Mortgages, Mayhem and Margaritas

No doubt you’ve been hearing about the problems in the mortgage industry. Countrywide is the latest to make it to the front pages but the real industry problems have been brewing for months and it’s not going away for some time.

We expect the lenders to further tighten their requirements, especially as the 2-3 years ARM's written in 2004-2005 come due and result in even more foreclosures.

Our advice… gets a frosty margarita. Relax. Take a nice log sip of the nectar of life. Understand this is a real estate cycle in play. It won’t last forever. Markets like ours in the greater Phoenix/Scottsdale area will rebound. Take another sip of the margarita. Look for future posts about short sales, best practices in a down market and The Official Urban Life Killer Margarita Recipe.

 Enjoy… Ron & Gene