The title of this post is the shocking lead headline for the February 16-22, 2007 issue of the Memphis Business Journal.
The Memphis Area Association of REALTORS. reported 19,738 home sales in the Memphis MSA in 2006, compared with 18,155 foreclosures for 2006. What in the world is going on? The experts reference the large low-to-moderate income population in the area as giving rise to a large group of marginal buyers.
Shelby County had over half of Tennessee’s foreclosures in 2006. As a full-time real estate agent, I am perplexed as to what conclusion to draw from this news. What impact will this have on the rest of our market? Where were the lenders, who made it so easy for so many folks to get the loans, when their customers quit making their payments? I am often shocked at stories of homebuyers buying homes (often with no out of pocket expense) and never making the first payment.
No wonder there are so many inquiries on the website about Memphis foreclosures.
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In the long run, I think a little market softening will be good for real estate agents.
I don’t mean the “Real estate agent/other part time job” guys. It will be bad for them, as there’s less work to go around.
I mean the Full-Time, working real estate every day agents. If you’re out there every day working your business plan, you will find the business.
This being a real estate blog, I think you or your readers might find http://www.housemath.us interesting.
The site allows a potential home buyer to do sophisticated financial analysis of the monetary consequences when buying a home.
Or in plain words – how much exactly and for how long do I have to pay for that house.