? Credit Where Credit Is Due |
| An Appraiser's Take on the Zillow Controversy ?
October 31, 2006
Are There Haunted Houses on Your Street?
Tonight, look for the telltale signs that houses on your street are haunted.
No, not the toothless guy in the attic window, swinging a lantern and cackling madly. I'm talking about the for-sale sign out front with the "just reduced" banner across it. The strangely empty living room, because all the family's income is paying the recently reset mortgage instead of buying furniture. The brochure for the house that they hand out to trick-or-treaters.
David Rosenberg of Merrill Lynch says that at least 10 million households who bought since the summer of 2005 are now underwater on their investments. So if the people who open the door tonight when you come knocking look like they're quietly drowning--maybe they really are.
Real Estate Culture
TrackBack URL for this entry:
In the UK today over 300 people a day fall foul of the increasing problem of debt and declare themselves insolvent, also the report stated that Mortgage repossessions were up by a fifth too. With a major UK mortgage lender this week announcing that they are now offering upto 5 times your annual salary for a mortgage it looks like there will be many more people adding to the debt mountain.
Much more interesting information can be read in the report from the link below.
Posted by: Chris Courtis at November 3, 2006 04:21 PM
dats heka scary
Posted by: jorge at November 9, 2006 04:25 PM
very scary can be a horror place
Posted by: ritz anne at April 8, 2007 08:15 AM