What a ride! The loan market is tightening in the Las Vegas real estate arena, as it is all across the country. Southern Nevada has recently experienced a major local lender closing its doors. Sub-prime lenders nationwide are shrinking at an incredible rate, with some leaving the market altogether. Foreclosures and REO's are up across the board. Quite necessarily, lending guidelines are being tightened. What we could finance last year we would be hard pressed to do today. IE: 80-20 combo loan with a 620 credit score in yesterday's environment now requires a credit score of 660 and up. The subprime market would do 100% financing with a 580 at the higher rates, but are now asking for 620+ to perform the same magic (maybe this is why there are so many foreclosures?).
Tuesday, March 13, 2007
The Loan Market in Las Vegas - What a Ride!
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