July 13, 2024

A new study from Experian Group, the Ireland-based company that maintains a huge database of consumer credit histories, released June 20, says that the share of subprime borrowers who were 30 days or more late on their mortgages went up from about 32% at the beginning of 2003 to around 36% at the end of 2006—a sign of increasing financial distress. downtown San Diego condos

5 thoughts on “Housing Drop = Increasing Financial Distress

  1. I’m confident that there is a silver lining in all of this. I envision that one day in the near future, we will encounter nothing but smooth transactions without all of the “mortgage drama” ….”lender abuse”….and the old-fashioned “bait and switch” so rampant in the 1990s and early 2000s. Thank God!

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  2. Realtors should not be giving ANY mortgage advice, appraisal advice, legal advice, environmental advice, construction advice, engineering advice, plumbing, electrical, Etc. Etc. Etc.
    We are licensed ONLY to help connect buyers and sellers of real property. If a lawyer gives our clients bad legal advice, the lawyer is at fault. If an appraiser overestimates the value of a house, the appraiser is at fault. If a plumber doesn’t fix a leaky faucet properly, the plumber is at fault………and last but not least
    If a lender puts a buyer in an inappropriate loan product or does not disclose to that buyer the risks of that product, the LENDER is at fault.
    And in many cases:
    The BUYER must share some responsibility!

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