How does your local economy feel?

[lostboystoy]

its a good time to buy, yes. but their is a catch. they have tightened the credit criteria, to the point that most people don't have a credit score of 780. it used to be 720 was considered a perfect credit score. so unless you have cash expect to pay high interest and points.
I don't know what they are going to do with a 100 trillion dollars of real-estate that is currently in foreclosure. What I am afraid is going to happen. Is if all those homes go back on the market (which is already flooded) it is going to dramatically decrease the value of every ones homes, to the point everyone with a mortgage will owe more than their home is worth. I cant really see any other way to have that amount of money absorbed into the mainstream.
They screwed up big time by letting anyone into homes even if they couldn't afford it, I blame the mortgage companies for this but also blame the real-estate agents who don't have their clients best interest at heart. who cares if they loose the house they will get the chance to sell it again. Both John's please don't take offence I am not aiming this at you. it just seems to be the norm across the U.S.[V]

setting my soul free....