TRM was created to give you an opportunity to share real life experiences when it comes to MONEY. Business is a very broad term, therefore it is encouraged to share stories and comments on the big Successes and the huge down falls in any kind of business trade. TRM is simply an instrument you can use to be educated in different circumstances and financial growth. Discussions of different factors that will effect us all financially will be debated here. The goal is to create a network community of assistance in one form or another. TRM is looking forward to meeting you all.
Ronnie,
This is a great idea and resource for all, especially overall market skeptics. I would like to add my thoughts about the housing market, as I am a homeowner and have watched the market drop out from underneath our feet. There are so many foreclosures popping up everywhere you look with almost no end in sight. To add to the sadness, banks who were the primary source of the problem to begin with are now off loading these foreclosed homes by internet auction to get them off the books. This is going to prolong the housing problems for years to come. Sure, some feel it is a buyers market, but what about all the people who currently own and are on the verge of not making their payments because of the questionable loans they were sold into? It is nearly impossible for these folks to refinance their loan into a more stable loan because they can’t get the appropriate comps to do so. For instance, a 1,650sqft home not too far from mine, which originally sold for $500k, foreclosed a year ago, and was banked owned on the market for $410k. A few months ago they dropped the price to $390k and just recently sold through online auction for $239k, nearly half the original sales price. I think this is only the beginning to a long stretch in the downward spike in the housing market!
Sorry to be a doomsayer, next time I will have something more positive…
Matt G
Thanks Matt. All insight is greatly appreciated. I see scenario’s like the one you shared very often. I will post a blog on when the market is estimated to boom again… Looking at the market and the economy, I hope you will share what you think on the blog to come.
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