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Re: “City of blight

Our foreclosure rate nationwide was reported at 14%. Mortgage fraud was not as crazy as we thought.This means 86% of the mortgage holding population is paying their mortgage. There different factors that are creating our real estate problems.
The main problem is the continued reporting of incorrect information. For example,

1)when property go to foreclosure we current don't know if it is owner occupied or investment property. The foreclosure numbers provide by news outlets often fail to clarify the numbers.

2) People are now upgrading their housing now. They are buying better properties and doing short sales or foreclosures on the old homes. This information is never report.

3) Georgia has a higher foreclosure rate because of our foreclosure laws.We simple have bad laws. Our current foreclosure law do not protect property owners like other state.

4) People are simply walking away from property because of the media reporting. They continue to hear stories about their home values not recover for 10 years or more.
They stories are often produced by people that have no experience in the real estate or mortgage industries.

5) The majority of people don't loss their home due to mortgage fraud. Again, we have an 86% payment rate. The majorty of people loss their homes due to outrages personal debt (not including the mortgage payment), job loss, family problems and etc. Mortgage fraud is not the top reason.

6) We are experiencing a unigue real estate market. This market is being driven by so much bad and crazy information. I think we will recovery only the bad information stop flowing.

7)Real Estate agents have nothing to do with financing real estate. There involvment in the process ends after the home selection and the contract is written. They don't review credit,check income or verify employment, quote terms on a mortgage or any thing else related to finance. Mortgage people or Loan Officer and etc proform these task. They are heavily regulated by the banking industry. There are state and federal regulation that are followed. There are checks now and alway have been in the system.

Posted by Anonymous on 03/02/2010 at 8:02 AM

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