Declining Market or Enhanced Declining Market? (loan, loan, lenders, 5%)

[ndb3]

Which one would Vegas fall under. It seems in an enhanced declining market a MI company will allow 95% LTV. However in a Standard Declining market, they only allow 90% LTV.


edit: I actually found a site that you can look it up by zip code.

http://www.rmic.com/productsandservi...etMonitor.aspx

[Daddys///M3]

The MI companies all have different policies when it comes to distressed/declining markets. However Vegas definitely falls into the standard declining/level 2 market whereby max loan to values are cut by 5%. I have looked at all of them and there are no exceptions.

[ndb3]

Any insider news on when that is going to change??

[ShanetheMortgageMan]

Probably not at least another year or so. When you hear that prices are starting to stabilize is when there will be rumors that Vegas will be taken off the declining market list. One of the main indicator's that MI companies & lenders use to determine if a home is in a declining market or not is the Case Shiller Index, which measures home values throughout the US. That would be a good index to monitor so you can start to get a feel when Vegas might be removed from various declining market lists.