From Mid 2007
August 4th, 2008
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Last year, I wrote to you concerning the slew of foreclosures and short sales that were coming our way. I can’t speak about all of California but I watch what’s occurring in our local market. No doubt, you’ve seen the headlines that included the words, “Sub Prime Loans”. Much ado is being made about the irresponsibility of underwriting those loans and the lenders that peddled them to unsuspecting borrowers. Unfortunately, Sacramento has been listed as the #1 area for Sub Prime loan origination. In 1995, the greater Sacramento area gained “honors” as the #2 “Short Sale” market in California. It appears likely that we’ll return to that lofty level again.
You think that your credit records are private, right? The 3 major credit bureaus have the right to sell your credit scores and recent inquiries to lenders that pay them the most money for it. Sounds illegal but it isn’t. However, you can opt out of having your credit shared and receiving unsolicited credit offers. Call (888) 567-8688. It takes less than 5 minutes and it will cut down on the junk mail for credit cards sent to your home.
