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The Masked Tulip

Us Realtor On Bbc News Website

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US Fed rate cut: Readers' views

"The Fed's rate cuts will, I hope, help the real estate market by allowing people whose homes have been on the market for some time to sell up and purchase a new home.

There have more foreclosures recently than I have ever seen in all the years I have worked in real estate.

We had heard about "predatory lenders", and they do - or should I say did - exist here.

The main problem with these lenders was that some of them gave loans to people who did not have a job at the time they were given loan approval.

Banks were approving people with no money down and with very low rates, with the possibility of the bank raising them at a later time.

The buyers did not realise that they were in a very dangerous position and were caught out.

The automobile industry in this state, and in Michigan, has been closing its doors.

The real estate business has suffered as a result, because buyers purchased their homes at a higher price and now have to contend with the fact that the only offers they receive are much lower.

As a result people are very angry. I have several clients who are extremely angry with me because their homes are not being shown, let alone getting an offer.

The situation is very bad and needs to see an upturn in the economy to improve. "

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