Just released (see prior post) May pending home sales were the third lowest on record. But, the real story was that even Yun could not come up with the usual positive spin. Mr. Yun said, "The overall decline in contract signings suggests we are not out of the woods by any means".
I recall Mr Yun was saying just a few months ago that the second half of this year would see a rebound in the real estate markerts. Wait, I guess he must have ment 2010 or 2011 or 2012 would see a rebound. Oh, I miss the good old days of all the San Diego real estate 'insiders' saying "What bubble"?
What about all of the clients we see that are having trouble keeping their marriages together and they think a new home will make them happy…are we responsible to make sure they don’t buy one in case they get divorced? We can tell them moving is stressful. We can tell them the house won’t make them happy if they are not already happy. We can tell them that they may be under MORE pressure to make payments on their new home. But what if they want to buy it anyway?
Southern California Lasik
So, who is to blame for all this subprime lending? The Realtors proclaim their innocence from the highest mountains in all the lands, with seven flags from seven hills with bugles blowing and blazing through the night, with a PR campaign to boot and one, which is out of sight.
San Diego Dental Care
Measuring the percentage of total mortgages in foreclosure does not tell the whole story. Late payments on credit cards, revolving charge accounts and automobile loans are worrying the Fed also. And the number of mortgages in foreclosure today also does not speak to the numbers that are expected to follow.
Oakland Lawyers