Foreclosure are needed to help real estate, says economist
By emitchell
Thursday, October 23rd, 2008 at 9:19 am in Foreclosure Fever, Uncategorized.
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Foreclosures are a necessary ingredient of a recovering real estate market, according to the chief economist of the California Association of Realtors, who spoke at a conference of Contra Costa County Realtors held in Walnut Creek.
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October 23rd, 2008 at 11:44 pm
She is right…which seems like a strange thing to say about anything from CAR or NAR.
In order to get through this, we need to go through this…and we are doing that now.
All of the loans that should never have been made need to be unmade before we can start over. As painful as the adjustment is, lower and stable home prices are good for everyone and for the economy as a whole.
The problem isn’t that home prices are falling, it is that they haven’t fallen far enough.
As a local Realtor, I see a lot of the personal-tragedy side in all of this and it is very sad. If you haven’t personally been impacted by all of this yet, trust me (I work with banks and know what is coming) you will be.
I put several of the slides from CAR presentation, as well as a link to the entire 105 page report on my blog, http://www.thehousingbottom.blogspot.com
October 24th, 2008 at 6:56 pm
They are needed and also providing a great opportunity for first time buyers. The difference is this time around the buyers actually have to QUALIFY for a loan in order to get into the home.
People need to keep their head up and learn that wealth is created in markets like this for those that do not give into the fears that the media and the masses are feeding on. I give a lot of great ideas to stay successful at my website below.