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Lets compare the start of 2008 to the start of 2007
Inventory of homes for sale, up 25%
Buying rate down 30%
Foreclosures, up 300%
Notice of foreclosures up 500%
New home builders, prices down 15%
Credit: significantly tighter, subprime gone, stated income gone, alt-A nearly gone.
The legislative and legal scrutiny of lending practises may lead to safer loans and a better market going forward, but it means an end to many loans for potential buyers in 2008...
Circle march 1st on your calender. That is the date down payment requirements will go up 5% on almost all categories of loans, in any declining market. (by then almost every market) There goes another 10% of the already small pool of buyers...
2008, a year that will live in housing infamy...
Never before in the history of human real estate endeavor has so much been owed by so many with so few buyers...
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Official slogan of BLACK MARKET 2008: 'Man this sucks!'
(Thanks to Carrie)
Hmmm, My guy just told me congress passed a bill to lower FHA from 3% to 1.5% that should help.
I'm a seller that's selling and last I checked, I'm still alive.
Hey SoCal - Your welcome I like to contribute evenly.
Rob your sliding deeper and deeper... I'm worried about you bud..
You should go into politics - you're good at waffling.
This is just more fodder for the circling vultures over on the dark side..Doom .. Depression...Every time this stuff comes up it just aggravates an already bad situation..In fact -- today 4closures were down? Who’s talking about that? Everybody’s to worried to post it probably. SO I will mention it... Calm before a storm?? It is what it is...
Wait a second, you mean the housing market's bad?!
Carrie is right. FHA now requires only 1.5% instead of 3%. I like how you conveniently left that out Rob!
I'm alive! Oh, no... wait. I'm a sock puppet. Nevermind.
fha may require only 1.5% for some programs, however they have raised the price on their mortgage insurance, and raised interest rates versus a large spread of credit numbers...
Ask not for whom the real estate door bell tolls, it tolls for thee...
But Azrob, I'm still not seeing which price ranges? Cross the board equal percentage????
(I don't think so in any market).
Though I'm sure you are right that the entire U.S. market will be affected the same, I don't think it can be equal percentage, and thus some must do better than others.
Also, shouldn't we be comparing new home builders prices to 2 or three years ago instead of last year? What is the point of a comparison to a known inflated number?
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