“The bottom of the market looks like the bottom of the market. Credit terms are tough, underwriting is tough, appraisals are tough and nobody offers the benefit of the doubt. The properties being sold aren’t usually in the best shape and the transactions sometimes get complicated, depending on what’s happening on the seller’s side.”
I bought in November ’95 and moved in Jan ’96. The credit was easy, I got a 6% interest rate, the appraisal was easy, the seller’s had to fix it up some but other than that, there were no complications…….I got really upset when the interest rates started falling after I bought my house. The houses dropped a little further and I could’ve got a little bigger and better house. All my friends who bought around that time had the same experience.