The Many Aches and Pains of the housing market

As we watch the first month of the new year unfold the housing market is facing a lot or very serious issues. Look at the reports around the country in Mass.. Then look at New York. Check out the Colorado area. Here in SW Florida things are getting tough as you look at the foreclosures on this site and then click on pre-foreclosures on the site and see the huge increase coming up.These are real life figures that are starting to pop up around the country. Almost every week now the big Investors are sending out updates and raising the cost of programs such as Stated Income Loans, Interest Only Loans, No Doc Loans Etc. as these types of loans become more and more of a problem with their portfolio of servicing. The days of anyone getting a mortgage as long as they are breathing are numbered. We very well could and probably will see some serious bank problems with the banks that have been doing so much of the "junk" loans. In Florida many of the loans that were done in the past year are now 100 LTV and higher because of drops in housing prices. The banks are holding a lot of loans where the house is worth LESS than the mortgage. That is a sign of sure trouble and believe me they are getting very nervous. If you are looking for a home make sure you do not overpay in the area you are in. Check very RECENT sales not ones that are a few months old. Make sure the real estate agent show you New sales. Mortgage Brokers are hungry so shop around and find one that will be fair to you. www.rateinformer.com