Great Southwest and More to come

Our friends at Great Southwest closed the doors yesterday. Rumor has it that Countrywide is the next to fall. I can not understand why the lenders will not work with owners that are in trouble and willing to work with them. Banks seem to want the property back for some unknown reason and resale for far less than the market value. Great news for buyers who CAN get a loan. Hopefully, the feds will lower the rates soon. It could be a long ride.