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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: JBTFD who wrote (26330)	12/29/2004 5:38:11 PM
From: Tradelite	Read Replies (1) \| Respond to of 306849

<<The one thing I might question is the months ago comment. Loans are quick these days and my guess of an average of contract to close time would be 1 month or maybe a little less.>> Agree with you on that one. Too many wrong ideas are floating around about what the new home/existing home sales figures are saying. If anyone wants to place too much emphasis on new-home sales as a barometer of the national real estate market (which actually doesn't even exist anyway--it's all local), they are completely ignoring New York, Boston, Chicago and many other big cities where new home sales have always been merely a blip on the big screen. Got a call yesterday from an old friend who has been in the mortgage biz for many years and had a chance to get caught up on many things going on out there in the real estate world. It's pretty hot. Loan officer himself is trying to buy one new property per year, is taking out interest-only loans, BUT is consistently banking the difference each month between the interest-only loan and what he'd be paying on a traditional down-payment-type mortgage as a cushion against anything bad happening, and is doing quite well. Plans to keep buying one property per year, and is having no trouble finding ideal renters. This loan person is NOT much of a speculator. Been around too long to do that.