Janet: I'm a real estate broker in Massachusetts, and I can assure you of 3 things:
1) Closings for the month of September came to a halting screech. Considering its the last month before busy season slows down, brokers are concerned.
2) Lenders (bankers who I talk to) are absolutey averse to "no doc" and poor credit buyers (wow, what a concept?), right now.
3) In Mass., there are a surplus of new homes, and not enough buyers to go around. As a matter of fact, builders are torching their own developments for insurance money, because pre-purchase sales are SO soft (just happened in East Longmeadow, MA - over 5million $ loss, ATF / FBI is involved in the investigation).
The abovementioned are all signs of distress to me......
The trend is still intact here, I just believe that the index were tracking has been a bit giddy, because the broader market has rallied, this will change soon enough.
Sorry to hear you've been pinched a bit, but I believe this will reverse and reach new zeniths, IMO.
I'm waiting for re-entry, SRS is on watch now.
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