As you know the banking industry is extremely unstable. It is making this business of selling a house very unsettling. Countrywide Home loans announced on Wed. that they may be filing for Bankruptcy in the future. Bank of America recently gave Countrywide a cash infusion. First Magnus another extremely large subprime lender is not in business as of August 16th, 2007. I have had in the past 6 months investors who were willing to purchase properties and now can not qualify due to the changes in the banking industry. The consumer confidence and investor confidence in purchasing a home are extremely unstable now. It is like the customers I have heard the news and just put on the breaks. They do not want to continue to go out and shop and longer. They are putting major purchasing plans on hold. I can’t say I blame them! Their fear is buying today and prices drop in months to come giving them negative equity. This is making all realtor’s jobs a huge challenge. A Bear with me on the selling process.Karen Arbutine Realtor Remax Central Realty
Banking Industry Changes