How are we supposed to make sense of the conflicting signals? On the one hand, there are numerous stories reporting that the credit crisis has caused enormous changes in the real estate market - and in a very short space of time. We’ve gone from a situation where loans were handed out with virtually no restrictions to almost a lending freeze. So lease-to-own agreements are increasingly popular as more owners have trouble selling their homes and plenty of buyers can’t get a mortgage - but the deals are complicated, with pros and cons on both sides. Read the full story here.
Other reports are convinced that, with federal money recharging the financial system, many banks are ready to lend, but nervous consumers aren’t seeking loans and small businesses remain cautious about their borrowing. It’s going to take time for things to change, say industry experts, who predict that loan demand will remain weak into early 2009. Here’s the full story.
Our experience? The big banks have definitely withdrawn many, many programs and can be a nightmare to deal with at present. Other smaller banks who were not as extravagant in the good times are better able to respond to lending requests and have funds available. So shop around!
Recent Comments