Sound familiar:
Professionals who fake home appraisals are helping fuel a rise in mortgage fraud in Indiana, bilking would-be home buyers or lenders out of millions of dollars, officials warn.
Oh great, another “negative” story on the industry, yeah, it is. But this one is dated November 12, 2002 and appeared in the Cincinnati Enquirer in an Associated Press article.
I wish I could find these “experts” and find out what they are doing now. They hit this market on the money.
Authorities say mortgage fraud drives up foreclosure rates, promotes urban blight and hurts property values in some areas because when lenders realize the homes are worth much less than originally appraised, they usually don’t fix them up.
Of course there predictions weren’t very hard. Simple economics — and physics — drive the economy: what goes up, must come down.
However, too many people are focusing on today, without keeping in mind — any time something of value goes down, it bounces back. The markets are like a pendulum, first they go too far one way, then too far the other, and finally settle on a nice equilibrium.
So if you are riding the housing market’s pendulum hold on tight and enjoy the ride.
Photograph by Bailey Kirkpatrick and used with permission.
