Banks
Now that holiday movies populate our viewing choices which one addresses a relevant real estate message? Hands down, “It’s a Wonderful Life.”
Getting a home loan can be a challenge for self-employed people: A typical mortgage lender wants to see one job with steady month-over-month income. But an independent contractor might have time off between jobs, varying amounts of income each pay period, and business income that looks low because of capital investments, which are common tax write-offs…
Interesting story in the Los Angeles Times. According to their business desk, banks are easing lending restrictions and lending more freely, using “creative financing,” which could bring more risk to the market. The story, which talks about “piggyback financing” and other risky mortgage loans, says that with higher prices comes more risk in housing finance.…
The Wall Street Journal and other financial news media are reporting that the U.S. home ownership rate has slipped to it’s lowest in 15 years, and experts predict it will slip even further. Why? Mortgage lending is tighter than a violin string, with no signs of loosening, not even for an election. This echoed what…
Boarded up brownstones in Cicero I never thought I’d see the city of my birth blow out Miami and Phoenix when it comes to having the most foreclosures in the nation right now, but Chicago takes the cake. Almost 119,000 homes in foreclosure. The problem: those stubborn banks are not letting go. This, of course,…
