Can you list a couple such areas?Asians want to buy homes at any price - but check areas where Asians are not the primary buyers and you'll see a lot of movement in pricing
Can you list a couple such areas?Asians want to buy homes at any price - but check areas where Asians are not the primary buyers and you'll see a lot of movement in pricing
Tick tick tick - jumbos above 7% now. Of course Bankrate is meaningless and Sheri Wang will fly in with the mortgage good fairy and a low rate. Fed is determined to push the long end of the curve up and consensus is emerging the yield inversion is a function of Fed distortion and is not a friable indicator this time.
Wait to buy when rates hit 9% and all the poor souls with 3/1ARMs are blood in the water.
BTW, for anyone that wants to see the impact of the AirBnB bubble popping go look at the massive inventory im Reno that just hit the market. We scored a <$200/nt place there over Xmas to go ride Mt Rose (epic in deep powder) which was an early indicator. Desert inventory starting to bulge as well. After that Mt Rose trip I’m a big fan of Reno - ride 100 days/year with no state income tax and a 4 hr drive from the Bay. They also have their own city ski hill with cheap lift tickets for residents.
Sure - go look at closed sales in San Clemente and Coto - some downright bargainsCan you list a couple such areas?
for even more fun look at desert communities like Rancho Mirage - now would be a good time to go bottom fishing out thereSure - go look at closed sales in San Clemente and Coto - some downright bargains
That was a good rate your buyer got, but Tom Keane on Bloomberg this morning was squawking about the 7.17% 30 yr on Bankrate and asking his various guests about that number. Liquidity is drying up fast for all but the most qualified W2 buyers, and will dry up even faster once the Treasury has to raise $1T once the debt ceiling bill passes. Anyone buying now at elevated $/sq ft will be very sorry in a few years while those buying in areas showing signs of stress like San Clemente or Coto will wish they had waited for even bigger bargains.Not true, one of my buyers locked in a 30-year fixed jumbo rate 2 weeks ago at 5.875%. There aren't many people who took 3-5 year ARMs in the past 2-3 years as there was little rate difference between the ARM and 30 year fixed rates.
Looking closer at the letter it was actually a cash out refi they are offering - like I want to lose my one action privilege while I abandon my 1.99% rate. Dream on Lakeview Servicing..That 7.x handle is for any Agency loan product, not Portfolio Jumbo, which for the most part remain in the 6's.
Selling a HELOAN....in this rate environment? YOW! They must be desperate for cash flow. My guess is the rate is in the 9's best case, double digits for most other borrowers. I can see a HELOC being pushed, even with the Prime Rate where it is today, but not a HELOAN. During times like this if you can get a HELOC with a negative margin (Prime, minus X) it's a good time to do so. When and if the Prime Rate is declining you can get cash as needed well below normal costs.
Yup, and that is why the Fed will eventually cut rates.If rates go higher, it will reduce liquidity of the whole financial system. No real estate transactions, no lending or borrowing, no credit card transactions...
Not right now, of course, since there seems to be one more rate increase, most likely not the next meeting in June, but the one after that.i don't think we are anywhere near cutting rates. consumer spending is still strong and unemployment is low. a slow down is needed to get prices back to normal.