According to the Star-Telegram, lenders in Southern California are scooping up foreclosed properties at a rate much faster then they can get rid of these homes. “At some point — maybe this fall, maybe in 2008 — the lenders’ inventories will grow so large that they will have no choice but to cut prices aggressively, many agents and analysts predict. That, in turn, will put more pressure on individual sellers, who will have to reduce prices if they want to find a buyer. As values fall, more people could lose their houses, which will swell the lenders’ inventories even more.”
Has all of the predicted doom and gloom in housing become a reality?
I’ve been saying for years now that this overheated market simply cannot sustain itself. I’ve shared with you stories of policemen and others buying million dollar homes in the Los Angeles area, which they had no business doing. This has been happening around the country, and these stories have all been warnings that the perfect storm was on its way.
It looks like we’re in the heart of the storm!
I hope to cover over the next few weeks and months how people can best deal with this market, and what, I believe, has led to the current financial crisis. This housing market will hurt many people, but you don’t have to be a victim! We’ll help you learn to get out before it is too late. We’ll help you profit from the massive explosion in foreclosures. We’ll help you become a contrarian investor that makes sensible decisions that will not only help you save your credit, but that will potentially save your financial future as a whole.
Stay tuned . . .
We’re not going to leave you out there on your own through this impending housing (and possibly economic) crash.