Subprime mortgages roiling Toledo area, broker, lender say
"Very little subprime mortgage lending is taking place in the Toledo area anymore, but loans made in the last several years led to a glut of foreclosed homes and a struggling real estate market, two local real-estate experts said in remarks to be broadcast tonight and tomorrow.
Al Green, president of the Toledo Board of Realtors, said on this week's Deadline Now, said that with nearly 7,000 more homes on the market than a year ago, sellers should expect houses to sit 180 to 300 days. "We're pushing a year to sell a house."
Sellers who do not adjust their prices to the middle or low end of the market will have an even harder time selling, he added.
As for buyers, those hoping to purchase without providing a down payment or by using a loan with a low "teaser" interest rate are out of luck, said David Seeger, chief executive of Great Lakes Credit Union."
Sorry to quote so much of the article, but those 4 paragraphs just about sum it up for Toledo real estate for the working man. When credit was flowing easier than the Biblical milk and honey, lots of the financially lower-order folk were enticed and cajoled into taking on huge debts with dipshit terms. Of course, no matter what the enticement was, they were responsible for knowing the terms of the agreements they signed, and those terms were so ridiculous and stupid that one gets the urge to slap them around like red-headed stepchildren.
Another financial tsunami has receded from Toledo, leaving many bodies in its wake. The damned thing about it, was that people could CLEARLY see the monster waves coming in from the ocean, but since they were inanely thinking "hey, surf's up!", they made no preparations like HEADING FOR HIGH GROUND (i.e. saving money and reducing expenses). A few people were hangin' ten, and looked GREAT ... while people around them found themselves knocked off their boards, with mouths filling with foam, then water ... and so they just drowned. Surely all these casualties were NOT worth the fun a tiny few had while flipping homes!
If I hear another person tell me "it's a great time to buy a house", I'm gonna get all violent an' shit. Prices for all manner of domiciles in Toledo are going to fall until 2013 (5 years to match the lead up, and an extra 2 years for government interference in the market's correction). Anyone who buys a home now will have to explain to me how they can just watch the price fall for the next 5 years, as well as explain how they intend to "re-fi" the PURCHASE PRICE.
