Where have all the people gone?
This morning, as I sat reading the latest news about the mortgage bailout, I started to wonder about that.
The reporter quoted one man who said that nearly every other home on his street had a for sale sign, and some real estate brokers are actively advertising that they have dozens of foreclosure properties for sale at bargain prices.
Some say this is definitely a buyer’s market. Not being involved in real estate sales any more, I don’t know if that’s actually true yet.
When I was the local broker for Fannie Mae and a couple of mortgage companies, the REO properties were always listed higher than my market analysis indicated – then came down in increments over the following months until they really were bargains. I’ll never forget Fannie turning down a good offer early on and then 12 months later selling the house for quite a bit less than that first offer. Meanwhile, they were paying for maintenance. So silly.
Anyway, back to my question. Where have all the people gone?
If thousands of families have lost their homes and those homes are now standing vacant, where are those families living? Are rental units suddenly full to overflowing? Are families moving in with friends and other family members while they try to regroup after this blow? Are some of them literally out in the street?
I hope not, especially here in our climate where the high today promises to be about 45 degrees.
I think I join with millions of other Americans when I wish our government would help the homeowners instead of the mortgage companies. I realize all were at fault – people should have read the fine print and should not have signed mortgages they had no hope of paying. But so many of the mortgage company tactics were deceptive that I really believe many did not realize that their payment would double or even triple after the first 3 or 4 years.
Their marketing was superb – but dishonest.
I trust that none who read my blogs or articles would engage in such trickery in their marketing efforts.
And as for letting company executives walk away with millions as a part of the bail out – boy do I wish I had the power to put a stop to that! They’re being rewarded for making bad decisions based on greed.
Do you agree? Disagree? Have some thoughts on the subject? Know where the people have gone?
Post your comments!
Back soon,
Marte
Posted: September 24th, 2008 under marketing, real estate advertising, real estate marketing, REO, truth in advertising.