It's tough to get a jumbo loan these days.
Over at Altos Research, Scott Sambucci thought it might be interesting to crunch some numbers and look at the overall market trends in the top price quartile to see if the action in the market might reflect this. You can see his analysis in the post Jumbo Mortgages & Housing Market Prices.
His conclusions from the data:
- Fewer new listings are coming onto the market at the higher end of the top quartile.
- The homes that are selling in the top quartile are mostly at the lower price points around $650,000--within the bounds of conforming loans.
- The listings that are coming onto the market in the top quartile are priced, "above the price of homes exiting the market, but are also priced below the Jumbo mortgage threshold."
What might this mean?
- Buyers that may have bought a more expensive homes are bargain-shopping while taking advantage of the tax breaks and mortgage products in the conforming market price range.
- Non-distressed sellers in this price range may have decided to simply stay out of the market this year.
Keep in mind that that data he's looking at is a National index, and like an "average national temperature" in a weather report, it might give a good sense of the overall trend in global warming, but it sure won't tell you if it's particurarily hot in Houston.
So, with this in mind, I ask YOU:
How's the market?
In your market are you seeing what Scott's seeing?
What IS happening in YOUR market?
Discussion lamp lit. Post a comment.
