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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Another real estate related fact I heard today
on two news channels.
Mortgage originations were down 7% last month nationwide. Which is the biggest drop in almost two decades..HMMM, now that is something to think about.
I don't have any other info about our area-just national info I heard on tv today.
I would assume that refinances are figured in there, so considering that AND the areas that are still "booming" that would mean a lot less people are getting loans. Part of it probably is that with the rates & current climate fewer lenders will write liars loans & with the higher monthly payment that comes with the higher rates, less people will actually get approved.
this time last year all anyone needed was a library card & a few tokens from Nathans in a piggy bank to qualify for a half million dollor home.
Message edited 6/29/2006 10:49:00 PM.
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Posted 6/29/06 10:48 PM  |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: Another real estate related fact I heard today
Posted by KellyFG
on two news channels.
Mortgage originations were down 7% last month nationwide. Which is the biggest drop in almost two decades..HMMM, now that is something to think about.
I don't have any other info about our area-just national info I heard on tv today.
I would assume that refinances are figured in there, so considering that AND the areas that are still "booming" that would mean a lot less people are getting loans. Part of it probably is that with the rates & current climate fewer lenders will write liars loans & with the higher monthly payment that comes with the higher rates, less people will actually get approved.
this time last year all anyone needed was a library card & a few tokens from Nathans in a piggy bank to qualify for a half million dollor home.
Lol, but unfortunately it's true. I had friends who bought last year and they were able to get a loan with no income verification and no money down. funnier still is that they had no job, they had just moved here from another state. so when they had the no income verification, it was literally that, no income. 
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| Posted 6/29/06 11:25 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Another real estate related fact I heard today
Posted by maryg
Posted by KellyFG
on two news channels.
Mortgage originations were down 7% last month nationwide. Which is the biggest drop in almost two decades..HMMM, now that is something to think about.
I don't have any other info about our area-just national info I heard on tv today.
I would assume that refinances are figured in there, so considering that AND the areas that are still "booming" that would mean a lot less people are getting loans. Part of it probably is that with the rates & current climate fewer lenders will write liars loans & with the higher monthly payment that comes with the higher rates, less people will actually get approved.
this time last year all anyone needed was a library card & a few tokens from Nathans in a piggy bank to qualify for a half million dollor home.
Lol, but unfortunately it's true. I had friends who bought last year and they were able to get a loan with no income verification and no money down. funnier still is that they had no job, they had just moved here from another state. so when they had the no income verification, it was literally that, no income.
you do have to pay a higher interest rate for it though. but its so dangerous for the lenders! 
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| Posted 6/30/06 7:20 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Another real estate related fact I heard today
I asked my DH about this last night- he said mortgage orginations are down about 60% for the year
rates are up- and everything else - re-fi and purchases are down
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| Posted 6/30/06 9:23 AM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Another real estate related fact I heard today
I am assuming that equity loans are not factoring in???
I ask because I have to say that I have seen a lot of construction going on. I believe that people are working on what they have at this point rather than selling so I'm guessing that while the activity around mortgage originations is slowing down that equity loan originations or lines of credit are increasing.
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| Posted 6/30/06 9:30 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Another real estate related fact I heard today
Posted by Ang-Rich
I am assuming that equity loans are not factoring in???
I ask because I have to say that I have seen a lot of construction going on. I believe that people are working on what they have at this point rather than selling so I'm guessing that while the activity around mortgage originations is slowing down that equity loan originations or lines of credit are increasing.
if the construction is going on now - they probably applied for the Home equity loans a few months ago??
and someone posted a house for $389 in seaford south of merrick road - seaford schools
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| Posted 6/30/06 9:32 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Another real estate related fact I heard today
housing starts were down this month- meaning the number of new construction begining is down across the country
I am in the housewares industry - and we follow that number
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| Posted 6/30/06 9:34 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Another real estate related fact I heard today
Posted by Beth1210
housing starts were down this month- meaning the number of new construction begining is down across the country
I am in the housewares industry - and we follow that number
I think she's referring to construction on existing homes. Instead of selling, people are using their equity to build up & out.
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| Posted 6/30/06 9:42 AM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Another real estate related fact I heard today
Posted by Colleen9304
Posted by Beth1210
housing starts were down this month- meaning the number of new construction begining is down across the country
I am in the housewares industry - and we follow that number
I think she's referring to construction on existing homes. Instead of selling, people are using their equity to build up & out.
Yes - that's exactly what I am referring to. Thanks 
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| Posted 6/30/06 9:44 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Another real estate related fact I heard today
Posted by Ang-Rich
Posted by Colleen9304
Posted by Beth1210
housing starts were down this month- meaning the number of new construction begining is down across the country
I am in the housewares industry - and we follow that number
I think she's referring to construction on existing homes. Instead of selling, people are using their equity to build up & out.
Yes - that's exactly what I am referring to. Thanks
housing starts are NEW from scratch - ri- fi are what is really bringing the number of new mortgages down- that has been the bread and butter of the industry for that last 4 years- they are quick and easy to do-
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| Posted 6/30/06 9:47 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Another real estate related fact I heard today
Posted by KellyFG
this time last year all anyone needed was a library card & a few tokens from Nathans in a piggy bank to qualify for a half million dollor home.
that's hilarious 
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| Posted 6/30/06 9:52 AM |
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