I’m not that surprised to see these numbers for August. The credit crunch really happened at the beginning of August, so all those homes that were in escrow prior to that had a decent chance of closing…i’m sure it takes a little time for all the banks to tighten their standards AND enforce them. People are still working off of commissions, so they are going to try and get those 100% NINJA loans through the pipe especially if they know that changes are coming down the road. So I bet that there was a conscious effort by all parties involved in closing, to dot their “eyes” and cross their “tees” as early as possible.
I know Piggs have a tendency to say “just wait, you’ll see” but I think that the numbers reported in early October will be much more telling of the real impact of the credit crunch. Don’t you agree?
