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Plus, more subprime lending evidence
Lots of interesting data to cover today. Some of it a bit scary – like subprime lending practices. Some of it a bit encouraging. Here is the list of todays articles:
- More Lenders Easing Up Credit Standards
- Spike in Renters Looking to Buy
- Reis: Apartment Vacancy Rate increased in Q2 to 4.4%
- Hey homebuilders, Canadian lumber tariffs could jump nearly 30%
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I still can’t believe what we will talk about in todays show is actually happening. It is, for lack of a better word, completely nuts.
I recently had an email exchange with a listener relating to current lending and credit practices. As it turns out, we really don’t agree on much. So, lets share the listeners email, my response and then get into some details on why we are pretty much 180 degrees away from each other on this issue. What it all really boils down turn is that subprime lending is back, ready to cause the same issues it did last time.
Our big topic for today spans a few stories. Subprime lending style strategies are back and they are scary. While there are protections now that were missing before, these are the kinds of things that evolve as institutions get comfortable with them. In short, setting a bad precedent. From bank firings to HELOC defaults, we are seeing lots of instability in the lending world and lots of efforts to get more money into the hands of folks who are risky at best. All it would take is some collapse in any of the current markets and we could see yet another downturn in real estate. The worst part is that there are more points of weakness today than last time and our economy is in much worse shape than last time, so things get much worse much faster.
In todays show we are going to explore what is going on with debt. All kinds of debt. What states show the greatest debt in different areas? Which areas have had the highest delinquency rates? For some buyers, sellers, investors and real estate entrepreneurs, these trends can help them find opportunities where there are more properties to be found at better prices.