July 22nd, 2008
Far-flung suburbs suffering during housing slowdown
How far is your commute to your job? Is it longer than 40 minutes each way? If it is, don’t be surprised if the value of your home has fallen.
How far is your commute to your job? Is it longer than 40 minutes each way? If it is, don’t be surprised if the value of your home has fallen.
According to Prashant Gopal, a writer for BusinessWeek, the next big real estate crisis will hit the country in April of next year. That’s when hundreds of thousands of adjustable-rate mortgages are scheduled to reset to higher interest rates, and, of course, higher monthly mortgage payments. Expect this to bring on a new round of foreclosure activity.
During this housing slump, we’ve all read that home prices across the country have fallen. But by how much have they dropped?
An interesting story on BusinessWeek, written by Prashant Gopel, says that as it’s getting harder to sell homes, some agents are charging more to guarantee better results.
The court sided with the Massachusetts town of Norwell’s zoning board when it denied a permit to a developer who wanted to tear down an existing house and replace it with one more than twice as large.
The housing slump, and the resulting slowdown in mortgage lending, has been particularly painful for the honest, hardworking mortgage professionals. Thousands have lost their jobs as business dries up.
There’s usually a positive side to everything, even the housing slump. And if you have a million-plus dollars to spend? There’s a big positive.
Something new is happening now: The homeownership rate is starting to dip.
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Written by Dan Rafter [email] for b5media.
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