Menu

Home › Forums › Housing › Mr Mortgage: “Massive number of people about to be taken out the market”

Viewing 15 posts - 1 through 15 (of 176 total)
1 2 3 … 10 11 12
  • Author
    Posts
  • November 12, 2008 at 9:30 PM #14430
    TheBreeze
    Participant

    Mr Mortgage has another great article up titled “For Many, 20% Down Payment is All That’s Left”:

    http://mrmortgage.ml-implode.com/

    Here’s the meat:

    In CA (other states as well) due to mortgage insurer ‘challenges’, the MINIMUM credit score required to do any loan (Fannie/Freddie included) over 80% is now 720 from the previous 620. I am not sure the percentage of folks with over 720 scores vs. under but regardless, this will take a massive number of people out of the market.

    …

    Additionally, putting 20% down is a very rare thing especially in this housing market. Over 50% of all sales came from the foreclosure stock and move-up buyers are not driving force – it is first-time home buyers, renters and investors. While investors usually have to put down at least 20%, first-time buyers and renters can put down less through Fannie and Freddie. Until recently, in CA you could purchase a home with 5% down under 720 score.

    This just made affordability drop in a big way. To compensate, house values have to fall even further. This will also shuffle folks over to FHA for loans over 80% where rates are higher and where much fewer programs are available, which I am sure is part of the master plan.

    I think this is going to be what finally takes down the high end. Look out Carmel Valley, here I come (in late 2009, early 2010ish)! Yeehaw! Bring it on!

    November 12, 2008 at 11:19 PM #303566
    sdrealtor
    Participant

    Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.

    November 12, 2008 at 11:19 PM #303927
    sdrealtor
    Participant

    Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.

    November 12, 2008 at 11:19 PM #303939
    sdrealtor
    Participant

    Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.

    November 12, 2008 at 11:19 PM #303956
    sdrealtor
    Participant

    Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.

    November 12, 2008 at 11:19 PM #304014
    sdrealtor
    Participant

    Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.

    November 12, 2008 at 11:22 PM #303571
    patientrenter
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

    sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

    November 12, 2008 at 11:22 PM #303932
    patientrenter
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

    sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

    November 12, 2008 at 11:22 PM #303944
    patientrenter
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

    sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

    November 12, 2008 at 11:22 PM #303961
    patientrenter
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

    sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

    November 12, 2008 at 11:22 PM #304019
    patientrenter
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

    sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

    November 12, 2008 at 11:51 PM #303611
    TheBreeze
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.[/quote]

    Imagine that. A realtor talking about how strong the RE market is. Never thought I’d see the day.

    November 12, 2008 at 11:51 PM #303972
    TheBreeze
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.[/quote]

    Imagine that. A realtor talking about how strong the RE market is. Never thought I’d see the day.

    November 12, 2008 at 11:51 PM #303984
    TheBreeze
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.[/quote]

    Imagine that. A realtor talking about how strong the RE market is. Never thought I’d see the day.

    November 12, 2008 at 11:51 PM #304001
    TheBreeze
    Participant

    [quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. I also have several buyers looking and all but one has 20% or more.

    There is alot more money out there than you all think around here. There are also a ton of folks who sat out the last few years waiting for prices to fallor who were priced out but not anymore.[/quote]

    Imagine that. A realtor talking about how strong the RE market is. Never thought I’d see the day.

  • Author
    Posts
Viewing 15 posts - 1 through 15 (of 176 total)
1 2 3 … 10 11 12
  • You must be logged in to reply to this topic.