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(EMAILWIRE.COM, July 12, 2007 ) Charlotte, NC – Homeowners looking to sell a house fast for cash are not the only players in the housing market feeling the pain these days as credit ratings for many mortgage backed securities were recently downgraded by S&P and Moodys. People that want to buy a house may find it more difficult as credit becomes much tighter.The reason for these downgrades is primarily because of homeowners who were classified as subprime borrowers who used adjustable rate mortgages (ARMs) to buy homes in recent years who are now unable to make their payments and are defaulting in record numbers. Analysts are hoping that the defaults will be limited to this isolated sector of the mortgage market in the United States and not spill over into mortgage backed securities composed of mortgages issued to people with better credit histories.“We get calls and emails everyday from people that search for companies that buy houses, and many of them are the people who are defaulting on their subprime mortgages. Our team of investors across the nation are helping hundreds of people who want to sell their home and the demand for help just keeps growing,” said Patrick McGilvray, President of TheHomeBuyingCenter.com. “Many people did not understand their mortgages and the easy access to cash for house purchases helped drive the prices of homes up to unrealistic levels,” Mr. McGilvray added.“We just tried to buy a house but could not get approved because our credit is not very good. The sad thing is that a year ago we were qualified for a home mortgage despite our credit challenges. The world has changed for us and we’ll just have to rent a while longer,” said Joe and Cindy Herman of Charlotte, NC. Industry watchers and companies that buy houses for investment purposes are not feeling particularly optimistic that prospects for prospective homeowners like the Herman’s will improve anytime soon. The chief economist of ratings agency S&P, David Wyss, predicts an eight percent drop in house prices between 2006 and 2008 with some areas of the country having an even greater drop.Contact:Patrick McGilvray, J.D.Tel: 916-920-3278 ext 2TheHomeBuyingCenter.com. ### This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.
Patrick McGilvray, J.D.
patrick@thehomebuyingcenter.com 
Source: EmailWire.com
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