I am the founder of Forsalebyweb.com. Change in the industry has been met with resistance. Yet, cumulatively, the current mortgage market, slow sales, hybrid commission models and rise in web-based companies will create dynamic changes as the industry
re-invents itself.
The next few years will bring new ideas and innovation to an industry where all that is needed is consumer acceptance.
Housing prices are way too high and creating incentives for people to buy overpriced real estate isn't the answer. AS someone said earlier the ideal solution is to create a marketplace for these assets and let buyers and sellers determine values through fundamentally sound supply and demand.
Lenn has put the question mark where the sentence belongs. Until everyone voluntarily absorbs negative equity and voluntarily accepts a reduction in inflated house values, this problem cannot simply go away on its own. My fear is that we as a country are avoiding the inevitable by pumping more debt ( stimulus package ) into the economy. This will buy us sometime, but eventually will catch up. The bottomline is millions of Americans are living with inflated house values and have cashed out their equity - and spent it.
Lenn has put the question mark where the sentence belongs. Until everyone voluntarily absorbs negative equity and voluntarily accepts a reduction in inflated house values, this problem cannot simply go away on its own. My fear is that we as a country are avoiding the inevitable by pumping more debt ( stimulus package ) into the economy. This will buy us sometime, but eventually will catch up. The bottomline is millions of Americans are living with inflated house values and have cashed out their equity - and spent it.
