Comments on: Home Lending Reverts Back To 1980s Standards As Real Estate Industry Suffers Hangover http://www.therealestatebloggers.com/2008/10/30/home-lending-reverts-back-to-1980s-standards-as-real-estate-industry-suffers-hangover/ Real Estate Blog, Mortgage, and Development News Sat, 21 Nov 2009 03:38:54 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: Todd Covington http://www.therealestatebloggers.com/2008/10/30/home-lending-reverts-back-to-1980s-standards-as-real-estate-industry-suffers-hangover/comment-page-1/#comment-312266 Todd Covington Tue, 16 Dec 2008 21:01:50 +0000 http://www.therealestatebloggers.com/2008/10/30/home-lending-reverts-back-to-1980s-standards-as-real-estate-industry-suffers-hangover/#comment-312266 While I am an optimist, 2009 will be as bad as 2008. I just got into the business and boy it is slow. My guess is spring 2010 is the earliest we will see any type of recovery. While I am an optimist, 2009 will be as bad as 2008. I just got into the business and boy it is slow. My guess is spring 2010 is the earliest we will see any type of recovery.

]]> By: T.A. Sayers http://www.therealestatebloggers.com/2008/10/30/home-lending-reverts-back-to-1980s-standards-as-real-estate-industry-suffers-hangover/comment-page-1/#comment-293292 T.A. Sayers Fri, 07 Nov 2008 21:00:40 +0000 http://www.therealestatebloggers.com/2008/10/30/home-lending-reverts-back-to-1980s-standards-as-real-estate-industry-suffers-hangover/#comment-293292 I found this post interesting, New Zealand real estate is going through a similar downturn, except that we peaked at the beging of this year and the Real estate machine came to a grinding holt. in the past 6 months we have seen a 25% decrease in the No. of real estate people in the industry and have had large failure rate of offices, Not only has this happened this year but we have also had the real estate laws reworked in New Zealand which I think will create a more difficult enviorment to work in and an increased risk. If we go by the way the states have gone we could be looking at 3 or more years of decline. This will just be devestating to a former vibrant industry. Our second mortgage leaders and finance companies have nearly all but gone and the ones that are left have shut up shop. Growth I think will slow as developers find it hard to find the bridging finance. In my city Tauranga (second fast growing city in the country) we have alot of subdivisions on the cards but noones touching them. people are trying to get out and finding it hard to get interest in these properties and what interest there is has been 10-30% below asking price. I hope and even pray that we will bounce out of this sooner that later. its just hard to see it in the current time. If you are looking for a Real Estate Professional in Tauranga N.Z. give me an email bayproperty@hotmail.com I found this post interesting, New Zealand real estate is going through a similar downturn, except that we peaked at the beging of this year and the Real estate machine came to a grinding holt. in the past 6 months we have seen a 25% decrease in the No. of real estate people in the industry and have had large failure rate of offices, Not only has this happened this year but we have also had the real estate laws reworked in New Zealand which I think will create a more difficult enviorment to work in and an increased risk.

If we go by the way the states have gone we could be looking at 3 or more years of decline. This will just be devestating to a former vibrant industry.

Our second mortgage leaders and finance companies have nearly all but gone and the ones that are left have shut up shop. Growth I think will slow as developers find it hard to find the bridging finance. In my city Tauranga (second fast growing city in the country) we have alot of subdivisions on the cards but noones touching them. people are trying to get out and finding it hard to get interest in these properties and what interest there is has been 10-30% below asking price.

I hope and even pray that we will bounce out of this sooner that later. its just hard to see it in the current time.

If you are looking for a Real Estate Professional in Tauranga N.Z. give me an email bayproperty@hotmail.com

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