Quote:
Originally Posted by MODE ROGUE
Sure man, 97% mortgages are nothing rare. It’s FHA. That’s basically the only show in town now. Furthermore, no one is saying 95% conventional loans have disappeared. Of course they’re still around. What’s changed is the ease of acquisition which explains increased down payment requirements in many cases.
The experiences you’re describing with Wells and their “lax” guidelines are completely opposite to the reality I face in Florida. Wells’ reputation here is totally rigid. I’m sure that it may have something to do with geography (Indiana vs. FL) but I can assure you that YOUR experience is NOT the norm on a national scale.
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Yo dog, as a fellow from miami I completely understand why these banks wouldnt loan to anyone. This fucking place is a total disaster. The prices have shot up around here and are still through the roof. Everyone here is trying to sell but noone is buying. Its almost funny driving around and all the 4sale signs. These banks are smart as hell to avoid lending in this environment. Home prices here in dade fell what, 20 percent last year? They are expected to do the same this year too. Hell, I wouldnt buy next year either. This market still has a home surplus of what, 4 years? This place should be avoided at all costs right now as prices are guaranteed to drop. I wouldnt touch this market till prices are nearing 2000 levels. 140k was the median in 2000, 160k in 2001,185k in 2002, 225k in 2003, 275k in 2004, 350k in 2005, 375k in 2006, 272k in 2007. This place went fucking nuts man! Miami has one of the lowest pay rates in the country. These immigrants cant afford this place and I love the implosion. Those kind of increases without corelating increases in salary should of been a big alert to everyone.