That letter represents the perfect world for me. It shows how much Demand there is for people that actually have credit. My overall strategy in all of this mess is to wait until the lending standards weed out the weak hands and reward those of us that are financially responsible (didn’t the lending standards of yesteryear provide a barrier of entry for homeownership predicated on a downpayment and one’s ability to pay??). There will be a point where lending standards will be at there tightest which will leave a small pool of legitimate potential buyers choosing from a peak inventory of properties left in the wake of this debacle (they will not be cheap by any stretch but within reason). I just simply refused to compete for properties, that I would have to stretch myself to the maximum reasonable limit, with people of much lesser means. No I am not a snob that is just common sense. IMO right now is not the time to buy, there are still alot of weeds to be pulled. My biggest fear/concern is a major bailout of some sort. I don’t mind the FED taking steps to ensure the whole house of cards doesn’t fall but there is a growing drum beat on Wall Street wanting major action in regards to RE. There is a saying “be careful what you wish for you just might get it”. A major bailout would have ramifications beyond housing. I just hope our new Fed Chairman knows this and doesn’t fall prey to the financial/political pressures mounting with each and every day.
