Friday, Mar 28, 2008
Since late 2006 - 243 major U.S. lending operations have "imploded"
The Mortgage Lender: Waiting for that one dumb homebuyer
There are a bunch of houses in our neighborhood that have been on the market since 2006 and the asking price hasn't budged. In some cases the price has been lowered by a tiny amount - for example, from $595,000 to $589,000 - in what seems to be a mini-capitulation for the benefit of either themselves or their real estate agent. They look ridiculously out of place now that bank foreclosures are coming onto the market priced hundreds of thousands of dollars lower.
Posted by malct @ 10:41 AM (321 views) Add Comment
3 Comments
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1. 51ck-6-51x said...
Not a news article but a post on another, similar forum from a blog.
2. happyrenterz said...
The trouble is that people who have accepted bubble priced houses are living in their parallel universe and wont drop their prices. They will only get a reality check when they go bust. Since house prices don't drop quickly the whole bubble takes a long time to deflate, with people holding out as long as they can hoping the market will recover. Buying houses at auctions is the only way to get a reasonable price under these circumstances.
3. inbreda said...
I clicked through and read the original article. Applying what is discussed to the uk - and more specifically, taking into account the likely effect of BTL reactions - and the whole scenario becomes much more scarey.