Things have started to pick up in our little corner of the world, with residential sales in DeLand showing signs of life. Investors are lurking, however, and articles like these are not helping retail pricing to stay... well, retail.
Hey, I for one hope the banks take it on the chin. As a mortgage lender, I never understand why we qualify a buyer based on a percentage of his/her gross income. We don't see the gross income (and that's why April 15th of each year is just a stress-filled day for us, instead of what it should be... Bastille Day for the federal government thieves), we see the net. And from that point, we should qualify based on specific percentages. These stated income, no doc garbage loans can and will give the banks a complete nightmare for the next two years. As Bruce Willis chortled in Die Hard... "Welcome to the party, pal!"
Posted by: Paul @ 10:22 PM
