A place for residents of Marin County, CA and others to express their views regarding the real estate bubble and in particular the Marin real estate market
Thursday, January 24, 2008
More December, 2007 Quick DataQuick Data for Marin
What do you guys think of the conforming loan limits being raised? Unfortunately, I'm seeing it as a substantial setback to prices falling around here. Its supposed to be for one year, but you know that will go.
Wow. Negative across the board with the exception of Belvedere/Tiburon and San Anselmo, which also had a high number of sales.
The IJ used to publish data like this for individual towns, but stopped once the market weakened. Looking at that chart, it's easy to understand why this didn't make it to the front page. They just show the overall county number, which was propped up by a couple of pocket areas.
Lots of cheerleading in today's SF Chronicle. "Homebuyers Catch a Break" with a write up on the increased GSE limits. I emailed the reporter yesterday and suggested she look into how strict the GSE lending standards are, but the article didn't go into any detail of course. Give the sheeple their ray of hope, I guess.
I think this will have the unintended effect of knocking buyers out. There won't be any such thing as a non-conforming jumbo up to $625K, not when the banks can pass the loan off on Fannie & Freddie. Also, with high LTV loans (versus FICO score) being the real culprit, they may be forced to look at higher down payment requirements. And I also think they have caps on their lending portfolios, which aren't getting raised, so there's a ceiling on how much of these mortgages they can take on.
2 comments:
What do you guys think of the conforming loan limits being raised? Unfortunately, I'm seeing it as a substantial setback to prices falling around here. Its supposed to be for one year, but you know that will go.
Wow. Negative across the board with the exception of Belvedere/Tiburon and San Anselmo, which also had a high number of sales.
The IJ used to publish data like this for individual towns, but stopped once the market weakened. Looking at that chart, it's easy to understand why this didn't make it to the front page. They just show the overall county number, which was propped up by a couple of pocket areas.
Lots of cheerleading in today's SF Chronicle. "Homebuyers Catch a Break" with a write up on the increased GSE limits. I emailed the reporter yesterday and suggested she look into how strict the GSE lending standards are, but the article didn't go into any detail of course. Give the sheeple their ray of hope, I guess.
I think this will have the unintended effect of knocking buyers out. There won't be any such thing as a non-conforming jumbo up to $625K, not when the banks can pass the loan off on Fannie & Freddie. Also, with high LTV loans (versus FICO score) being the real culprit, they may be forced to look at higher down payment requirements. And I also think they have caps on their lending portfolios, which aren't getting raised, so there's a ceiling on how much of these mortgages they can take on.
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