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Saturday, October 18th, 2008

Growing inventory and no loans

Real Estate – October 18, 2008

How we get these Future News Predictions

Find out how these predictions will affect you

Real estate is at a standstill, not only a standstill, but possibly a standoff. People want to buy homes, other people want to build homes and nobody can get the money to do so. The report yesterday said that the new housing starts were the lowest since World War II. This is due to several things. Builders want to build new homes, but they can’t borrow the money to build them. The same lenders that gave them loans before, now own many of those homes they built. The home buyer also wants a loan and the banks aren’t lending. Banks are hoarding money that they got from the Fed for the rescue plan. They are being very selective about who gets a loan. It is certainly not going to homebuilders, or small businesses, or home buyers because they realize that they may not be able to recoup the loan. The economic times will see several large home builders go bankrupt and small ones cannot survive much longer without loans. Another standstill in the real estate market is the inability of people and banks to agree on what to do stave off foreclosures.Continue reading »

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