Real Estate Leads in time of Recession

The economic doldrums must have been very difficult for the real estate industry and the real estate agents. Even the banks and property owners with house mortgages are not exempted from the bitter reality of the great recession of the 21st century.

While a lot of home owners, real estate builders and real estate agents suffered a big blow in this negative occasion, others thrived because of the money they have saved. This gives the thriving public purchasing power. Moreover, some real estate business still managed to perform as top producer 8i. Their listings of properties available for sale increased because of foreclosures and voluntary revocation in the part of the home owners.

Real estate companies have become very robust and creative with their marketing to attract buyers and real estate agent to sell on their behalf. Their goal is to stay afloat and dispose as many properties in their lists to the public. Despite the economic situation, it has brought about a window of opportunity for others to acquire these properties in a much lesser and affordable price.

The situation in the real estate industry is still very volatile. Real estate companies are still cautious with their future projects and keeping their business thriving in this harsh time.

Arrears on Mortgages

I had my fair share of mortgage problems many, many years ago. It all happened when my husband moved here in Dubai to look for a job. I was temporarily left in the Philippines with my baby daughter, two nannies and a mortgaged townhouse.

I was not earning very well but had good perks in the bank where I previously worked. I had our townhouse under mortgage with my employer - the bank. Unfortunately, my husband took long to land a very stable job in Dubai that we fell in debt and had lapses in our mortgage payments.

I was lucky enough to find a job when I came to Dubai very quickly. By then, the interests were all piling and we had to do something. So, we took a big loan here in Dubai and paid the property in full. At least we have a clean title now and a loan that will mature in the very near future.

What we have been through is not an easy feat. I am so thankful that we paid the property in time before the bank foreclosed it. If we had not done that, we will end up losing all we have worked so hard for on that property. It is similar to what is happening in the US now with all the Outer Banks foreclosures. I could not bear seeing all our hard work go to waste.

We are just lucky that both of us have a good opportunity here in Dubai. We are earning better than our previous senior managers in the Philippines. We have learned a lot from that ordeal. We know how to value money and invest properly now. We are still planning to have another property soon in the Philippines. If ever everything falls into place, my husband and I plan to purchase in cash now. I am so afraid having loans these days. I cannot relive the nightmare I have had with the arrears on mortgages.

Living in Las Vegas

I have been mulling on the thought of migrating to the US. Although it has always been my dream to visit my relatives there since I was young, I never actually thought that my husband and I would really like it there. Not to mention my daughter too!

We have visited Los Angeles, San Diego and Las Vegas but the latter has a certain lure that is hard to resist. It's not the flashy neon lights nor the captivating signs of the casinos along the strip that enticed us there. The price of the real estate Las Vegas are lesser compared to Los Angeles.

Apart from that revelation is the fact that my Uncle and his wife moved from San Francisco to Nevada some years ago because of the lower property rates. Moreover, the lower tax rate is also one of the plus factors. He made good use of his well-earned retirement money by purchasing a nice suburban home near the Las Vegas strip. We were glad to be able to see his abode and the neighboring village as well. The timing could not be any better too because of the recession, Las Vegas foreclosures real estates are quite high and what was once an expensive piece of property is now being sold at a very low price. My husband and I suddenly had our "light-bulb" moment and checked Summerlin foreclosures for some nice properties. We even joked that if we ever win in the casinos, we'll definitely purchase a property there.