Quote:
Originally Posted by PornoMonster
Banks are Not Tight, they are back to NORMAL, but year and years ago.
If they were that tight my realtor friends would be starving.
Think they just released housing sales on the rise again.
I barely see any house for sale signs on my streets anymore.
You just have to have a Big Down Payment and great credit or pay more points.
|
Banks are more tight, the feds have made sure of that. Before everything melted you didn't have to provide shit for docs to back up your earnings. You could just put a figure of $XXX,XXX as income in the box and they would accept it as truth. Now they are required to verify via tax statements.
Realtor's who have stuck in there are making money again because a lot of their competition has been wiped out. They went years with barely being able to keep their head above water and not take a paycheck. One of my friends went almost a year without a sale, got a big commission and said fuck this, I'm going back to school.
Housing stats are on the rise because investment firms are running around and buying the properties up. They are getting houses for pennies on the dollar and handling them off to management firms for rentals.
All the houses in my immediate neighborhood that were either for sale or bank repo'd were all bought up by the same company. There was also a story last week on NBC about some firms in Boston and a few other Cities in the US that were actually squeezing people out of buying homes. They were purchasing site unseen before it could ever go to market and because of this, people who were pre-approved were unable to find a house to purchase.