It looks to me like there was no shortage of warning signs and they have been right in front of us for several years. As far back as 2001 a number of prominent people have been talking about Fannie Mae and Freddie Mac and things that needed to be done. If you want to see some great evidence of this just got to www.youtube.com and type in Fannie Mae. The on camera evidence is compelling to say the least.
I have been saying for a long time that the mortgage companies were digging themselves into a giant hole with 100% financing - no down and no doc loans - and other similar programs. I admit that some people have benefited from these programs but for the most part they have simply enabled those who shouldn't buy a home to be able to do so and now we are seeing the results. My last 3 closings have been short sales/foreclosures and I'm pretty sure that I will have a lot more of them before we get back to a more "normal" market.
I don't know what the future holds for financing and the housing market so if you have a good crystal ball, let me know. I do know that along the Wasatch Front, homes are being bought and sold every day and life goes on, so a lot of people aren't just hanging on waiting to see what happens.
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