|
 |
|
|
House Sales Decline by 50% in Prince George's County
This may be old news by now but it bears repeating: The housing boom of 2000-2005 is over. More to the point: It ain't comin' back.This article in a recent issue to The Gazette the weekly paper distributed for free by the same people who bring you The Washington Post indicate a deepening downward trend in home sales. I can attribute this to two things: 1. the mortgage crisis has made obtaining a mortgage a lot more difficult that it used to be. Nowadays, the mortgage folks need you to be able to do more than fog a mirror to obtain the loan you need to buy a house. You need a job, verifiable income and some type of proof that you'll repay the loan. That usually means a FICO score that has assessed the risk of lending you money, and 2. high house prices. Believe it or not, I'm representing a Seller who has taken an understanding of the current housing market to heart. He has priced his home at nearly $20,000 less than any of the comparable homes in his neighborhood. The home is in good condition, in a great neighborhood near Metro and lots of other community amenities. Yet, there aren't any takers. High house prices aren't any individual's fault. It was a trend that began when more and more "exotic" mortgage products became available to more and more people who probably didn't stand a chance of repaying the loan. Eventually prices got so high that no matter how creative the mortgage guys wanted to get, they couldn't justify it anymore. So, the sad story is that many people will need to lower their expectations about prices they might get for their home. Either that or wait. |
|
 |
|
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "House Sales Decline by 50% in Prince George's County" has been specified by the contributor as:
Public Domain
The copyright for this content has been relinquished by the author. The content may be used freely by anyone.
|
|
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
