Posted on 05/12/2007 10:12:37 AM PDT by Sleeping Beauty
More than three out of four Americans believe mortgage fraud wrecked the booming real estate market, according to a poll conducted by Housing Predictor.com, an information driven web site, which forecasts local housing markets in all 50 U.S. States.
A nearly over-whelming majority of 76% of respondents said that loan fraud has had a negative effect on the markets. The poll was conducted over a 45 day period ending just yesterday. Another 20% of respondents said they believed that loan fraud did not have an impact, while the remaining four percent were undecided.
The Predictor Poll is especially timely since Congress is embroiled in tackling the growing sub-prime loan crisis. Foreclosures of homes rose 47% nationally in March as a result of loose lending guidelines and unscrupulous lenders and mortgage borrowers. The nation’s foreclosure rate, however, was much higher during the U.S. Savings and Loan Fraud Crisis in the early 1990's. That crisis resulted in major bailouts by the government costing every man, woman and child in the nation an estimated $10,000.
Congress is considering new laws to control the mortgage industry, which many feel would cause a backlash for homeowners, many of whom need to refinance out of adjustable rate mortgages coming due and result in an even higher rate of foreclosures.
The increase in foreclosures has been part of the Housing Predictor forecast model since the beginning of 2007, long before the rise in foreclosures. Researchers for Housing Predictor became aware of the growing problem of mortgage fraud more than two years ago.
Despite the increase in mortgage fraud cases and the resulting hike in foreclosures, 13 states have at least some local housing markets which are performing strongly and are appreciating. Housing Predictor forecast in early March that the number of appreciating markets will increase to include more housing markets by late summer.
Housing Predictor regularly surveys visitors for their opinions on crucial economic issues related to real estate, widely considered as the single largest driving force of the U.S. economy. Some 68% of the nation’s population are now homeowners, an all-time high.
To take the latest Predictor Poll, check on your markets forecast and search for real estate listings visit http://www.housingpredictor.com
About Housing Predictor.com
Housing Predictor provides housing market forecasts for all 50 U.S. States local real estate markets. With a staff of researches, economists and computer experts Housing Predictor.com provides more than 250 local housing market forecasts and real estate news for the entire nation.
Here in California, people are holding pretty firm to their prices. There are some distresses properties, but they are being bought up by investors -- so prices are holding pretty well.
What's it like in your neightborhood?
Are there lots of homes for sale on your street?
Has you loan been reset (gone higher) due to interest?
Are you going to be selling or buying this year?
Do you prefer to rent rather than own at this time?
Go to Zillow.com and type in your address. Is your home currently worth more or less than you thought?
Outright fraud? Or, ''I'm too stupid to read the fine print and comprehend''-type 'fraud'.
The stats are meaningless w/o the definition.
Chicken vs. Egg
Fraud by whom? It takes a minimum of two perps. However, I am certain that the mob and rabble will hold Bush responsible and demand a Guv'mint bailout!!!!!!!!!
Actually, “Section 8” has wrecked the real estate market a lot more than “fraud”...but then again, I consider “Section 8” to be “fraud” on the American taxpayers...
Down here in FL I can tell you what wrecked it. Exorbant homeowner’s insurance. Why sell your NY house to retire “cheaply” when your house insurance is $4000 a year for a very small house with no flood insurance?
That's the problem right there. The government uses and subsidizes housing so that it pushes demand in our economy. Investment and technology along with supply side economics should be what drives our economy.
BTW, online polls are worthless.
This is silly. If mortgage fraud wrecked, then mortgage fraud is also what drove it up to the point of wrecking.
I.E. without mortgage fraud, perhaps it would not have crashed like it has in some places. But, it never would have gotten to those heights in the first place.
This reminds me of the Enron stockholders who sued Enron for saying the fraud caused their losses from the peak. Of course, it was the fraud that pushed the stock up high to begin with.
Thank you for stating the obvious (which is apparently not obvious to the “Americans” referred to in the article). This is like saying the dramatic growth of the Internet in the late 1990s caused the sharp stock market decline which followed, without bothering to mention that the preceding insane rise in stock prices was also caused directly by the growth of the Internet and wild speculation related to that.
I’m going to be buying a home this year.
I recently sold and I found the market to be quite good.
There are many really good real estate markets in the US. I hope your neighborhood is one of them.
(This wasn’t supposed to be a political thread. The Bush years made me prosperous — especially in real estate.)
Your personal behavior and decisionmaking made you prosperous. Pres. Bush's policies merely removed some unnecessary obstacles to your prosperity.
Are those your homes? They are beautiful.
“More than three out of four Americans believe mortgage fraud wrecked the booming real estate market, according to a poll conducted by Housing Predictor.com, an information driven web site, which forecasts local housing markets in all 50 U.S. States.”
If 75% of the American people actully believe that, then the level of that false belief is due 100% to the stupidity of the LamestreamMedia and its ability to mis-inform the public and wantonly drive its liberal agenda.
Hi pph:
They are just some feel-good pictures. (It doesn’t seem to be working, tho.)
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