Quote:
Originally Posted by Rochard
With my hometown I don't think it was so much that we overbuilt, but instead that everything was new - all new loans, all crappy loans. When everything went down hill, first to go was the crappy loans... Which was most of the loans in my new community here.
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I kinda take the over loaning and bad loans as one of main the reason why they built so many houses, helping create the overbuilt once it failed.
At least our area doesn't look like yours, yours is crazy. I don't think we have had a foreclosed house in this area, at all this year and overall very few did and they filled back up quickly. They really knock the value of the houses down and ours has slowly been catching back up. Knock on wood....