Mark, In the past everyone--borrowers and lenders--expected home prices to keep rising, making the risk of loose lending requirements okay. Not anymore.
So right. It's gone the other way, to some extent.
While we're on the topic of lending requirements, do you have any tips for first-time buyers when it comes to preparing to buy a home?
Buyers need to have all their ducks in a row. And be pre-approved for a mortgage.
How good does your credit score have to be?
Janet, you don't have to have a pristine credit record. Lenders like to see 740 for the best rate, but if it's lower, you can still get a loan.
Janet, to snag the best interest rates on a mortgage, you need a credit score of 740 or more. You can get in with less, but you'll have to pay a higher rate.
There have been so many articles out there about how the younger generation's move-back-home lifestyle is "killing" the housing market.
There are so many reasons, and that's probably one of them.
Dave, Good point. I like looking at the Web sites of local multiple-listing services or real estate brokerages for the latest information and leads to selling agents.
Another thing that's killing the housing market is the number of foreclosures.
K, as the economy improves and young people feel they can afford to move out, that will change.
Bye, Dave. Let me hit foreclsoures first.
But foreclosures are also good news for first-time buyers because it has lowered prices.
Yes, the rate of foreclosures coming to market has been hastening, mostly ones that were held up by the foreclosure-processing moratoriums.
Let's move on to our next question from Vince.
Now that the moratoriums have ended, foreclosures are coming to market again. They tend to depress home prices.
