The ongoing mortgage freeze will continue to affect real estate activity in most cities throughout the country. The private secondary market disruptions were the issue several weeks ago and those problems have had impact on conforming loans. Mortgage originators are unable to sell “Alt-A” mortgages, which allows for those companies to replenish the cash needed to fund new loans. With large mortgage companies such as Countrywide Financial freezing mortgages, and other lenders really tightening underwriting requirements, buyers are finding loans to be more expensive and challenging to get. Down payment requirements are the most significant change realized by most buyers, as there are no longer the 80/10/10 or 8/20 loans available. Fortunately, with Las Vegas home prices being relatively low, most buyers are still able to secure a loan with a 5-20% down payment. Las Vegas has realized the effects of the mortgage problems, we have noticed an increase in real estate activity in recent weeks. Las Vegas is still one of the more affordable real estate markets in the country.
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source: lasvegasrealestatenewsblog.com
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