The flip side to all of this- I wonder how many "$0 Down Payment" assumable mortgages we will see now. I look at the house across the street from me, and the people bought it last year at around $360K, and then sold it this week for $340K. Assuming they put 5% down, that means whoever bought it might have been able to assume the mortgage for $2-4K.
The time may be right for people with poor credit or without large down payments to get into the market; once again assuming people are looking long term.
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