How many times have we seen that someone, somewhere has decided to let GREED lead their decisions?
In Las Vegas, GREED has risen to a new level! Bloomberg.com has a very detailed article about how supposed SCAMMERS have reportedly sold 227 properties worth $107 Million involving 432 transactions! Schemes, like reported here, had helped to pump up that housing bubble with Las Vegas experiencing over 50% increases over the previous year for two quarters in a row in 2004.
One expert in Las Vegas claimed that 100% of the blame in the Real Estate crisis is no-verification loans. As a REALTOR® for over 17 years, I have seen where these types of loans can definitely help people who are self-employed or new to our country. However, when GREED enters the picture, these types of loans can be devastating!
Why does the minority always have to ruin things for the majority? Maybe if the majority would speak up when they see this kind of GREED going on this won't happen again. I'm sure that the FBI would love to hear from us! Let's put the criminals behind bars where they belong!
On A POSITIVE Note:
This is just one more example of how Real Estate is Local. In Davenport, Iowa, we never had a housing bubble to burst. We never experienced double digit yearly increases (let alone 50%!) in values. We have experienced slow steady growth for decades. In the last couple years, the media hype has slowed things for us as well. We have low unemployment, low interest rates, great inventory, and great values. What better reason to BUY NOW?
Lucky :)
