Recently ran across this article on CNN Money.com, and couldn’t help but notice that it is yet another doom and gloom report on the subprime lending market. There are a couple quotes that do pertain to San Francisco:
-”At a minimum, it means financing is drying up for those with less-than-perfect credit and that spells fewer home buyers.”-True
-”foreclosed properties will add supply to a housing market that already has too much.”-Which housing market was that?
-”The hardest hit areas, which he thinks will be Arizona, Nevada, parts of California and Florida, will absorb high single digit or even double-digit punches.”-We’d love to look in that crystal ball.
-”According to a report from the Center for Responsible Lending (CRL), about 1 in 5 of the subprime loans written in the past two years will go into default, costing 1.1 million their homes and unleashing a flood of foreclosed homes on the market.”-Think about buying some investment/rental property if you can.
Could we please have a similar report, but written by cnnmoney.com/california/bayarea/sanfrancisco?
-”Meanwhile New York, Boston, and coastal California, and even D.C. should hold up OK,”-Oh, there it is. In the very last sentence.