Marai
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Se nota porque las existencias de casas en venta aumentan y aumentan...
Como una "blogera" experta en asuntos hipotecarios americana comenta, el proceso de contracción de crédito se retroalimenta:April 09, 2007
O.C.'s spring home inventory grows
Buyers are picky and sellers are anxious as the spring home-hunt is in full bloom. That means one measure of how many homes are for sale in O.C. is up 43% in six weeks. That math is by Steve Thomas at Re/Max Real Estate Services in Aliso Viejo. He calculates "market time" or a benchmark of how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made.
By this Thomas logic, it would take 6.57 months for buyers to gobble up all homes listed for sale at the current pace of deals vs. 6.09 months two weeks earlier; vs. 4.59 months six weeks ago (a 43% jump); and vs. 3.62 months a year ago. And Thomas notes:
" The market time two years ago was at 1.21 months. The 2005 market was an unbelievable sellers market, totally different than today’s buyers market." ...
A medida que se comprueba que es más difícil vender los prestamistas tienden a endurecer aún más sus condiciones de crédito. Según ella, el efecto es especialmente notable en los seguros asociados a las hipotecas.And so begins the nasty part of the feedback loop: tightened credit guidelines slow sales (buyers can't get financing) and increase inventory (owners can't refi so they have to sell). As soon as "marketing time" hits the over six months part, that starts showing up on appraisals. Once the lenders see marketing times in excess of six months, they tighten further.
Especially mortgage insurers. They watch marketing time like hawks. So all those "guideline updates" we've been seeing that replace the old 80/20 with the new "one loan" to 100%? You have to get a mortgage insurer to play ball with you in order to do that--just because some lender offers some program (with a footnote that says subject to MI approval) doesn't miccionan anyone will be making the loans.