It’s not just sellers feeling the pain…

In August new home sales fell to the lowest level in more than 16 years.      In our area, new home builders are either choosing to sell  inventory at a substantial discount or stop building all together; waiting for the market to come back.

And now, the crisis Wall Street’s is experiencing, has put the  brakes on  all kinds  of lending.   Home loans are not an  exception.

We are seeing  some very well-qualified home buyers getting turned down for mortgages.   For the past two years it has just been the seller’s who have felt the pain from our nation’s foreclosure crisis.   (Foreclosures and shortsales  flooded the market and in effect sent home prices plunging.)  

As of tomorrow, NEAMIA, will no longer be an option.   The rules for FHA loans are changing too.  

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