Who's the real culprit

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Real Estate Agent with Frank Rubi Real Estate
I had a closing today on some rental property I was selling.  After we had finished the paperwork we got talking to the closing attorney about business.  Seems he has been very slow also.  I asked him what he thought was the problem  His answer kind of surprised me.  He thinks the credit companies are being to tight with credit all of a sudden.  I thought it was maybe prices etc.  I wonder how long this will last.  The mortgage companies can't grow earnings without making loans.
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Ambassador
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Jon Sigler
Keller Williams - Greater Hartford - South Windsor, CT
South Windsor Homes for Sale 860-306-8029
He is right to a point.  Countless mortgage programs have disappeared over the past few months, and many have been tightly restricted.  The old fashioned borrower who has some down payment, decent credit and is documenting their income is still able to buy a house and may be pleasantly surprised at how great rates are right now along with how great homes are priced in many areas as well.  The borrower without a down payment, credit issues, or who needs to go light on the income or asset documentation will find it much harder to buy a home right now if they are even able to do so.
Oct 23, 2007 06:59 AM #1
Rainmaker
482,687
Steve Glose
Keller Williams Classic Group - Orlando, FL
TRC, CIPS, 407-616-7286, Orlando Real Estate, Orla
The credit crunch is hurting not only our regular business but our international business as well. Here in Central Florida I work with a lot of Foriegn Nationals who have cash to put down with great credit and I have struggled finding lenders who will write international loans. As I see it, these foriegn buyers have the cash and assets to buy here in our market. If we can't get them financed we will miss out on an opportunity to get solid buyers into our markets. These lenders pulled back to far and now need to loosen up just a little bit so we can move inventory.
Oct 23, 2007 07:06 AM #2
Ambassador
606,408
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
John, everything goes in cycles.  Lenders have now switched from being excessively liberal to being excessively cautious...
Oct 23, 2007 07:07 AM #3
Rainer
55,320
Mary McCleskey & Michelle Gumeny
Assist-2-Sell, Home Buyers & Sellers Realty, Inc. - Acworth, GA
Brian is right, it all goes in cycles. Its healthy for the marke to go thru this.
Oct 23, 2007 07:16 AM #4
Rainer
118,799
» Bill Burress Nationwide Mortgage Originator
» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

John:

There are many factors contributing to the decline.

Oct 24, 2007 12:10 AM #5
Rainer
147,824
MAUREEN STACCATO
Springfield, MA
To a point I agree but there are too many homes out there that are now REO and everyone has gotten "gun shy".
Oct 24, 2007 01:34 PM #6
Ambassador
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Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon
It is human nature. When ever something bad happens, we over react to compensate for our mistake. How many car accidents happen because of over correcting. I personal think, they will bring things back in check soon and we will be fine. People thought the world would end in the early 80's when interest rates in 20%, but homes were still selling and we survived that.
Oct 28, 2007 04:07 AM #7
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Rainmaker
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John Walters

Licensed in Louisiana
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