Purchasing at the top just got pricier, the market is now being squeezed from two fronts

[lonestar2000]

An article on Money.Cnn.com today is stating that Wells Fargo is raising jumbo loan interest rates to 8%. These are 30 year, standard doc loans! The top end is starting to get the squeeze now as well.

Personally, I think we’re about to see this crash accelerate like we haven’t before.

http://money.cnn.com/2007/08/07/real_estate/jumbo_jam/index.htm?postversion=2007080711

[kev374]

well, considering that jumbo loans are anything over $417,000 it means that in SoCal this applies to virtually all financing activity. So instead of saying market is getting squeezed from both sides I would just say the market is getting squeezed 😀

[kev374]

well, considering that jumbo loans are anything over $417,000 it means that in SoCal this applies to virtually all financing activity. So instead of saying market is getting squeezed from both sides I would just say the market is getting squeezed 😀

[kev374]

well, considering that jumbo loans are anything over $417,000 it means that in SoCal this applies to virtually all financing activity. So instead of saying market is getting squeezed from both sides I would just say the market is getting squeezed 😀

[lonestar2000]

Exactly, which is why this spells doom for San Diego, OC, LA, etc.

[lonestar2000]

Exactly, which is why this spells doom for San Diego, OC, LA, etc.

[lonestar2000]

Exactly, which is why this spells doom for San Diego, OC, LA, etc.

[GoUSC]

Or opportunity for those of us that are buyers sitting on the sidelines. 🙂

[GoUSC]

Or opportunity for those of us that are buyers sitting on the sidelines. 🙂

[GoUSC]

Or opportunity for those of us that are buyers sitting on the sidelines. 🙂

[guitar187]

This is certainly not limited to Wells. There is no secondary market right now for any jumbo products. Anything besides full doc or stated/verified has been eliminated. And yes, pricing is thru the roof.

[guitar187]

This is certainly not limited to Wells. There is no secondary market right now for any jumbo products. Anything besides full doc or stated/verified has been eliminated. And yes, pricing is thru the roof.

[guitar187]

This is certainly not limited to Wells. There is no secondary market right now for any jumbo products. Anything besides full doc or stated/verified has been eliminated. And yes, pricing is thru the roof.

[bsrsharma]

Also, a lot of “millionaires” based on (paper) house worth are now ex-millionaires (more like $417K’ers). Imagine what that will do to big-ticket spending. Looks like a socialist revolution!

[bsrsharma]

Also, a lot of “millionaires” based on (paper) house worth are now ex-millionaires (more like $417K’ers). Imagine what that will do to big-ticket spending. Looks like a socialist revolution!

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