Posted by ME/NJ on 8/30/07 4:36pm
Msg #208719

Since new guidlines changed - 85% of current apps

Fail to even make the new guidelines, spoke with 3 CW reps and WAMU rep this week. Loans that were ok last month have been bounced.

I hope they ease up again because of the slow housing market and values dropping it will be a stale mate for awhile.

My area values have dropped around 7% since last year. Sellers are not moving and buyers are lowballing.. almost a year to sell your home unless priced for a quick sale.

Reply by Stamper_WI on 8/30/07 4:46pm
Msg #208728

If you want an accurate housing valuation for your area, the OFHEO released their 2nd quarter report today. Just keyword OFHEO. Very informative pdf file. This one covers Apr-june. The next report witll really be the one to see!

Reply by ME/NJ on 8/30/07 5:00pm
Msg #208744

OFHEO Calc is about 20K off TMV around here. n/m

Reply by Todd/OH on 8/30/07 4:47pm
Msg #208730

Same here. A house I nearly bought 18 mos ago is still on the market. I can see where some seller will have to take an offer and still owe on the mortgage.

Reply by Stamper_WI on 8/30/07 4:48pm
Msg #208734

They would have to bring cash to the closing in order to provide clear title.

Reply by Charm_AL on 8/30/07 4:52pm
Msg #208736

there are so many homes for sale that it is indeed a 'buyers market' If you have the normal 3 bd house, there better be something special about it if you want to move it, otherwise, like 20 other homes down the block, it's just a house.

Reply by Loretta Reed on 8/30/07 5:01pm
Msg #208746

House across the street from me on the market for over a year. Beautiful subdivision on a dead end street. Appraised at $300 a year ago. She just sold it this week for.......$249,000. She probably paid at the table.

Reply by Todd/OH on 8/30/07 6:19pm
Msg #208761

Most seller's wouldn't dream of bringing cash to closing. It's a different world.

Reply by aatatusko on 8/30/07 7:20pm
Msg #208774

My last seller had to bring 90k to the table. No wonder she was such a ...
It was only a 600k property.

Reply by Linda_H/FL on 8/30/07 7:42pm
Msg #208776

Re: Our house in CT sat on the market for 2 years

We just closed it this May...for $60k less than when we started - there went out dream of "mortgage free"

Reply by Kevin/Ct on 8/31/07 5:22am
Msg #208814

There was an interesting item on this morning's news. Apparently the federal government is enacting legislation to provide resources for subprime borrowers to refi their mortgages on more favorable terms and thus allow them to avoid foreclosure. Could possibly revitalize the refi market for that 85% of rejections. Federal Reserve is also expected to take steps to lessen the impact of the subprime melt down...including reduction of interest rates. The concern is that unless they address the credit crisis...the entire economy could slide into recession.