has been forestalled, and my friend is relieved.

Today my neighbor was talking about the number of SNL’s (?) (small mortgage companies) that have gone bankrupt. The neighbor’s usual topic of conversation is boobs.

Sometime during the afternoon a big “for sale” sign appeared nailed to the tree in my front yard.

I give up. What’s going on with the real estate market?

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Date: August 14, 2007

Author: Alan

Categories: money, mysteries

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(315 votes, average: 2.97 out of 5)

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  Barley

  in August 14th, 2007 @ 20:02

  Rampant speculation by people expecting to make a lot of money doing not much work is what happened to the real estate market.

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  hudson

  in August 15th, 2007 @ 23:11

  we all did some of this -, the flippers who wanted to make alot of money fast, with no real wk,(no i’m sorry selling houses for substantaily more than they are worth is not ‘work’) and frankly the fools who bought those houses. why the hell did you pay so damm much and go into debt that you’re never getting out of, for a house that not worth it?
  a house that was worth $100,000 in 2000 was not suddenly ‘worth’ 1 million in 2004-2005. Yet that is what was happening, everyone lost thier heads (even the motrgage co who should have known better) and now the market is crashing hard like we all knew it had to.
  now you hear people crying that they have to sell ‘at a loss’. it’s not a loss just b/c you are not making as much of a profit as you WANT to, if you are making a profit, it not a loss.

  one more thing, Alan, a for sale sign nailed to a tree in YOUR yard. somthing going on in your house that noboby told ya?

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  Alan

  in August 16th, 2007 @ 00:10

  It’s only my yard in the sense that I live here and I take care of it. The landlord does not live on the premises, but I had talked to him two hours earlier. I did have a clue a few weeks ago when he wanted some weeds removed when “some people” were going to be visiting the property. If you are only renegotiating your present mortgage, I don’t think they have to see the property again.

  I hear people who qualified for a mortgage the first time can no longer qualify when they go to renegotiate their Adjustable Rate Mortgage, because the standards to qualify are stricter now.

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