Mortgage defaults mount
Mortgage defaults and rising gas prices are among the top reasons why April of 2007 witnessed the lowest level of consumer confidence in over eight months. New York’s Conference Board’s index of consumer confidence dropped to 104.0 this past month. This figure is down from 108.2 in March. Last year’s index average was 105.9.
Consumers reported that they don’t believe that there is an abundance of jobs and, as a class, few say they are planning to buy a house. According to the National Association of Realtors previously owned homes are selling at their lowest level in practically four years. Additionally, Americans who say they plan to buy a home in the next six months is at a more than two year low at 2.7 percent.[tags]mortgage defaults,real estate bubble,housing bubble,consumer confidence[/tags] San Diego real estate agents
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San Diego real estate prices are still disconnected from fundamentals. House prices are still far beyond any historically known relationship to rents or salaries. Rents are less than half of mortgage payments. Salaries cannot cover mortgages except in the very short term, by using adjustable interest-only loans. Anyone who buys now will suffer losses immediately, and for the next several years at least. San Francisco auto accident attorneys
The ingrain notion that San Diego real estate always appreciates has now vanished, and that’s probably a good thing.
Lindsay
San Diego california Real estate
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