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Very high unemployment and not sure most realize we heading in a direction worse than 2008. Banks are going to require higher credit scores with 20 % down...cash crunch so hope all RE agents enjoyed the last 7 years and saved cause it’s the circle game..remember Joni’s song...
Completely inaccurate. I work with banks every day. Their focus is on analyzing and revising risk models to allow them to identify good borrowers who have suffered delinquencies and hardships directly linked to this crisis. They’re not interested in tightening credit.
Completely inaccurate. I work with banks every day. Their focus is on analyzing and revising risk models to allow them to identify good borrowers who have suffered delinquencies and hardships directly linked to this crisis. They’re not interested in tightening credit.
Until I joined this forum YEARS AGO, I never realized how inaccurate people can be about things they THINK they know but they really do not.
Thanks for the correct information. Not your opinion but KNOWLEDGE that helps us all!
A house one street over from ours, went under contract in two days for $624k at 1450 square feet. It might be slowing down, but lots of properties in 5 Points have gone under contract at well over 300 a square ft in the last two weeks or so. We aren’t moving and bought 25 years ago, so it doesn’t really concern me one way or the other. I do like to follow the sales/price per square ft. I remember when it hit 100 A ft and people said it was way inflated. They were wrong.
Completely inaccurate. I work with banks every day. Their focus is on analyzing and revising risk models to allow them to identify good borrowers who have suffered delinquencies and hardships directly linked to this crisis. They’re not interested in tightening credit.
Aw c'mon, let the social media feeding frenzy party on. Common sense and credible information have a way of derailing exciting, emotional exchanges and really, where's the entertainment value in that?
Why, I can recall a time not that long ago (about two pages into this thread) where medical professionals were insinuating that society as we know it was coming to an end. That this virus was going to kill way more of us than predicted and that we should stop living our lives in terms of moving forward on plans and commitments.
Nothing puts peoples minds at ease quite like having confident (and completely anonymous) self-ascribed social media experts spout on whatever topic is currently generating page views. My favorite meme so far was the one where it shows a person sitting at his computer musing aloud that "That's odd: My Facebook friends who were constitutional scholars just a month ago are now infectious disease expert...".
A house one street over from ours, went under contract in two days for $624k at 1450 square feet. It might be slowing down, but lots of properties in 5 Points have gone under contract at well over 300 a square ft in the last two weeks or so. We aren’t moving and bought 25 years ago, so it doesn’t really concern me one way or the other. I do like to follow the sales/price per square ft. I remember when it hit 100 A ft and people said it was way inflated. They were wrong.
oh, activity will be way off. But new listings are way off too. If everything is still screwed up in July, I'm sure SOME % of those who find themselves unemployed and have a mortgage will have to sell.
Under contract at end of March was only slightly below March '19 - 4,063 homs vs 4,113 last year. Homes for sale though are down from 8262 to 7315.
New listings last April were 4,900. In half of April now - 1,358
the BEST info is only available end of month, because within the MLS we can't look back at active listings end of March '19 or new listings for March '19 or under contracts as of April 15, 2019.
This *should* be accurate, but nobody has tested the system to my knowledge:
UC 3/31/20: 4,063
Closed since 3/31: 1,334
Pending today:7,816
This would *seem* to indicate to me
(4,063 - 1,334) = 2,729 - homes uc end of March still uc.
7,816 - 2,729 = 5,087 newly uc homes
but I don't believe we've put that many uc in April
Completely inaccurate. I work with banks every day. Their focus is on analyzing and revising risk models to allow them to identify good borrowers who have suffered delinquencies and hardships directly linked to this crisis. They’re not interested in tightening credit.
Apparently, banks are "interested" in tightening credit, according to recent reports from the Mortgage Bankers Association:
Mortgage lenders are battling economic uncertainty by raising minimum credit scores, requiring higher down payments, triple-checking employment status and even eliminating certain loan types altogether. As job loss reached staggering heights due to the coronavirus pandemic (more than 16.8 million workers have filed jobless claims in the past two weeks), fear strikes deep among lenders worried that high unemployment numbers will translate into mortgage defaults and late payments down the road.
Chase recently announced that it would raise its minimum credit score requirement to 700 and hike the minimum down payment up to 20 percent, from 3.5 percent. Lenders large and small across the country are following suit. Wells Fargo and US Bank both adjusted their minimum score requirement to 680 (including for FHA and VA loans, which typically feature lower credit-score requirements as low as 580), while Flagstar Bank upped its minimum to 640.
Better.com temporarily stopped offering FHA loans, while also increasing its minimum FICO score for borrowers. They’re still offering jumbo loans; however, they no longer lend to anyone with higher than an 80 percent loan-to-value (LTV) on jumbos. Navy Federal Credit Union also stopped offering FHA loans, with the hopes that they will resume that product in early 2021, “but that’s not fully confirmed at this point,” said a spokesperson for Navy Federal Credit Union.
“Credit requirements have gotten tighter across the board. Lenders are raising credit score requirements by 100 points,” says David Lazowski, regional SVP at Fairway Independent Mortgage Corporation in Boston. “We used to do loans down to 520, now we’re up to a minimum 580 credit score, there’s a chance they might go to 700. We hope that doesn’t happen because it will put people at a disadvantage.”
A report from the Mortgage Bankers Association (MBA), the Mortgage Credit Availability Index (MCAI), shows that mortgage credit supply fell 16 percent in March, the lowest it’s been since June 2015. “There was a reduction in the availability of loans with lower credit scores and higher LTV ratios, and the largest pullback came from the jumbo and non-QM space,” said Joel Kan, associate vice president of economic and industry forecasting at MBA. “This month’s release highlights the large retreat from jumbo and non-QM investors due to a sharp drop in liquidity. Lenders are making credit criteria changes to account for the increased likelihood of forbearance and defaults, as well as higher costs.”
In slightly good news; Durham County has lifted it's all-out ban on in-person showings. They are now allowed to happen on vacant listings.
Though they still are allegedly only supposed to allow one showing per day. I doubt that will get enforced any more than the all-out ban on showings was being enforced.
In slightly good news; Durham County has lifted it's all-out ban on in-person showings. They are now allowed to happen on vacant listings.
Though they still are allegedly only supposed to allow one showing per day. I doubt that will get enforced any more than the all-out ban on showings was being enforced.
Why one per day? If under ideal conditions, the virus can hang around for around three days, then that’s how long it should be, going by the science. Otherwise it’s just made up.
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