Business Insider is reporting what many believe is happening nationwide and what could have a profound impact on Ocean City Maryland’s future real estate inventory of homes and condominiums for sale:
“With the expiration of the first-time buyer tax credit on April 30, there are now two main props keeping the housing market afloat. One is the growing percentage of home sales financed by Federal Housing Administration (FHA) loan guarantees. The other is the refusal of banks to put on the market foreclosed homes over $300,000.
Will this bank strategy keep the market for homes over $300,000 from imploding? Not a chance.
Housing markets throughout the United States for $300,000+ homes are in for rough sailing and prices are extremely likely to be headed for a real plunge.”
The full article –
http://www.businessinsider.com/banks-cant-hold-back-highend-mortgage-repos-for-long-2010-7
