—booms always bust—
Lemme guess. This is why Wells Fargo is giving mortgages to illegals.
In the mean time my builder can’t get anybody on my property to build my house.
Oh boo hoo. People with good credit and money for a down payment will do just fine.
http://money.cnn.com/2007/08/10/real_estate/mortgage_rates/index.htm?postversion=2007081115
from the article:
The one catch is this: You’ve got to be a buyer with good credit, a low debt to income ratio, a healthy down payment, verifiable income, and looking to finance less than $417,000 (the cutoff for so-called jumbo loans).
Those characteristics basically define someone who qualifies for a loan through a government program like Fannie Mae, which makes up about 50 percent of all outstanding mortgages, according to Guy Cecala, publisher of the industry newsletter Inside Mortgage Finance.
Mortgage meltdown contagion
Graiver said to expect to pay a down payment of at least 10 percent, and have a FICO credit score of 620 or higher in order to get a rate between 6.2 and 7.5 percent. Perhaps 90 percent of home buyers qualify for that prime rate, although if you want a rate below 7 percent you probably need a FICO score above 660.
To get the best deal, “plan on coming to my office with your tax returns and a down payment,” said Bob Mouton, President of the Long Island-based American Mortgage Group.
LLS
Dr. Bernanke is going to lower those interest rates, then the bust will become a boom with all that sweet appreciation :'))))))!!!
More good news:
“National Association of Realtors...noted that existing home prices were up in 97 of the 149 metropolitan areas surveyed compared with the sales prices of a year ago...”
UP!! Doesn’t that mean that the so-called “housing bust” is OVER?
But leave it to the “Eeyores” in the MSM to “headline” their report on the market: “Existing Home Sales Fall in 41 States”. [See thread below...]
Every builder I know of is living in a million dollar house...and a lot of their workers are, too. GOOD tradespeople make good bucks.