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Philadelphia Real Estate/Mortgage Market Reality

Where do I begin?<br /><br />The media hysteria along with the stock market <span class=”blsp-spelling-corrected” id=”SPELLING_ERROR_0″>volatility</span> has produced a scare mentality that is …<br /><br />Reality:<br /><br />1. The massive <span class=”blsp-spelling-corrected” id=”SPELLING_ERROR_1″>foreclosures</span> are NOT in <span class=”blsp-spelling-corrected” id=”SPELLING_ERROR_2″>Philadelphia</span>. They are in areas that were targeted by real estate agents and mortgage brokers for people to buy where they had bad credit and no cash. These area of California’s Central Valley and suburban Denver, for example have high foreclosure rates even when there is not a crises.<br /><br />2.The Philadelphia area is not in a recession. There are no massive layoffs. There is employment diversification.<br /><br />3. Prices have come back to reality. The “let’s make it up” <span class=”blsp-spelling-corrected” id=”SPELLING_ERROR_3″>pricing</span> model is gone! Property in Philly is priced very well and I do not see a drop in prices of any <span class=”blsp-spelling-corrected” id=”SPELLING_ERROR_4″>significance</span>.<br /><br />4. You CAN get a loan with no money down, with income verification with just a 620 credit score. <br /><br />Through Fannie Mae and Freddie Mac, they have programs.<br /><br />5. Rates….they will probably go down a little, but not back to 2004 levels.<br /><br />6. Rents have continued to rise. It usually pays to buy.<br /><br />If you want to buy a home..do it!

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