Housing Drop = Increasing Financial Distress
A new study from Experian Group, the Ireland-based company that maintains a huge database of consumer credit histories, released June 20, says that the share of subprime borrowers who were 30 days or more late on their mortgages went up from about 32% at the beginning of 2003 to around 36% at the end of 2006—a sign of increasing financial distress. downtown San Diego condos
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The amount of homes listed for sale has actually gone up instead of down, as many had predicted. Orange County accident attorneys
Interest rates are inching back up so now is the time to buy! San Diego laser eye surgery
I’m confident that there is a silver lining in all of this. I envision that one day in the near future, we will encounter nothing but smooth transactions without all of the “mortgage drama” ….”lender abuse”….and the old-fashioned “bait and switch” so rampant in the 1990s and early 2000s. Thank God!
Susan
San Diego California Tourism
The lending industry has been grossly unregulated. If real estate agents treated customers like some of the unscrupulous lenders that I have encountered in the past 15 years, they would have lost their licenses and been sued.
Darrick
San Diego California Real Estate
Realtors should not be giving ANY mortgage advice, appraisal advice, legal advice, environmental advice, construction advice, engineering advice, plumbing, electrical, Etc. Etc. Etc.
We are licensed ONLY to help connect buyers and sellers of real property. If a lawyer gives our clients bad legal advice, the lawyer is at fault. If an appraiser overestimates the value of a house, the appraiser is at fault. If a plumber doesn’t fix a leaky faucet properly, the plumber is at fault………and last but not least
If a lender puts a buyer in an inappropriate loan product or does not disclose to that buyer the risks of that product, the LENDER is at fault.
And in many cases:
The BUYER must share some responsibility!
Jannet
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