Wow, Talent is for sale these days as hundreds of houses go onto the market at prices that appear to be coming down, down and I predict down more now that the winter doldrums are approaching. Under normal real estate circumstances people would be pulling houses off the market now, but the sub prime mortgage fiascos have put a lot of folks in the terrible position of “having” to sell their house or lose it. I’m not clear when we’ll hit the bottom but I think this winter will be a great time to buy and a bad one to sell.
I’ve got two friends now working the Talent Oregon Real Estate market. Dave doesn’t have a site up yet but Jack’s Talent Oregon Real Estate website is a good resource for some local information and houses. Jack also covers Ashland Oregon, Jacksonville Oregon, and Medford Oregon Real Estate. However best to email or call him directly for the latest information since the market is changing rapidly around here.
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The famed ‘escalator’ of rising real estate prices finally came to an end when those without two cents to rub together were able to obtain mortgages. Why not give a mortgage to a marginally employed illegal immigrant? Its not as if the mortgage company/bank/etc. would suffer. If everyone just commoditizes loans and sells them as packages “local impact” is irrelevant until that escalator ends! Then the weakening of the subprime market starts to have a ripple effect in financial circles and in local markets that are suddenly beset by a glut of properties being offered for sale. Prices may fall enough that those with equity and with good credit still suffer when they walk out their front door and find their home’s value is tarred by the impact of all those other houses sporting for sale signs!
I think the impact of this on the full economy remains to be seen. Around here foreclosures are supposed to peak around January. If we don’t see prices bounce back next spring, and I’m assuming we will not, “regular” mortgage holders could start to fall victim to the challenge of owing more than the home is worth. Yesterday I was hunting for rentals. One deal is at 175k asking price where the person owes 215k to the bank already, though I’d guess the bank would accept the lower amount to avoid all the foreclosure hassles. Yet even this “good” deal that approaches positive cash flow as a rental is not good enough to get me involved.
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Although this article is now out of date is serves as a good reminder of the position we could have ended up in if it wasn’t for the forward thinking of our national leaders who have since agreed to act in a ‘coalition’ to prevent such a financial mess ever again. Fingers crossed!