Sorting Through the Mortgage Mayhem

Let's get to the stats first.

There were 12 new listings taken yesterday

35 price reductions

5 listings went backup/pending

and nothing closed.

I got a phone call over the weekend from a buyer asking me, "Will I still be able to get a mortgage loan?" The answer is yes. The average borrower with a decent credit history and the ability to show proof of income will continue to qualify for a choice of mortgage loans, even thought there may be fewer lenders to choose from.

Mortgages have been making the news headlines lately, and for all the wrong reasons. Mortgage delinquencies and foreclosures are way up, and may lenders who had specialized in subprime mortgages have gone out of business. So what does this mean to you if you're looking for a new mortgage, or to someone who may be looking for a mortgage in order to put an offer on a home?

Pat V. Combs, President of the National Association of REALTORS, assures home buyers that mortgages are available for the majority of potential purchasers. "For buyers able to qualify for conventional financing, there are ample opportunities in the current market," she said.

"Availability and pricing of conventional loans are reasonable, and FHA-insured mortgage applications have been rising as low and moderate income buyers seek alternatives to subprime loans. If buyers are in it for the long haul, now can be a great time to buy a home."

The market is changing every day, creating new opportunities for homeowners and those who wish to become homeowners. Please call me if you're looking for a new one, and I'll be happy to walk you through the latest developments in the real estate market.