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Las Vegas Real Estate - Mortgage Industry

By
Real Estate Agent with Coldwell Banker Wardley

Okay - slap my hands ... I've been gone AGAIN for a while.  Sorry all.  But geez - it's a "Crazy World" we're living in right now ... isn't it??  Can we say foreclosure spikes, short sales galore, mortgage companies going "kaboom" and a slow down in the real estate market. 

So ... what's the mortgage industry coming to?  Can you believe there is actually a site that has "The Mortgage Lender Implode-O-Meter"????  If you're curious if they are alive or dead, there's a place to go.  Classic.  But seriously, things have changed quite a bit out there.  Subprime lenders are few and far between right now.  Do you want 100% financing - you better have good credit, otherwise - good luck.  Want a jumbo loan - those are tough now too.  Things really look like they are trying to go back to ... honestly - where they probably should have been.  That is, requiring that people have good credit, that they have some "skin in the game" by requiring money down, and showing documentation that they can afford the home.  Way too many people received loans for homes that they had no business getting.  (No offense to anyone). We're seeing that result now with the increase in foreclosures.

With all that being said, there are still a lot of good programs available.  The mortgage banks that have their feet on solid ground are coming out with new product to fill the void of programs that have gone "poof".  Don't get me wrong, things are still changing daily, but it is still a great time to buy ... especially if you're one of those that lenders love!

To sum it up .... the song (from the 90's) by Jamiroquai "Virtual Insanity" seems fitting - that or OMC's "How Bizarre".  I think we have a few more months of the craziness ahead, with a bit of overcorrection ... then hopefully the mortgage industry will find a middle ground and we can try and get back to normal.  Whatever normal is!

Aubrye Harris (702) 375-7443

http://www.aubryeharris.com/

Comments (1)

Timothy Schwartz
Century 21 Mack Morris Iris Lurie - Marlboro Twp, NJ
Aubrye, Tellis, welcome to the group http://activerain.com/groups/wordoftheday.  Thanks for joining, have a great weekend.
Sep 21, 2007 11:39 AM