Quote:
Originally Posted by NMMMAFan
I find those real estate numbers hard to believe. I know last summer the company I work for was getting 1100-1200 orders a month and just last month we only got in about 300 so real estate is definitely much slower lately than in the past.
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Title Company?
We ran our title plant for the past year and mortgages are down only 25% from the year before. The Genesis Program/FHA gave a huge rise to mortgages in this town in September. The program ended October 1st and we had about 6 closings on September 30th.
It's hard to pinpoint if it's banks denying the lending or people afraid to buy/commit to a mortgage with the economy the way it is. With some of the orders that come through, I don't see how many people are getting denied. We still have major banks (Wells Fargo, National City, First Merchants, etc.) over extending credit to people who shouldn't qualify for 75% of the principal or even qualify for a mortgage at all.