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Old 09-11-2008, 07:45 AM
 
Location: Huntersville
1,521 posts, read 3,179,449 times
Reputation: 290
My neighborhood is on fire. They closed 4 last month and 3 more are set to close this month.

Location,Location,Location.
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Old 09-11-2008, 08:17 AM
 
Location: Huntersville
1,521 posts, read 3,179,449 times
Reputation: 290
Quote:
Originally Posted by anifani821 View Post

Wanna make another prediction - about tightening of credit? Higher interest rates?

Higher interest rates have to be a given. There is no way the rates can stay this low for ever.

The tightening of credit could be debated but there are still Credit Unions offering 100% financing as well as VA. FHA is 3%. There are still some programs out there. Jsut not as many as there was 12 months ago!
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Old 09-11-2008, 08:21 AM
 
Location: Yellow Brick Road
34,534 posts, read 40,106,253 times
Reputation: 18014
Quote:
Originally Posted by ctribucher View Post
I had posted this question on the mortgages forum, but I'd like to ask it here in this thread as well.

What, in your opinion, is considered a "good" credit score in the eyes of a lender? I know the answers will vary, but this is something I have been curious about since DH and I are preparing to buy our first home.

I just pulled my credit score from myfico.com, DH is doing the same. We'd rather go into this whole thing with our eyes wide open before we sit down to talk to anyone.
I have been told - 750. However, I have also heard people say they got loans w/ scores around 620.
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Old 09-11-2008, 08:34 AM
 
509 posts, read 1,193,869 times
Reputation: 176
Houses in my neighborhood (Monteith Park) appear to be pretty much sitting on the market. I'm not sure why, but I haven't looked at pricing, etc.

Kind of a bummer, because we are busting at the seams and I'd love to move to a bigger house, but I don't think we could sell for what we paid (we bought RIGHT BEFORE the downturn began - silly us.)
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Old 09-11-2008, 08:39 AM
 
43 posts, read 80,569 times
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I live in Monteith Park too. The main reason the resales are sitting is because the new contstructions houses are flying. They are almost all listed as sold. I would guess that once those opportunities are gone, the resales will start going. At least, I hope that is what will happen.
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Old 09-11-2008, 11:39 AM
 
Location: caribbean island
5,145 posts, read 4,581,873 times
Reputation: 1813
Quote:
Originally Posted by anifani821 View Post
I have been told - 750. However, I have also heard people say they got loans w/ scores around 620.
Sold a property 3 months ago to a buyer at 600. Had a $1000 to his name.
Qualified for a FHA loan with an additional $3000 from me fully disclosed on the HUD sheet at settlement. House sold for a shade under $100K
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Old 09-11-2008, 06:50 PM
 
Location: Wouldn't you like to know?
8,234 posts, read 9,557,497 times
Reputation: 3112
Quote:
Originally Posted by QC Misfit View Post
My neighborhood is on fire. They closed 4 last month and 3 more are set to close this month.

Location,Location,Location.
Your neighborhood may be doing well, but your area (area 1 includes Huntersville) is doing horrible....

As of July '08

Avg sold price -10%YOY

Avg DOM + 70% YOY

Avg # of units sold -50% YOY

Avg # of contracts -31% YOY


The only good news is that your inventory is down slightly YOY (this may be because sellers have kept their homes on the market for so long that they just are just fed up w/not selling and withdraw.....maybe try again next year)
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Old 09-11-2008, 06:54 PM
 
Location: Huntersville
1,521 posts, read 3,179,449 times
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Again it about location. Area 1 also includes Hidden Valley, Druid Hills, etc. We would have to break it down to sub areas to get a true feel.

Either way things have slowed I am not arguing that at all.
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Old 09-11-2008, 07:05 PM
 
Location: NJ
7,149 posts, read 11,533,513 times
Reputation: 1479
Hunter oaks has closed alot as well, there are 5 set to close and another one will be going under contract from what I was told..I agree its location because union county is still doing ok...and Somerset there are only 14 homes now for sale with 1 pending to close..yes it is definitely alot slower than when we 1st came down to look in 06...
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Old 09-11-2008, 07:56 PM
 
Location: Charlotte, NC
7,042 posts, read 8,299,142 times
Reputation: 2220
A "good" (prime) credit score is anything over 670.

And, for all of those real estate agents giving out false information...(I am a mortgage underwriter by trade)...most, if not all major banks are currently closing out prime equity lines that customers currently have if the equity in their homes decreases by 50% or more and their credit scores fall below 670. Do you honestly believe that a less pristine borrower would qualify for a purchase money loan that does not even have a history of repayment? Hardly. Please don't try to do that to our C/D friends. They deserve the truth.
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