Jump to content
House Price Crash Forum
Sign in to follow this  
dude wheres my house

First Time Buyers Denied Credit (usa)

Recommended Posts

http://www.bloomberg.com/apps/news?pid=206...&refer=home

"Lenders won't approve them because they don't have enough money in the bank, said Tullis, Virginia sales director at A. Anderson Scott Mortgage Group in Falls Church. With mortgage companies cracking down due to rising subprime defaults, Tullis needs them to sock away two months of payments for the $500,000 townhouse in Fairfax.

``Six months ago, these folks might have qualified, a year ago, definitely,'' Tullis said. ``It's a lot, lot harder than it used to be for first-time home buyers.''

"

Edited by dude wheres my house

Share this post


Link to post
Share on other sites
This sort of thing should have it's own section, or have "(USA)" after it to save people wasting their time.

Why is it wasting your time? If you want an idea of how things will be here in 6-12 months what is happening in the USA now will show you, that is unless you believe the UK is a unique market?

Share this post


Link to post
Share on other sites

I understand how the UK is connected to global markets I just think it would be nice to have a note on the title or something.

Just a suggestion for people. It might just be me that thinks it though!! :lol:

Share this post


Link to post
Share on other sites
Guest d23
http://www.bloomberg.com/apps/news?pid=206...&refer=home

"Lenders won't approve them because they don't have enough money in the bank, said Tullis, Virginia sales director at A. Anderson Scott Mortgage Group in Falls Church. With mortgage companies cracking down due to rising subprime defaults, Tullis needs them to sock away two months of payments for the $500,000 townhouse in Fairfax.

``Six months ago, these folks might have qualified, a year ago, definitely,'' Tullis said. ``It's a lot, lot harder than it used to be for first-time home buyers.''

"

if 2 months payments as a deposit on a 7 x joint income consitutes a 'credit squeeze' things in the US must have been pretty crazy previously.

Share this post


Link to post
Share on other sites
Why is it wasting your time? If you want an idea of how things will be here in 6-12 months what is happening in the USA now will show you, that is unless you believe the UK is a unique market?

Except this is what people have been saying here for 6-12 months.

This kind of thing farks me off. This isnt the US. STOP POSTING ABOUT THE US FFS!

Share this post


Link to post
Share on other sites
I understand how the UK is connected to global markets I just think it would be nice to have a note on the title or something.

To be fair, the topic did have "subprime" in the title... that's not a word most people use when describing the UK mortgage market (the nearest equivalent being "chav", I think). So at least there was a clue that this might be a US-centric article. :)

Share this post


Link to post
Share on other sites

I think the title gave a hint to the fact that it was about the US. Still though I tend to agree though that it should have US tagged on so people don't look at it if they aren't really interested.

Share this post


Link to post
Share on other sites

At last , evidence of genuine credit tightening in UK, I thought as I eagerly clicked on the link.

Alas, old news unrelated to UK.

Credit loosening in the UK carries on apace.

Share this post


Link to post
Share on other sites
Except this is what people have been saying here for 6-12 months.

This kind of thing farks me off. This isnt the US. STOP POSTING ABOUT THE US FFS!

Too right this is not the US, it is a whole lot worse. I don't know why I am wasting my time replying to you given the nature of your post but thought I would post for the benefit of others more interested in examining the correlation between what has happened in the US in relation to the UK.

We are yet to brake a correlation between the UK and US (Picture 1) and it is very unlikely we will given the direction of short and long term interest rates. Sadly the one thing the UK does better then the US (and probably the world) is insane house price booms and crashes.

See images below taken from the ABN AMRO report that shows this and other linked economic measures.

http://www.housepricecrash.co.uk/pdf/abn-a...hs-04042007.pdf

Picture3.jpg

Picture2.jpg

Picture1.jpg

post-6129-1181762396_thumb.jpg

post-6129-1181762408_thumb.jpg

post-6129-1181762417_thumb.jpg

Share this post


Link to post
Share on other sites
Guest grumpy-old-man
Except this is what people have been saying here for 6-12 months.

This kind of thing farks me off. This isnt the US. STOP POSTING ABOUT THE US FFS!

well I think the US is very relevant on the subject of hpc's & economies, they almost mirror each other.

do we detect a hint of frustration in light of the very bearish news coming out lately ?

It's only going to get worse. :D:P

good post confounded!!

Share this post


Link to post
Share on other sites
This sort of thing should have it's own section, or have "(USA)" after it to save people wasting their time.

Totally. This site is called housepricecrash.co.uk. Would posters of US news please make it clear from the title that they are posting US news by adding 'US' to the title.

edit: it's really boring to click on titles like this all the time, and then be dissapointed that it's happening on the other side of the pond.

Edited by LargelyIgnorant

Share this post


Link to post
Share on other sites
Guest grumpy-old-man
Totally. This site is called housepricecrash.co.uk. Would posters of US news please make it clear from the title that they are posting US news by adding 'US' to the title.

edit: it's really dissapointing to click on titles like this all the time, and then be dissapointed that it's happening on the other side of the pond.

c'mon, you would have to be "largely ignorant" ;) to have missed the "subprime" bit in the title which clearly relates to the US.

Share this post


Link to post
Share on other sites
c'mon, you would have to be "largely ignorant" ;) to have missed the "subprime" bit in the title which clearly relates to the US.

Well, yes.... Some of us need the obvious pointed out. :P

Thanks to the OP for the title change :)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 355 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.