Justin Bieber hit by US housing crisis

    Justin Bieber  is suffering the effects of the housing crisis – just like millions of other homeowners – because he can't get the mortgage he wants on the house he wants to buy.

    TMZ broke the story … Justin has  made an offer on a 9,000 square foot estate  in Calabasas, CA … a ritzy area with gated communities 20 miles from Hollywood. We've learned the hang-up is that the property didn't appraise near the asking price of $7+ million.  

    Justin could easily afford to plunk down the asking price, but we're told his business manager has insisted that he take out a mortgage, because it makes good financial sense. But we're told the appraisal has come in significantly under asking — more than a million under. As a result, Justin can't get the mortgage his business manager wants.

    So Justin and the seller are haggling over price, trying figure out if they can agree on a price that will allow the 18-year-old to get a mortgage. We're told Justin is willing to pay $6 mil but the seller is blanching because he sunk way more than that into the property.

    It's tough for everyone in these difficult times. Well, not really.

    Source: TMZ