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Mortgage apps go up an down like the weather or the stock market. Rates dropped pretty good, so refi. apps are up. I wouldn't look for a spring boom based on this.
I guess I should have noted that I was actually being sarcastic. Sorry.
The point I would rather make is if buyers and sellers are listening to and believing everything they hear and read about the houseing market, maybe there is hope that they will read these types of reports and begin to believe them.
Unfortunately, the problems with the market have nothing to do with buyers and sellers reading and believing bad news. There are fundamental problems with the economics of the real estate and credit markets right now, and reading a positive news article won't fix that.
But in any case, is there any way to tell what % of the applications were denied compared to previous years? It'd be interesting to know if the number of mortgage apps had to go up because people were getting turned down in much higher numbers than before.
Unfortunately, the problems with the market have nothing to do with buyers and sellers reading and believing bad news. There are fundamental problems with the economics of the real estate and credit markets right now, and reading a positive news article won't fix that.
But in any case, is there any way to tell what % of the applications were denied compared to previous years? It'd be interesting to know if the number of mortgage apps had to go up because people were getting turned down in much higher numbers than before.
I whole heartedly agree. Many of the statistics are misleading and I was hoping some mortgage brokers would chime in about what they are seeing as their own experience.
I for one can say that in my own experience, mortgage companies are requiring much more up to date documentation than before. 6 months ago, we got a mortgage on a $660+ house with our fantastic credit score and not much documentation.
We are now in the process of buying a townhouse in Apex as part of a 1031 Exchange which you would think would make it easier since the funds from the previous investment sale are socked away with the exchange company. We have been required to provide every piece of documentation regarding our salaries, other mortgages, bank statements, hud1's from the other sales, and yes our credit is still excellent.
I find this an amazing change from just a short time ago and especially since the exchanged property could be purchased in cash if we wanted to.
I think that many of the mortgage companies are taking a really hard look at borrowers and making sure they are solid. Has anyone had a different experience recently that would prove this to be untrue?
Unfortunately, the problems with the market have nothing to do with buyers and sellers reading and believing bad news. There are fundamental problems with the economics of the real estate and credit markets right now, and reading a positive news article won't fix that.
But in any case, is there any way to tell what % of the applications were denied compared to previous years? It'd be interesting to know if the number of mortgage apps had to go up because people were getting turned down in much higher numbers than before.
I disagree with the all-encompassing "nothing to do with...". I agree that there are fundamental issues (not just problems), but I do think the media reports affect mindsets of both buyers and sellers and thus the market as well.
OK, "nothing to do with" might be slightly overstating things. But the media is just reporting a trend that started before they started reporting on it, kind of by definition.
Two holiday-interrupted weeks. A lot of people were out until after New Year's Day. I think the apps just got bunched into the second week to be processed.
OK, "nothing to do with" might be slightly overstating things. But the media is just reporting a trend that started before they started reporting on it, kind of by definition.
But that's my point - I don't think the media is "just reporting". I think the current state of things is in part due to the reporting that goes on.
My area is a perfect example - talk to most people here, and they would tell you prices have fallen dramatically, may even claiming price drops of "50% or more!". The statistics, however do not show that at all. Volume has dropped significantly, but even that is not down 50%. Prices overall actually continued to increase here, albeit much less than at the peak of the boom.
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for all concerned.
