Positive Jumbo Loan news from WSJ

"Not for Manhattan boards." To bad there have been so many condos built in NYC in the last ten years without boards to require such things.

The new "Buy now or be priced out forever" is...

"Buy now or miss the recovery" (Steve's claim last week)

and

"Buy now or miss the mortgage rates" (Steve's claim this week)

Wait, except... weren't they using that line a YEAR AGO?!!?

"who in their right mind would buy something without having the above stated requirements to begin with?"

Plenty. I was almost one of them. Surely you remember the days of packed open houses and people bidding on site? How about folks arguing on these boards that they didn't think their developer's checkered past was a big issue when they bought pre-construction? That's why they call(ed) it a frenzy.

As for Manhattan boards, plenty of them thought that a person in finance w/ a strong income (bonus included) and 2 years mortgage and maintenance in reserves was solid. How long will that two years reserve last when the bonus is cut, severance runs out and it's supporting every other expense in the person's life as well?

steveF,

I think the mortgage market is a secondary concern at this point. Buying won't make sense for a lot of people (I'm not saying everyone, of course) until there's more confidence in sustaining price levels, and there's actual evidence of prices stabilizing. Not happening yet, and until it does, mortgage rates/requirements are mostly relevant to people looking to refi. tenemental is spot-on about what it was like not that long ago.

Sell now or be stuck forever...