Marty Sumichrast has seen his share of economic booms and busts in real estate throughout his career. He’s participated in one of the largest US-led housing developments in the early days of the Czech Republic and his family heritage has been prominent in the US housing real estate development community for most of his life.
Marty believes that the US housing market will continue to see pressure in mortgage delinquencies until US employment strengthens and the banks relax underwriting guidelines. “I’m not suggesting banks go back to the “stated income” days for mortgage applications, but the pendulum has swung way too far and there needs to be some moderation” adds Martin.
Full commentary can be found on The Sumichrast Report.