Comments on Casper/Cheyenne Real Estate Prices (Laramie, Winchester: insurance, mortgage)

[msdmckee]

Quite awhile back Countrywide mortgaging had put both Natrona and Laramie counties on their list of "Declining Value" markets.

Recently (in the last two weeks) 3 different mortgage insurance companies have also place those two counties in the declining market category. (AIG is one, you can go to the web site to look up the info)

So my advice to any looking for homes in those places would be:

Subscribe to Realty Trac for about a month, maybe two. You can get a feel for what is going on and where. You can see where the distressed houses are, what price they are being either repossed for or are valued.

Don't neccessarily take a local real estate agent's word for the value in these areas.

[Kristynwy]

Great Advice... I knew values would go down a bit sooner or later...

[molon labe]

Would you mind providing links? I just went through AIG's site and there were no Wyoming cities or counties listed under declining markets for the last quarter of '07 or the first quarter of '08. In fact, AIG's risk index places Casper at a "1" or low. I can't seem to find anything resembling a list of declining markets on Countrywide's site.

122 Charleston, WV 5 Neutral
166 Cumberland, MD-WV 1 Low
288 Hagerstown-Martinsburg, MD-WV 10 High
460 Morgantown, WV 4 Relatively Low
718 Washington-Arlington-Alexandria, DC-VA-MD-W 9 High
742 Winchester, VA-WV 9 High
116 Casper, WY 1 Low
132 Cheyenne, WY 6 Neutral

Originally Posted by msdmckee

Quite awhile back Countrywide mortgaging had put both Natrona and Laramie counties on their list of "Declining Value" markets.

Recently (in the last two weeks) 3 different mortgage insurance companies have also place those two counties in the declining market category. (AIG is one, you can go to the web site to look up the info)

So my advice to any looking for homes in those places would be:

Subscribe to Realty Trac for about a month, maybe two. You can get a feel for what is going on and where. You can see where the distressed houses are, what price they are being either repossed for or are valued.

Don't neccessarily take a local real estate agent's word for the value in these areas.

[msdmckee]

Here's NYT subprime map link from Jan/08: Subprime Mortgages Across the U.S. - The New York Times#
And the Philidelphia Fed link for subprim and Alt A loans, current as of Dec/07: Dynamic Maps of Nonprime Mortgage Conditions in the United States This one is very interesting. These will give you an idea of what's happened in other spots of the country and what's coming in WY.
AIG's declining zip code list: https://www.ugcorp.com/decliningmarkets.html
RINIC delining zip code list:
Declining Markets Zip Code Lookup
And SUDDENLY these folks need strict guidelines on how to write good loans and get solid value underwritten on the asset???? so they need this: http://www.wccmtg.com/wcc/otherdocs/...Guidelines.pdf That WY is now appearing on the lists at ALL tells me????

[Clay Lady]

[quote=msdmckee;3633899]And SUDDENLY these folks need strict guidelines on how to write good loans and get solid value underwritten on the asset???? quote]

You bet they need guidelines!!! We are in this current mess because people that can't read/want more/can't think through a process were given loans by people that were in the business to make money from loans. A large majority of people hear only what they want to hear when taking out a loan.

Who was in the wrong when they loaned home equity money to people that were paying a first mortgage that was an interest only ARM???? It was all funny money that doesn't have anybody laughing now.