“Rating Agency Says Real Estate Overvalued by 10%”
I recently read an article where Fitch, the rating agency, declared that real estate was overvalued by 10%. Mind you this is one of the companies that gave subprime loans an A to AAA rating. Statements like this are completely misguided.
It is so difficult to understand that they could possibly make a statement about overvalued real estate. The question that I have, overvalued compared to what? Does some real estate get sold for more than it should, of course, but there must be a good reason. How much real estate is still upside down across the country? Are these properties overvalued as well?
I guess it is just OK to just throw stupidity out and it will get reported and some might even believe the statements. Crazy!
image courtesy of cooldesign/freedigitalphotos.net
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.