Asked by Paul Estrada, Miami, FL • Sun Mar 16, 2008
second time, but unfortunately, about 99% of all homes listed in Dade County alone are way over valued. You must understand a few things. We have all just witnessed the largest real estate bubble in the history of this Nation. And, as all bubbles we have been through, a steep price correction always follows. Now, here is the real problem. In addition to the real estate bubble which has yet to pop, we have the lenders in some serious trouble since they simply no longer have investors willing to invest due to the sub-prime credit problems, foreclosures, bankruptcies, etc, etc. This makes it very difficult for buyers to qualify for a loan. Money is in short supply. Remember all those buyers who were able to qualify and purchase homes with no money down and or no proof of earnings, etc? This was unheard of, banks were giving away money to anyone who came in the door and now we are witnessing the effects of the greed that lenders, dishonest brokers and many realtors realized.
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