Southern California: Strict Lending Slows Sales
May 22nd, 2007 by 
babygirl
Sales in southern California neighborhoods that offer affordable housing and cater to first-time buyers are in freefall because of tougher mortgage loan standards, which is shrinking the pool of buyers.
Meanwhile, sales of houses in neighborhoods where prices are higher than $600,000 continue to be relatively brisk, according to an analysis of sales data by DataQuick Information Systems.
DataQuick’s Chief Analyst John Karevoll remains optimistic that the market will recover quickly, citing low interest rates and a healthy economy.
He blamed some of the drop in sales on the fluctuations that long been a factor in the real estate market. “We are coming off that surge,” says Karevoll. “Most of the decline is due to the cycle.”
Source: Los Angeles Times, Annette Haddad (05/16/2007)
Post this to:
Posted in Housing, Real Estate in USA, Mortgage Bankers, Mortgage Rates, Mortgage Loan, Loans, Interest Rates | 