Wow, I didn't look at the blog for like 2 days and I missed a whole scavenger hunt! I want a do-over!!!!!
Nothing exciting here in Texas - the real estate market is starting to pick back up again...a little bit. The problem that we are having is that all of the mortgage companies are SO strict now because of all the credit problems and foreclosures. I had 2 deals fall through the week before closing...
It seems like all of the lenders are just looking for reasons not to give people loans now, it used to be the other way around!
Aunt Laura, is the real estate market affecting your appraisal business? I know several appraisers here who keep doing appraisals, then the deal falls through, and they never get paid...same for inspectors.
Two of the big-name builders here in San Antonio had to sell most of the land they had because the market has slowed so much and they can't get rid of spec-homes that they built...but we're still the number 3 housing market in the U.S. so I can't imagine if I was in the real estate biz anywhere else....that would be horrible!
How's everyone elses real estate markets? Sorry i don't have anything more interesting to write about, but all I do is eat, sleep, real estate, repeat.
3 comments:
The market here seems to be pretty slow. Properties are staying on the market a long time and prices are being greatly reduced before sales are made.
We just did a re-fi and approached about ten lenders before we could find somebody who'd even touch the place. We have a manufactured home with another mobile that's not registered as real property on the place. We finally found a company who would do it, and we had to pay a lot of closing fees. But now we have a 30-yr fixed instead of a 5/1 ARM, so we will come out ahead in the end.
ooh yeah those ARMs have been the demise of real estate here! the rates keep going up and nobody can get a re-fi. It's really a mess. I read an article today in the Wall Street Journal saying that housing prices have dropped 16% since last month! I'm thinking about joining the circus. I don't think real estate will last too much longer!
Instead of the circus, sign up for American Idol!
Post a Comment