The "Good Old Day"s Are Gone

The real estate market began a steady incline in the mid 90's.  Fortunately in Missoula things didn't explode, it was a gradual incline (about 2% per year) and by the mid 2000's things were in full swing.  We were selling homes like crazy, everyone could get a loan, regardless of income, credit or proof  of a job.  The large lenders were providing stated income loans, no documentation loans, and other crazy products.  Values were increasing and so if you needed extra money for improvements, a new boat or a trip, all you needed to do was go down and get a Home Equity Line of Credit (HELOC) also known as a second mortgage and do what ever you wanted.   Then things began to slip, slowly in late 2006 through 2007 and then it BURST in 2008, the stock market, the economy, and everything else!   Fast forward to 2011 and we see the fall out,  short sales and foreclosures due to job loss, stock market decline, and bad loans.  The good news is that Missoula has faired better than many other parts of the country like Arizona, Nevada, Florida and Michigan.   We are fortunate that we have weathered the worst part of the storm and seem to be rebounding, slowly but surely!  Stay tuned for weekly updates!