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I have been reading about the horrible realestate market in Las Vegas,
and it got me thinking. Maybe being a sub-prime mortgage broker in a
crashing market might not be a good thing.
"But when home prices unexpectedly took a backward step, many
investors seeking to cash in quickly were left "upside-down," or owing
more on their mortgages than what their homes were worth.
The result was a glut of homes in the marketplace, communities spotted
with empty houses and for sale signs — and a foreclosure rate in
Nevada that leads the nation as owners unable to sell became saddled
with unbearable debt payments.
Foreclosure filings across the United States rose 47 percent last
month from a year ago to 149,150 — one for every 775 households,
according to statistics from Realty Trac Inc., a foreclosure listing
service. And for the third straight month, Nevada's foreclosure rate
led the nation when it rose 220 percent from a year earlier to 4,738
filings, or one in every 183 households.
In Clark County, which encompasses Las Vegas, one of every 30 homes
began the process toward foreclosure last year."
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So how do you suppose Wingie is doing?
