Here are a few choice quotes from the article:
JC & Associates with RE/MAX Gold keeps its fingers on the market's pulse-and its latest assessment gives the 2007 market a big thumbs up. JC & Associates, in fact, sees current conditions as "virtually ideal" for buying now.
In addition, there is an unprecedented array of low-rate mortgages available to finance a home purchase, including loan programs that require no down payment. The market climate for finding and affording that dream home may never again be this favorable.
Not only have prices stabilized at attractive levels... (with this chart at the top of the article)
Real estate activity has picked up in the last few months and we expect the pace of home sales to quicken even more as the traditionally busy spring market gains steam. Given this uptick in activity, making a home purchase sooner in 2007 rather than later may well prove to be the savviest financial move you could make this year.
Honestly, I could have put up the entire article as it is filled with these senseless quotes. Somehow having a real estate license allows people to start proclaiming they are experts.
Jimmy may want to revise his article since many of the sub-prime lenders are going kaput and the major mortgage originators are becoming more selective in their loan approvals by reducing/eliminating 100% LTV (loan-to-value) financing, piggyback 2nd mortgages, and many of the loans classisfied as sub-prime.
3 comments:
That's some kind of scary optimism. But what do you expect from those guys?
Did you see the article earlier this week where Freddie Mac now requires ARM borrowers to meet the financial requirement of the later end of the loan? So they will no longer do loans where the buyer meets the note now, they've got to have the bux to meet the note at the height of the ARM.
Isn't that what the effing buyers should have been doing themselves?
In other news, what's this coordinated attack you've got going on? I'm with you that some serious public outcry needs to take place.
aspeth, I did read about that. And the rate cap for many of these ARM loans is 13%. There is no way a majority of borrowers can qualify for their loans assuming a 13% rate.
I don't think most buyers can even calculate their payments for their current loans. The game the last few years has been to get into a house at any cost because home prices always go up. And when the loan is about to reset, it's easy to re-fi. Well, it's easy to re-fi no more, especially with new loan standards and decrease home prices.
As for your last question, are we talking about realtors or Casey? ;)
I'm assuming CS. I saw some posts over at EN ??
Post a Comment