President Barack Obama Message Board

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Politics : President Barack Obama

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To: ChinuSFO who wrote (44658)	11/15/2008 11:14:38 AM
From: Lizzie Tudor	Read Replies (1) of 149317

I totally agree with you. I found out this week that the SF bay area is now a declining market for real estate so if you want to buy an REO here you need to come up with 25%. Thats about 175K cash all inclusive to buy a 600K REO, way too much especially since stocks have crashed not that many people have that money lying around and it ruins the investment equation anyway. I might have considered buying another house as investment with maybe 10-15% down. Then the numbers work. Banks should be jumping all over themselves to lend to me with my credit profile and assets, especially if I want to buy an REO! And besides a lot of neighborhoods in the SF bay area aren't even declining! San Jose is but SF is NOT! This is ridiculous. They have an actuarial forecast that says if they make loans with 25% down at this juncture they can't lose under any circumstances but with 15% they might lose in 1% of the time if the buyer has a lot of credit and assets so they say no, 25% or nothing. We are never going to get out of this with these types of lending standards, thats what the bailout was for.

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