The market was over supplied to provide homes for affirmative action fraud. Realtors are right in that if the loan fraud does not resume, we will be in a state of over supply.
For investors this means - get out of real estate. It will be a cycle of crashes.
For investors this means - get out of real estate. It will be a cycle of crashes.
Unfortunately it is too easy to tar anyone or everyone involved in this disaster. I know a few honest realtors, a couple of honest mortgage brokers...that said, there was just so much greed in the entire process, including the people who bought homes that they could never afford.
I hear some friends blame those "poor" people situations (the buyers who were taken 'advantage' of) by mortgage brokers or realtors. If someone has nothing to lose and they are not worse off, how were they taken advantage of? Weren't they using the system, too? If they didn't know what they were signing, whose fault is that? Shouldn't they at least take time to find someone honest to deal with? I hear people say we should have tougher government regulation so this won't happen again?
Who was overseeing and promoting this entire debacle to begin with?