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The Real Estate Pit And The Mortgage Pendulum

The housing pendulum has swung in the othernow, buyers have the upper hand. They have
direction and created a tough real estatemore  choices  than  ever.
market for sellers. And home buyers are
feeling the effects of tighter mortgageAnd this brings us to the root of today's
qualification. What  will  happen  now?housing market woes. For sellers, the
pressure from more homes coming on the
The Real Estate Pit And The Mortgage Pendulummarket, exacerbated by the sub-prime
complexities, will force them to lower prices
What horrors await home sellers in theif they have no choice but to sell. Home
dungeons  of  the  housing  slump?sellers will also have to wait even longer
for their home to sell. I have seen sellers
News headlines bombard us daily about thewho just break even on the sale of their
plight of the real estate market and it'shomes and some make very little profit,
wide reaching effects on the economy. You'vedepending on how long they have owned their
read the stories of record numbers ofhome. There are way fewer home buyers these
foreclosures, the sub-prime mortgage fiasco,days. There is more about this at a website
and declining home prices and sales. There iswith free information and resources that is
even  talk  of  a  recession.helpful  to  both  buyers  and  sellers.
What we all need to remember, however, isFor home buyers it may seem that this is
that most news reports that you read aretheir heyday and super bargains are in the
based on national housing information. As youoffing. To some perhaps, but to many, the
may know, real estate is local and not everymortgage pendulum is severing their ability
area of the country experiences what isto qualify for a mortgage that would have
presented by governments, associations, andbeen readily available to them prior to
media. Although it is true that the housingcurrent day, preventing them from buying a
market is in trouble just about everywhere inhouse  or  qualifying  for  refinancing.
the country, the severity of conditions vary
by  area.Although the Fed has made a big cut in
interest rates and President Bush has
Out here in the trenches of Richmond va realapproved the bailout of certain foreclosure
estate and surrounding counties, which can besituations, there is still one part of the
considered typical of many areas, we haveequation that is keeping the housing market
seen home prices fall and properties arefrom stabilizing - tighter mortgage criteria
lingering on the market for months andby spooked lenders is preventing many ready
months. Yes, things are not good for homeand willing buyers from qualifying for home
sellers here, but we are not facingfinancing.
armageddon, either. Houses are still selling
and home buyers are still buying homes. It isAs often happens when a crisis appears, those
just taking longer to sell homes and thein control tend to overreact and enact
profits made on home sales have come down,regulations that send the pendulum swinging
but that is because the prices of housesto the end of it's opposite arc before
where  highly  inflated  just  two years ago.settling somewhere in the middle as natural
forces slow it down. Because several large
We're starting on the path of a correctedsub-prime mortgage lenders filed for
market. This is the case in many metropolitanbankruptcy and the number of foreclosures is
areas such as Richmond. But, before we willclimbing, most, if not all, mortgage lenders
get back to a normal real estate market, thehave tightened up on their lending practices
momentum of the housing pendulum will causeto the point where many buyers can no longer
the market to swing towards the other extremequalify for a mortgage who normally would
from what we saw two years ago and put ahave. And I don't mean the high-risk
deeper gash in the housing market before itborrowers that are now defaulting on their
swings back to equilibrium. The questionmortgages.
remains - how deep will the pendulum's arc
slice into the heart of real estate and howBefore the real estate market gets any
fast  will  it  swing?better, the mortgage pendulum needs to swing
back down without creating a deeper gash in
Things could get worse for both home sellersthe availability of financing for more home
and home buyers before they get better frombuyers. Until banks and other lenders relax
what I am seeing out here in thetheir criteria, the actions of the Fed and
neighborhoods and tracking the market.the White House will not have a significant
Sellers are facing even longer selling timesenough of an impact to turn the housing
because of additional foreclosures hittingmarket around. If the rate of the number of
the market and job relocations. Home buyershouses offered for sale continues to grow and
are having a harder time qualifying forthe pool of able home buyers does not keep
mortgages because of the sub-prime loanpace, conditions in the dungeon will only get
problems. It's a mess, no doubt, and weworse as the pendulum comes ever closer with
cannot really be sure how painful it all caneach  swing.
get  for  those having to sell or buy a home.
Ciao for now,Bernie Rosellen, Your Agent In
You can probably make as good a prognosis ofThe Field Please keep in mind that my
your local conditions as any of the realstatements above are based on my personal
estate pundits, maybe even better, from justexperiences and observations around the
knowing a few stark realities. In order toneighborhoods of central Virginia. Some
survive the cuts from the pendulum, sellersstatements may not reflect fully the
need to be realistic with their profitsituations, regulations and laws of other
expectations. Your opinion on what your housestates nor apply in all areas, so please see
is worth is inconsequential. You will have towhat applies in your state (my disclaimer to
accept what buyers offer or not sell. Homekeep me out of Realtor Jail).
buyers are the market, not sellers. And right



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