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Politics : A US National Health Care System? -- Ignore unavailable to you. Want to Upgrade?

To: Katelew who wrote (3880)	1/14/2008 5:04:21 PM
From: John Koligman	Respond to of 42652

OT Funny how we apparently have been doing the same thing in the markets lately. I did my first trades over the past two days, other than that same thing, sitting and watching the bleeding. Have been too scared to keep shorting at this point and same on the long side. I usually think about some positions right at the end of the year in beaten up stocks, as they tend to jump after tax selling, but my gut said don't do it this year. Glad I did not. I'm waiting for bank results starting tommorrow with C, and what they say about the future, and inflation numbers before getting active again. Speaking of housing, this is one I have not seen before, lenders now declaring 'declining' markets require larger down payments. Doesn't help potential buyers get in... Best regards, John Declining’ label ups down payments for some home buyers Misty Williams, Tribune Closing the deal on a house just got more complicated. Lenders have labeled much of the Valley as a “declining market” — forcing home buyers wanting to purchase in certain areas to fork over another 5 percent in down-payment cash. Real estate professionals say the new loan restrictions could further shrink the buyer pool for home sellers, already facing stiff competition in an oversaturated market. “It’s probably been 12 or 15 years since we’ve really been affected by this,” said Chris Mozilo, area sales manager with Countrywide Home Loans in Phoenix. Most of Maricopa and Pinal counties have been affected, though lenders and appraisers look at specific ZIP codes to try and narrow it down, Mozilo said. It’s also happening in Florida, Southern California and metropolitan areas across the country. Mortgage giants Fannie Mae and Freddie Mac have both instituted the requirement, as home values continue to slide and mortgage companies tighten standards. Lenders are worried that if prices drop further, loans may exceed what properties are worth, Mozilo said. But many homeowners are already upside down in their home loans, facing dramatically higher payments as adjustable interest rates tick upward. It’s like “shutting the barn door after the horse is already out,” Mozilo said. The new constraints have caused deals to fall through, Valley real estate agent Travis Schnepp said. “It’s making it harder for the average person to purchase right now,” Schnepp said.