The still-tightening market for financing real estate is not only taking a bite out of individuals’ ability to buy homes. It’s also starting to affect the ability of large new construction projects to get financing to even begin building. New projects like a waterfront condo complex in Everett. The start of condominium construction on the…
Tag: Financing
Lenders’ Tightening Standards Even Hit Seattle
Here’s the latest from Aubrey Cohen over at the P-I: Mortgages harder to get for local borrowers Lenders who previously approved mortgages to people with bad credit, no down payment and little or no documentation of income now are refusing loans if even one of those three factors is questionable. This is true even in…
Sub Prime fallout: Ok. Really. How many sub prime originations took place in the Puget Sound area?
I’m weary of hearing that the sub-prime market is or was a small portion of the pie in the Puget Sound Region. Certainly, there are many prime conventional loans that were made. But the idea that the originations of sub-prime loans being reduced or eliminated will have a less than meaningful impact is just not…
Jumbo Tightening Squeezes King County Buyers
Okay so this is old news to any of you that have been following the mortgage mess as it unfolds, but it’s worth bringing up again to point out the fact that Elizabeth Rhodes at the Seattle Times has finally admitted what a mess we’re in: The evening before their home purchase was to close,…
Washington State Plenty Exposed to Mortgage Mess
Warning: Mild sarcasm ahead Look what happens when you let someone other than a seasoned real estate reporter write articles about the market. You get the frightening truth—Washington State and the Seattle area are not exempt from feeling the effects of the national lending meltdown. Go figure. Ongoing turmoil in the subprime mortgage industry could…