not see that there are many problems, for both buyers and sellers...
What we saw last week was a huge increase in REFIs...
and a small increase in purchase apps.
And, what that means is the for many staying put is their best, and in some places, like the sand states, the only option for them.
And, with new jobless claims going back up, and not down like we desperately need, we are likely to see more homes for sale, and many fewer buyers looking for them.
There are 5 times as many job seekers as positions available for them.
There are now, with the shadow inventory, 10 times more homes for sale than buyers.
And, most of those potential buyers do not qualify for a home loan.
Ugly.
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The problems:
Higher credit standards
Higher down payments
Worries about home values
Low consumer confidence
Wait-and-see consumers
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Mortgage rates at historic lows:
five reasons consumers still wary
Mortgage rates are at 4.21 percent for a 30-year fixed-rate loan, spurring home buyers and home owners to take advantage. But there remain some reasons for caution.
http://www.csmonitor.com/Business/2010/1014/Mortgage-rates-at-historic-lows-five-reasons-consumers-still-wary
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