The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Perspective who wrote (112751)	3/25/2008 5:12:08 PM
From: SockpuppetDoug	Read Replies (1) of 306849

The cracks are only just beginning to be felt in the stronger markets like Portland. I was speaking with a mortgage broker late last week and she thought that Portland was headed for a "major shift" in mortgages. Several NW areas (including Portland) were just downgraded to "soft markets". That means as of March 31st no more 100% LTVs (duh!) and no more 80% w/ out income verification. These loans, known by several names, won't be available anymore in PDX: FNMA Flex 100 FNMA Community HomeBuyer Freddie 100 Freddie HomePossible This is short notice so if you aren't almost complete with your loan application and you fall under one of these loans, you're going to have to start over. So the Portland RMLS numbers for April will be interesting. I was also speaking with a principal at one of Portland's larger investment consulting firms. She thought that credit for smaller businesses in the NW was just starting to tighten. But she stressed that it was only the small entrepreneurs out who are having a rough time. She said the larger companies weren't yet having any problems accessing credit. Take that FWIW.

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