This was a good article, I am glad someone posted it.
The very end summed it up.
"It's got to get worse before it gets better, said Michael Davin, executive vice president of Catalist Homes in Hermosa Beach, echoing the new mantra of the real estate business.
"We need a shakeout to stabilize the market," he said. "Lenders are going to have to start cutting prices big time."
"Mortgage broker Ruben Perez started seeing lenders change or eliminate their mortgage programs for riskier sub-prime loans about six months ago, and they seemed to do so every quarter. Then lenders started sending brokers notification of changes every month. Within the last week or so, their notices started coming every day and included changes in loan programs affecting even the best borrowers.
“When money becomes scarce, it gets more expensive. Interest rates on so-called jumbo mortgage loans — those of more than $417,000 — have risen steeply in recent weeks. At all levels, marginal buyers are being eliminated.”
“When money becomes scarce, it gets more expensive. Interest rates on so-called jumbo mortgage loans — those of more than $417,000 — have risen steeply in recent weeks. At all levels, marginal buyers are being eliminated.”
“When money becomes scarce, it gets more expensive. Interest rates on so-called jumbo mortgage loans — those of more than $417,000 — have risen steeply in recent weeks. At all levels, marginal buyers are being eliminated.”
“marginal buyers”… does that refer to all the ignorant, uneducated, whiny, bitter, renting losers that make less than half a mil per year? or just people who can count?
“marginal buyers”… does that refer to all the ignorant, uneducated, whiny, bitter, renting losers that make less than half a mil per year? or just people who can count?
“marginal buyers”… does that refer to all the ignorant, uneducated, whiny, bitter, renting losers that make less than half a mil per year? or just people who can count?
