September 27th, 2008
Mortgage mess claims another victim
The big reason behind WaMu’s failure is no surprise: Its home-loan business sunk the bank. WaMu had way too much in mortgage-related losses.
The big reason behind WaMu’s failure is no surprise: Its home-loan business sunk the bank. WaMu had way too much in mortgage-related losses.
Preston is secretary of the U.S. Department of Housing and Urban Development. In a recent story in the Christian Science Monitor, Preston predicted that any improvements in the U.S. housing market are a year away.
The new debate in the housing industry centers on whether we’ve yet hit the bottom of the residential real estate slump. Have we seen the worst of the downturn? Or are things going to get even worse?
It’s easy to understand why so many real estate agents are frustrated with homebuyers these days. It seems that buyers want everything from sellers: lower prices, closing dates that meet their schedules, repairs, help with getting a down payment, you name it.
Here’s a sure sign that the housing market is struggling: Walk through your neighborhood. Have all those “For Sale” signs you used to see become “For Rent” signs? Then you know there’s trouble in the housing market.
The good news, and it’s just the tiniest glimmer of good news, is that some real estate experts are saying that we’ve either reached the bottom or are very close to the bottom of the real estate slump. The market, they say, should begin its slow, gradual turnaround.
Every bad real estate market has a silver lining. In today’s sluggish housing market, that silver lining isn’t even hard to find: If you’re looking to buy a home, now’s a great time to do so.
The residential real estate industry has set a number of dubious records during this housing slump. Now it’s set yet another: The number of homes sitting empty is higher than ever.
It’s not the best way to start off a new week, but here we go: The sales of newly built homes continued to drop last month.
Think you’re having trouble selling your home in today’s struggling real estate market? Try selling a house that isn’t finished.
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Written by Dan Rafter [email] for b5media.
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