Piscitelli also adds that one of his best mortgage broker clients is working on 15 deals “which never would have happened a month or two ago.” He adds, “Most of the work is refi’s but there are some sales in there as well.”
Most are refi’s, but SOME sales are in there.
The sales are probably foreclosures, and the refi’s pre-foreclosures. I’ve noticed realtors putting sold on houses that the following month are for sale again. Tighter standards?
Refi’s are probably the result of lower rates, proactive people trying to avoid foreclosure, and Hope Now.
We know this will happen. Just wait until after 3 dismal month-to-month price declines for an uptick in median resale. The bulls on parade lead by the NAR will shout the bottom is here. The parade will last until next omnth’s data comes out.
