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  • Here's a new one: Being too broke to sell (your house)

    10/01/2007 12:51:04 PM PDT · by 2banana · 84 replies · 263+ views
    Chicago Tribune ^ | September 30, 2007 | Mary Umberger
    Most anybody in the mortgage business will tell you that August was a month that will live in infamy: The market was in turmoil, as doubts about the stability of subprime loans spread to other sectors of the mortgage world. How bad was it? A survey of mortgage brokers suggests that one in three consumers who recently signed purchase contracts canceled in August -- up from just 4 percent three years ago, according to the research firm that conducted the survey for Inside Mortgage Finance, a trade journal. The cancellation rate undoubtedly was fed by two scenarios playing out: Many...