California Home Sales Reviving?
How about some bookmark love? ::
Michael Corkery and Jonathan Karp of the Wall Street Journal have a specific focus on the Central Valley town of Los Banos. There, they say that every fifth home is in foreclosure.
Meanwhile, CNBC Reports that Mortgage Applications Fall 16.6% Nationwide.
My take on the situation is to watch the mortgage numbers along with closed sales. More closed sales mean that mortgages are actually being funded. That means that lenders are able to deliver on the applications that they take.
I think that home seekers now typically understand that it is still very hard to get a loan. The falling mortgage applications come as no surprise, and I wouldn't expect anything to be different until at least Spring of 2009 or later.
In the meantime Real Estate in Laguna Beach in some cases can be purchased at $1 Million less than previously priced in June.
There are deals to be had for those that can avoid the credit mess. There are surely more deals to come.
Meanwhile, CNBC Reports that Mortgage Applications Fall 16.6% Nationwide.
My take on the situation is to watch the mortgage numbers along with closed sales. More closed sales mean that mortgages are actually being funded. That means that lenders are able to deliver on the applications that they take.
I think that home seekers now typically understand that it is still very hard to get a loan. The falling mortgage applications come as no surprise, and I wouldn't expect anything to be different until at least Spring of 2009 or later.
In the meantime Real Estate in Laguna Beach in some cases can be purchased at $1 Million less than previously priced in June.
There are deals to be had for those that can avoid the credit mess. There are surely more deals to come.
