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Tuesday, October 6, 2009
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5 comments:
Burke, VA
9 homes under contract just yesterday, about 10% of the total inventory. No new listings.
I'm not surprised with the weather we had this weekend, the potential expiration of the $8k credit, and historically low mortgage rates.
Robert,
Me neither. And if the 9 that went under contract are anything like the ones I've been looking at, the pickings are slim, but the what's there is move-in ready and not bad stock.
New listings tend to pile up on Thursdays and Fridays, whereas contracts tend to appear on Sunday Monday and Tuesday, so if you wanted a fairer comparison I'd use listing that were posted last week as what to define as "new", of which I know there was at least one, because there was one I vaguely liked.
In fact there were 15 new listings since Thursday (one is already under contract, another was pulled which I'm not counting in the 15).
using FX* (22015,22032) as a proxy for Burke, which isn't quite right, but using "Burke" has too many wrong hits too. 113 active out of 330 listings, 15 listed in just the last 5 days? Sounds to me like sellers are clueing in on trying to cash in on the $8k frenzy. And fewer than "normal" were shorts, only 3 or 4. So supply appears to be perking up to match demand (and higher prices) at least in part, anyway.
Frankly doesn't give the under contract dates, so you'd have to do that with sawbuck to see how new contracts and new listings truly align (presumably there were contracts on Saturday and Sunday, perhpas even Thursday and Friday, you'd have to pick a whole week not a partial one to do it right).
In too good to be true "news" Bloomberg reports that
Oct. 1 (Bloomberg) -- Mortgage borrowers seeking federally backed loans would have to make bigger down payments under legislation introduced today as lawmakers try to shore up the Federal Housing Administration’s insurance fund.
Representative Scott Garrett, a New Jersey Republican, is pushing the measure to recoup some of the program’s losses as record-high delinquencies drive FHA’s reserve fund below 2 percent of loans insured, he said in a statement. The bill would increase the minimum down payment required for an FHA loan to 5 percent from 3.5 percent.
pushing legistlation? the weakest of trial balloons, but one can dream, right?
Cara,
I don't see how that legislation passes when Obama just authorized $35B in loan guarantees to the state housing agencies. I think I'm correct that the state housing agencies are working with people that DON'T qualify under even the FHA guidelines.
They are giving Fannie and Freddie 10B a quarter, what's a few tens of billions for FHA?
Since this crisis has started has the USG done ANYTHING that restricts lending?
Robert,
Indeed, this is DOA, hence why I called it "too good to be true news".
Has the USG? No. but Fannie and Freddie have. Required FICO's are higher, and condo loans get dinged a hefty fee (I can't recall how much) if they have less than 25% down. 20% still avoids PMI, but you can't get the best rates with it.
In fact even going from 3% down to 3.5% down was post-sub-prime implosion.
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