It seems we have seen the mortgage crisis take a turn for the worse in the past few days as Bank and Mortgage company stocks have taken it on the chin, again. Amid all the gloom there are some markets which remain active. Even a highly distressed area, like Prince William County, have begun to see some sales movement.
The economy, like the real estate market, moves in ripples and waves, the up and down price cycles reflecting the markets daily interpretation of what is going on in the world and in the industry. The mortgage companies have borne the brunt of the downturn. Next, I expect to see the private mortgage insurers get hit.
If you need to talk about an appraisal issue or the real estate market in general, please feel free to contact me.