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Reality of the Real Estate Market
Reality of the Real Estate Market (edit/delete)
After reading a recent article by Phillip Cantrell I realized that our blog should share it since some of the information in that article was extremely important and clarifies the present situation of the real estate Industry. It is true that the number of sales went low in June it is also true that from the 120 million homes existing in the U.S. more than 33% are already paid in full, around 40 million of the remaining were bought before the year 2000 so even in a fire sale they will have a minimum of 30% equity. On the other hand according to all the information available 94% of the houses are not behind in their payments therefore only 4 million homes are at a risk and of those only 2% are in foreclosure. For these owners that made a bad decision the Congress is about to spend $300 billion dollars to save their houses, so despite all the talking the situation is not a s bad as some people are placing it. One of the many ways in which Virtual Florida Tours tries to serve the community is by keeping the realtors serving the areas of Miami Beach, Coral Gables, Miami, Pine Crest, Hallandale, Fort Lauderdale and the rest of Miami Dade and Broward Counties informed of the real situation of the market in which they carry their business. Reference: Cantrell, Phillip; Things I Think I Think - Real Estate in a Nutshell; retrieved from the Internet at: http://rismedia.com/wp/2008-08-05/things-i-think-i-think-real-estate-in-a-nutshell/
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