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« Good News... At Least for Some of Us.... | Main | Trulia Study Say Buying in a Good School District Pays Off - Duh » March 19, 2008Better Than Last Year...In the nine-county San Francisco Bay Area, the 3,989 home sales in February were up 11.2 percent Inman news is reporting that home sales in both San Francisco and LA are up from huge declines from a year ago... In short that's good news no matter how you look at it... On the flip side I'm still hearing there are still problems getting jumbo loans. Love to hear from anyone out there who knows otherwise. One mortgage broker I spoke with this morning said he expected to see things come around in the next couple weeks. My daily check of 30 year fixed jumbos looks like this... Bankrate.com puts the average national interest rate for a 30 fixed jumbo at 7.05 percent... While they are both on the high side, they are down from a week ago... Posted by Jeff Brooks on March 19, 2008 03:01 PM | Permalink TrackBackTrackBack URL for this entry: CommentsAny momentum heading into the spring buying season should be seen as good news. It may be anecdotal, but people in the industry I’ve spoken to (at least in the Bay Area) have said that while prices and sales are down y.o.y., interest and actual sales have been are picking up. In more legitimate news, condo sales at the Heritage Center on Fillmore have picked up...
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Raj C |
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Jumbo loans are still hard to get, because there are no investors (secondary market) purchasing the mortgage backed securities for the Banks. This means that the Banks have to hold the mortgages themselves and they are very very very tight on loaning money. To get one you need a high credit score, income to make the payments and lots of money to put down. Can you say CASH is KING? It is in this market.
John Zeiter
Vision Real Estate
Real Estate Consultant
http://johnzeiter.com
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| March 19, 2008 03:33 PM