Seven Real Estate Facts Accelerating Home Value Declines
32.6% of new mortgages and home equity loans in 2005 were interest only, up from 0.6% in 2000.
43% of first-time home buyers in 2005 put no money down.
15.2% of 2005 home buyers owe at least 10% more than their home is worth.
10% of all home owners have no equity in their homes.
$2.7 trillion in loans will adjust to higher rates in 2006 and 2007.
70% of borrowers who took out pay-option ARMS in the past year have loan balances larger than their initial loan.
Homeowners face higher payments as mortgages are reset. Generally, monthly payments rise between $200 and $500 depending on the size of the mortgage. [tags]San Diego real estate, real estate market, real estate bust, home values, housing bubble, San Diego homes[/tags] San Diego cosmetic surgery
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Market crashes always occur in the same manner. Regardless of the market, the same simple psychological underpinnings are always at work. People who are caught up in a bubble never look back for historical examples. For this folly, they become paupers.
“Those who cannot remember the past are condemned to repeat it.”
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The Credit Blowup is in progress.
Meltdown…….the free phoney loans gone and so will speculator and builder demand….
PLUNGE!!!!!!!!
40% house price drops around the corner.
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CNN poll shows 70% of respondents predicting either that regional bubbles will burst or there will be a nationwide RE crash
Only 30% say soft landing or unsure.
Looks like the masses believe in the bubble
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In 2004 and 2005, the reigning cliché was that real estate had entered a new world of “no supply.”
Now, a record 3.85 million homes are up for sale, and buyers are getting scarce.
No, the world hasn’t changed. And the myths haven’t changed either.
Next time, don’t believe them.
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