Do you ever wonder who is buying what, and with what? CASH? FHA? CONVENTIONAL? USDA? VA?
Well - I do, so I took a look at recent sales in Kailua Kona, Hawaii, just to see what the reports say.
You have to wonder, with all this bailout money going to the banks - there's got to be tons of buyer's - getting great loans - RIGHT?
THINK AGAIN - The bailout money is going to pay down the banks bad debts, pay off the bonuses, but they sure aren't loaning money like they should be. I can name several recent deals where the buyers had excellent credit - high 700s, low 800s, 30% cash down, and they were put through the wringer - 70, 80 + days to "close" - come on? I know the banks are doing lots of refi's, but thats not getting the economy moving? Dont get me wrong, I'm all for the refi's - but lets give loans to well deserving buyers also , ------- ok, ok, before I go on, let me put my facts where my mouth is.
I just pulled 1 month of recent sales - NOVEMBER 2011 - 49 sales
Out of the 49 sales
VA Loans = 1
USDA Loans = 1
FHA Loans = 1
Conventional Loans = 22
CASH = 24
Does this look right, do the numbers seem like they are distributed fairly?
Is this just the "New Economy" ?
I'll just let you "Think about it"
FYI - I looked at the exact same month 5 years ago
VA Loans = 0
USDA Loans = 0
FHA Loans = 0
Conventional Loans = 32
CASH = 7
Think about it
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