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

To: Perspective who wrote (269975)	8/19/2010 11:23:27 AM
From: TH	Read Replies (2) \| Respond to of 306849

brother bc, That is very interesting. I use my local bank to track this and I've noticed that rates are down a little (I follow it because I get requests often from friends on if they should refi now). One of my buddy's had one of the problems CR mentions (house value too low now), but the bank found a creative way to get him an attractive rate. What did they do? They lied of course, actually stating the value of his house was higher than my buddy knew it was. So few units have sold recently in his area (Detroit burbs) that the comps are still pretty good, so he slid under the wire and got the full amount he needed to do the refi. Had a few more homes in his area sold recently at current market prices, this might have been a show-stopper for the refi. Thx TH