Anyone active in real estate is familiar with the hit the industry took in 2007 due to collapsing loans and property foreclosure. Although Houston didn’t see much of an downward change; according to an HAR (Houston Association of Realtors) press release in mid December. Other places in the country took huge blows. Shelby Township, Michigan, a suburban Detroit community led the country in foreclosures. Homes in that area drop nearly 50% in value as purchasers begin to move out to get from under high stress property loans. Countrywide, the nation leader in real estate loans, have begin discussing a merger with Bank of America due to the climate change in the real estate loan market. According to CCN news we should probably aspect other mergers to take place in the future as well.
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