I ran into Bret Taylor of the Pier Group the other night and asked him how the real estate business was going. He said that it was turning around although slowly. That is good news. I got to thinking about mortgages when I parked downtown this morning by the former location of Integrity Mortgage that has moved to N. Federal Highway.
The foreclosure rate on prime fixed rate mortgages doubled last year and if you live in California, Nevada, Arizona or Florida, 46% of new mortgages in these states accounted for nearly half of the foreclosures in the country. This is one reason why our State is hurting and why our city is struggling. There is a trickle down effect to this not only in income to the city but by the blight it causes to the neighborhood which increase gang activity, etc.
Perhaps refinancing is the key as President Obama suggested last month.
Click here for Re-Finance Calculator.
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