Jumbo Loans and White Elephants: Will the Pace Pick Up?
Tags: 500k, Association Of Realtors, Buddhist Scriptures, Debacle, Jumbo Loan, Jumbo Loans, Jumbo Rates, Knoxville Area, Loan Sizes, Lotus Flower, Mortgage Backed Securities, Mortgage Industry, Mortgage Lending, Nugget, Southeast Asia, Status Symbol, Upkeep, White Elephant, White Elephants, Wikipedia
According to Wikipedia, the definition for a white elephant is “a valuable possession which the owner cannot dispose of, but whose cost (particularly of upkeep) exceeds its usefulness.” Hmmm. Sounds like some of the higher priced homes we hear may be sitting on the market a little bit longer than usual. According to the Knoxville Area Association of Realtors (KAAR), the number of homes valued at $500K+ which sold in May 2008 was 34. But there were 205 new listings. Ok, so I have to give you a little bit of history about the origin of the phrase white elephant. It … Continue Reading