On that refinancing business

[solarbird]

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. ^_^


Even Ordinary Clover

Comments

[firni.livejournal.com]

That might explain why the idiots across the street yanked their "For Sale" sign a couple weeks ago.

What was hilarious was how they put the house up for at least $100K more than it could possibly go for, waited two weeks, then RAISED the price by $20K. YEAH, THAT'LL BRING THE BUYERS IN DROVES!

[solarbird]

Must be related to this guy.

[firni.livejournal.com]

I think there might be more "licensed real estate agents" in the country now than lawyers.

[emmacrew.livejournal.com]

Our assessment went up $120K or so. Stupid people paying too much for the house 2 doors down.

[solarbird]

Ours took a noticeable - tho' not that large - jump this year too, I'm pretty sure for similar reasons.

[emmacrew.livejournal.com]

Yeah, I think they paid a full $120K more than our new assessed value for their near-identical in size (though with recent remodels) house.

[firni.livejournal.com]

Our assessment went up more over the last two years than the previous five... I think because the county actually has someone to go LOOK at the houses now instead of just going "enh, two percent, those people are rural hicks."

[pstratt.livejournal.com]

This article is really about *new* houses. Still going down as expected.