It's always interesting to see how the CAR view the housing market (http://www.car.org/index.php?id=MzgzNzc) here are a few highlights:
"Although sales rose for the fourth straight month in February by 9.5 percent compared to the previous month, they continue to be dragged down by the ongoing effects of both the credit/liquidity crunch and tighter underwriting standards that have reduced the pool of qualified buyers who can obtain a loan," said C.A.R. President William E. Brown.
"It is crucial that FHA reform legislation currently under consideration by congress include higher loan limits for high-cost states like California," he said. "The proposed legislation also includes a reduction in the down payment requirement for FHA loans and will include condominiums in the FHA single-family program, which will make it easier for buyers in the condominium market to qualify for loans."
Is this guy a fool or what--increased sales? higher loan limits? reduce down payment requirements? This is the reason we are in this mess in the first place!
The Federal Reserve Bank’s recent action to reduce the federal funds rate will have little near-term direct effect on the housing market," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "However, Fed rate cuts should result in more favorable real estate finance rates as we move through the year."
Give that woman a hand, that Harvard degree sure comes in handy!
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