Millions Of Unsold Homes Become The Banks Problem

Mediums: The CR News Reports© is a copyright publication of Channeled Readings®. The following predictions on REAL ESTATE were channeled on July 16, 2010 directly from our “Higher Intelligence Source ” and not from what we, the Mediums may think, reason, guess, analyze or anticipate from probabilities or trends. These predictions are not based in conspiracy theories or come from a doomsayer’s slant. We provide Survival News Predictions to help you overcome any fear of the future you may have and empower you to prepare for what’s coming… There’s good news and bad news in the real estate market. The good news is that the 30-year fixed-rate mortgage averaged 4.57% for the week ending July 15, a record low, according to Freddie Mac’s weekly survey of mortgage rates. The bad news is that the number of mortgage-loan applications dropped to its lowest level in 14 years last week according to the Mortgage Bankers Association. More bad news….Those who are trying to obtain refinancing help on their mortgages are being foreclosed on by their HOA for non-payment of dues. Home sellers are being forced to slash their prices to compete with bank sales. Sellers cutting asking prices has made $27 billion worth of equity vanish. Banks are now being forced by some cities to maintain the properties they own. With bank repossessions increasing, that’s a lot of additional expense. On top of having dwindling cash reserves, banks are now in the home ownership business. On top of paying the property taxes, insurance and HOA dues, they now have a lot of handymen, lawn service companies and pool boys to pay. An inventory of run-down, over-grown, stripped-out homes is not good for the banks or a housing market recovery. With the economy getting ready to possibly take another nose-dive, it seems that many other things will have to improve before housing rebounds. Many Americans are not worried about paying their mortgage anymore, they are worried about eating. Over forty million Americans are on food stamps. If you listen to the CEO’s of real estate companies on TV, there’s never been a better time to buy a home. That’s true, but only for them, not for the buyers! What is the real story that you don’t hear on the news about real estate? … Go ahead with your predictions and commentary…

Voice of Higher Intelligence: “Your new landlord may be the bank. Banks are getting themselves into precarious positions owning repossessed properties that aren’t selling. They own too much property already with twice as much coming down the road in the near future. Congress will step forward to try and help some homeowners to stay in their houses by voting to extend unemployment benefits another six months. That may only postpone the pain. Many other things need to improve before housing can see a rebound. First, consumer confidence will need to improve. Consumer spending is way down due to a lack of income and credit is hard to come by and won’t be loosening up anytime soon.” continue MEMBERS-read the rest of these predictions in the CR News Reports©, or click HERE to order yours now to get all the “News Before It Happens … The Nostradamus of the NEWS.” Not a Member? … want to listen to this entire prediction?

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