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FHA Loan Applications Plummet 49% in June
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2013 Aug 19, 9:59am 1,624 views 4 comments
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Gragorin
2013 Aug 24, 1:58pm
Not so much that but people are giving up in the high cost areas. I know I've been searching in SJ for awhile now and wanting to spend only about 2.5x my income and I've been outbid by all cash offers with no contingencies/ no inspections for as much as $100k over asking and even $25k below asking. It's just murder out there and quite disheartening for a fiscally responsible SINK kinda guy.
Bap33
2013 Aug 25, 1:56am
Nobody outside of the RE deal has any way to know what the other offers are, if they are cash or not, or any other detail until the home sale is recorded by the County. Now, if you go to a title company or down to the County Tax Assessors office and look up the APN of the homes you mentioned, and you find the details to match what you weretold by some POS REturd, you will be the very very very very first person on here to discover the Loch Ness Cash-Buying-No-Inspections-Over-Bidder Monster. Those have been extinct since 2007.
When I was still looking to buy, one thing I personally did find by following the recorder info was a lot of sales lower then my offer on the same house. This crap will continue until the entire RE game is removed and people buy and sell houses like they buy and sell cars. How the REpukes have been able to sell the nation on handing over 6% of all the property sales is insane.
http://www.nationalmortgagenews.com/dailybriefing/FHA-Loan-Applications-Plummet-June-1038260-1.html?site=default_on
In a monthly loan production report issued Friday, the Federal Housing Administration reported that loan applications fell nearly 50% in June from the prior month.
The new report shows that FHA applications fell to 93,700 in June from 182,400 in May. Applications for FHA purchase mortgage loans fell to 57,650 in June, down 43.5% from the prior month.
#housing