Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: patron_anejo_por_favor who wrote (208770)	12/10/2002 1:25:34 PM
From: reaper	Read Replies (3) of 436258

another sign that housing is not in a bubble; participants in the industry continue to act with the highest ethical standards... 11:21AM Homebuilders hurt by WSJ story on down payment practices: KBH, BZH mentioned : The Wall Street Journal reports that a program that in effect allows homebuilders to gift down payments to customers is coming under scrutiny. Critics call the practice an end-run around sound lending policy and a possible force for housing price inflation, as some sellers jack-up price to offset the expense of the gifts. A recent audit by Housing & Urban Development's inspector general suggested that mortgages made through the gift programs carry default rates far above average. Article states that about 38% of Denver-area sales by KB Home (KBH 39.68 -2.35, -5.6%) have been made with down-payment grants this yr. Beazer Homes (BZH 58.41 +2.14, -3.4%) is also mentioned in article as a participant in this program. Cheers

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