Federal Reserve Raises Lending Standards for Banks
May 7, 2008
It appears we are at a crossroads, while the mortgage industry is trying to ease things so more persons have options and ability to purchase homes - the Federal Reserve is now raising its lending standards for banks. This is somewhat of a diverging path - so it should be interesting to see how this all shakes out.
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Real Estate Quote of the Week
"I often hear remarks from agents like, “the bank sold that house really cheap - 30% below market value”. I don’t agree with that kind of statement. If various banks are the only sellers selling in an area and they are selling all of their houses at a perceived “below market” sales price - perhaps that IS the market for that product in that area. A good price fixes any of the various bad conditions. There is no good reason to take (or keep) a listing that isn’t going to sell."
Russell Shaw - in AgentGenius from Phoenix AZPolls
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