Quote:
Originally Posted by ranchlandsselling
And I never said you didn't 
The change is greater with each drop. I actually don't know how much it will change things. I thought about it all night and. . . I don't know. Those who were prepared to be house poor at a 35 and 30 year amortization maybe won't be able to buy as much house. How many people like that are needed to change the market? Is there that many people?
We'll see. |
I'm thinking the biggest hit will be the $400-600k price point -- first/second time buyers that could extend that high under 30 years will have to scale it back in order to qualify. If you're in the sub-$300k market, the change will probably take out a few buyers but the actual difference in payments on a 30-year to a 25-year is probably a little easier to absorb.