The moral of the story is...

By
Real Estate Agent with Sun Surf Realty

The moral of the story is ...

The moral of the story is ... stay in your budget! Chief Economist, Lawrence Yun, recently spoke to the North Carolina Association of Realtors at The Greenbriar. One of his very astute points was low and no down payment loans did NOT cause the loan crisis. It is not about down payment it is about staying within your budget. After WW-II millions of no down payment loans were made to veterans and we did not have a mortgage crisis.  

See my other blog posts with Lawrence Yun videos from the North Carolina Real Estate Convention at the Greenbrier 2011

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Kathryn Gorham | Sun-Surf Realty | Emerald Isle North Carolina www.KathrynGorham.com 2010 President Women's Council of REALTORS® Crystal Coast Chapter 2010 Carteret County REALTOR® of the Year 252.646.4656 cell · 252.354.2958 office Southern Outer Banks NC | Crystal Coast NC | Coastal Carolina
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Copyright © 2011 by Kathryn Gorham, All Rights Reserved. Permission granted to re-blog or re-print with the stipulations that you do not alter the original content and that you provide a link back to this article in the re-blog or re-print. First printed at http://kathryngorham.com/emeraldislecarolinablog this article...The moral of the story is...
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Rainer
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Carol Babington
Carol Babington Associates - Las Cruces, NM
CRB, CRS, CIPS

Good point. It's also a different generation with a different set of ethics. Don't you agree?

Oct 24, 2011 10:04 AM #1
Rainmaker
126,722
Wendy Cutrufelli
Alain Pinel Realtors - Walnut Creek, CA
Contra Costa Realtor

I do think the first point needs to be to buy within your budget and then stay within it.

Oct 24, 2011 10:04 AM #2
Rainer
86,182
Wale Adewoyin
1st Crown Realty Corporation 972-268-9400 - Arlington, TX

Times are changing, and I feel the mortgage instruments that worked when people stayed on jobs for 30yrs, are not working today.

Oct 24, 2011 10:11 AM #3
Rainmaker
202,203
Kathryn Gorham
Sun Surf Realty - Emerald Isle, NC
Emerald Isle NC Crystal Coast

Carol, Yes good point. Changing the down payment rule to require 20% down to "fix" the problem when it did not "cause" the problem would not be helpful.

Wendy - yes great first step.

Wale - yes, the same products may not work but changing something that wasn't a cause of the problem won't work either.

Oct 24, 2011 10:56 AM #4
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Rainmaker
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Kathryn Gorham

Emerald Isle NC Crystal Coast
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