solarbird | On that refinancing business (Reply)

Just briefly, Marketwatch reports house prices down 9.7% year to year. House valuations going up are what all those no-equity borrowers are relying upon, so down almost 10% in a year is pretty serious. Plus, it leaves less room for "equity extraction" for non-saving American consumers, and piles on another layer against refinancing of low/no-equity loans, so those people are in just a little more trouble than they were before. Fun! The silver lining is that enough of a demand drop for mortgages will kick interest rates down in that sector, but there's so much drag in housing that it'll take a year (as a guess) to show up.

ETA: How to Be a Complete Housing Moron in 10 Easy Steps.

Here, have a flower. ^_^