eryan2369
779 Posts |
 Posted - 06/10/2008 : 12:07:00 PM
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Im getting a little tired of hearing about how the mortgage crisis is all the fault of the "evil mortgage companies and brokers"...
Ive heard a lot about how homeowners with good credit have defaulted at all time highs. Because;
1.) The "bubble burst" and they went so upside down in value that it didnt make sense to them to keep paying on the house they owed far more than what it was worth.
2.) Many of them lost jobs as unemployment when up and many companies laid off workers.
I would love to see the statistics, if anyone has any, on how many subprime customers defaulted in the last two years compared to the two to three years prior. I'd be willing to bet the numbers arent that far out of line, that subprime has always been risky and the default rate within that category alone didnt change that dramatically. It's adding in all the the ones who just "walked away" that created the extremely high foreclosure rate...
And the reason they walked away is because for years property values inflated at ridiculous rates. If one house sold for "X" the house down the street went on the market for "X + X"...it got way out of hand.
Im tired of everyone pointing the finger at the mortgage business for the current housing market. Arent REALTORS just as much, if not more, to blame?! |
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