Make no mistake about it, it’s happened. As a self proclaimed standing inventory stalker, builders are giving back deposits, resale deals done with pre-qualed buyers are falling through, buyers that qualified a month or two ago are being rejected today, not one or two, a bunch depending on the price point. Obviously the move up, high enders aren’t being hit as much as the lower end where sub and alt-a’s and 0 down are the dominant buyer, in those market’s they feel like the season changed to winter overnight. Try this, call a broker and tell him you want to buy a house for 800k, no down no doc while you are in a standing position and at the time you say the last syllable drop a penny from your hand, held out to your side, level with your head. Then see if the penny hits the ground before he hangs up on you, then you’ll know if things have changed.
