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Summer is here and the weather has
finally turned. That means that Spring home buyers are out in full
force! At least, that's what my friend Amy keeps telling herself.
Her house has been on the market for a little under a week and she
hasn't even had a single viewing. I am hoping it's because of the
Memorial Day holiday and that soon the viewings will pick up. I am
still trying to figure out if I should tell her to try to stick it
out and short sell her home or tell her to just walk away.
Apparently, the 'walking away' effect is becoming a national
phenomenon. I am trying to find someone who can tell me what happens
after walking away and if the banks are chasing these people down or
if there are just too many of them. If you know, give me a call.
From the way the news cycle is going these days, it seems
like the mortgage-related news is starting to slow down. I can't
tell if that's because there is actually less news or if people are
just sick of hearing it all. Now, the bargain hunters are on the
prowl. All across the country, there is a phenomenon called
'Foreclosure Tours', where busloads of people go around checking out
homes that are under foreclosure. Crazy, for sure.
Don't
forget, this is the last week of the daily prize give-a-way we are
doing. I know the gang here is cooking up some special sweepstakes
for the summer (say THAT three times). I hope to have some more info
next week. Stay tuned!
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Bloomberg |
| June 3
(Bloomberg) -- Ratings cuts at three of the biggest U.S. securities
firms coupled with management shakeups at Wachovia Corp. and
Washington Mutual Inc. yesterday triggered concern that the mortgage
slump has yet to reach a bottom. Full Story |
Los
Angeles Times |
| The mortgage
meltdown scorched the executive suites of two more banks Monday as
Wachovia Corp. fired its chief executive and Washington Mutual Inc.
knuckled under to shareholders and stripped its CEO of his
chairman's post. Full Story |
CNN |
| Rates on
30-year mortgages were pushed up this week above 6 percent amid
growing concerns about inflation, mortgage backer Freddie Mac said
Thursday. Full Story |
MSNBC |
| Stocks traded
mixed Wednesday as concerns about the financial sector eroded
enthusiasm over a decline in oil prices and a report that signaled
modest growth in the service economy. Full
Story |
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