I woke this morning to two very dire reports about the financial market today - from our preferred lenders.  it definitely left me unsettled.  The real estate market is in for some more bad days ahead.

Fannie Mae and Freddie Mac have determined that lenders cannot offer a non-conforming loan above $417,000. This will definitely impact the Myrtle Beach market since many of our properties are listed well above this threshold. The lenders have assured us, however, that they are looking for alternative financing methods to accommodate loans above $417,000.

The financial sector is in for some serious changes in the days ahead.  Lehman Brothers (the 4th largest investment bank) is looking for a buyout from someone, Bank of America may purchase Merrill Lynch, AIG is undergoing a restructuring, Washington Mutual and Wachovia have indicated that they are also looking for help.

All of these situations indicate that the mortgage market is volatile.  Their hope is that the Federal government will step in to save them.  The Feds meet on Tuesday, so we will wait and see...