From Origination News:
"Nearly three-quarters of Washington-area real estate agents in a recent online survey said the availability of subprime mortgages and tighter standards for alternative-A loans have hurt their ability to get homes under contract, according to City Influence, a market research firm. In addition to the 73% who responded affirmatively on this question, 60% said their clients are having difficulty qualifying for the loan they need to buy a home, the Washington-based firm reported".
Monday, March 26, 2007
73% of D.C. Agents "Got Trouble"
Posted by Harriet at 5:46 PM
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6 comments:
This news brings a tear of joy to my heart. Not that I want to see people get hurt, I don't, but I've watched prices in the past 10 years skyrocket, moving from affordable to expensive to just plain silly out there. Let's hope they come back to reasonable and folks stop looking at their house as if it's the ticket to early retirement.
new to your blog. looks great.
this is a curse to flippers (no tears shed for them), but is actually a blessing for prospective buyers because it will prevent many people from making the mistake of buying at today's overinflated prices. these folks don't realize this now of course, but they'll probably figure it out a couple of years from now when prices are substantially lower.
@Ralph - Three cheers for affordable housing!
@John - I hope this data will indeed be helpful to prospective buyers. I was 23 when I purchased my first house with my new spouse in Northern VA, and I was clueless about risks. That was in the mid-1990's, though, and all I knew was that it seemed sensible to buy because same-house rents were equal to our mortgage payment. Also, our loan's terms were sane (FHA with mortgage insurance) and affordable. Fast fowarding to 2005, young newlyweds I know grabbed a condo because they didn't want to "throw their money away on rent" and because they were "afraid" they would be "priced out forever". They got a terrible loan and are stuck, now, because they can't refinance.
It always comes down to good content that people are interested in.
~Cape Coral Properties
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