2008-11-28 — forbes.com
"The big American homebuilders have dug themselves into a hole from which they may not emerge for years. Having been abettors and subsequently victims of the U.S. housing bubble in the early years of this decade, they may be the last to profit when buyers finally return to the market."
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mortgagemess at 08:15 2008-11-29 said:
Good luck to the buyers of these McMansion homes from 05-07. 99% of these homes used creative financing from cash outs, to seconds, to MTA loans and so on. During the boom years these million dollar homes already took 9 months to a year to sell. In today's market tack on a few years. From crazy loans no longer available, a jittery stock market, higher rates on jumbo to larger downpayments, these homes now look very unattractive. Already seeing homes taken over by the bank being sold now at 600-700K so that they can get a buyer and be off the books. The loan amounts of defaults will soon start to show quite an increase from the past few years foreclosures. Permalinkadd a comment | go to forum thread
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