Thriving in a Down Real Estate Market
It's one of the costs of doing business in what's emerging as the busiest niche in the real-estate industry. The current crisis on Wall Street began, at root, when too many Americans who'd stretched to buy a home began coming up short on mortgage payments. Now, even as the ripple effects have claimed some of Wall Street's oldest companies and threatened to cripple the financial system, foreclosures continue apace. According to RealtyTrac, U.S. banks now own a record 820,000 homes, up from 224,000 at the end of 2006. By the end of this year, says RealtyTrac senior vice president Rick Sharga, banks could own 1.2 million homes, which could constitute one third of U.S. homes for sale.
To sell them, banks turn to a special breed of real estate agent. "REO brokers" (it stands for "real-estate owned," and refers to foreclosed houses now owned by banks) rarely get to watch happy buyers carry spouses over the threshold
The Full Newsweek interview link with Christina Lonigro of RE/MAX New England is here
Contact Christina
No comments:
Post a Comment