It could be worse...
Today, Capital One closed a subsidiary, GreenPoint Mortgage. For the 1,900 people who just lost their jobs, Michael Vick's guilty plea is neither here nor there.
The mortgage and real estate industry are in deep trouble and it continues to get deeper. The ingredients are creating a perfect storm of sorts in real estate.
1- House inventories are high which is putting a lot of downward pressure on the market.
2- Loan programs are disappearing. 1st time buyers can no longer buy and those wishing to sell their homes and move up are unable to do so.
The next couple of years are going to be challenging.
http://online.wsj.com/article/SB118764159728403271.html?mod=MKTW
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