What goes up must come down. Once upon a time, mortgages were given to anyone who could state an income and sign his/her name on loan documents. Easy credit fueled quick sales and rising home prices.
Where are we now? The new stringent regulations from the banking industry are a knee-jerk reaction to years of almost no regulation. These new rules will make obtaining a home loan an almost impossible task for the average applicant. With this new difficulty, the number of qualified borrowers will be but a fraction of the number needed to stabilize the continued falling values.
All of this means... homeowners should understand this devaluation is a long-term problem not likely to change for many years to come. Get your property taxes lowered this year and plan on doing this for years to come.
See USA Today “Mortgage rules changes skewer some sales”
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