Luxury Short Sales

Monday, December 21st, 2009 | Uncategorized

Hey gang,

Check out this article on Bloomberg. Apparently, what we’ve been talking about for the past two years is finally taking place.

In case you’ve missed it, since the winter of 2007 SREC has been pointing out that the large number of ALT-A loans and pay options would wreak havoc on the housing market as they began to recast in 2010. The deal with Alt-As is that many people with great paying jobs took advantage of them to either buy a house that they really couldn’t afford, or to buy that condo in the mountains for winter skiing.

The Alt-As combined with the general malaise of the economy are making things surprisingly tough for many individuals who a couple years ago were on cruise control. I can’t tell you how many friends I have in finance who USE TO make more on their bonuses than their salary. That’s no longer true, and those vacation homes are more difficult to swing.

My favorite quote from the article: “The rich aren’t as rich as they used to be.”

To find out more about how this shift can open up doors for you in the luxury short sale market, check out our free coaching membership site here. It has a ton of free stuff and a forum for you to share ideas.

~Josh

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