Homebuying unlikely to get easier in 2011 – Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on January 3, 2011

in Buyers, Latest News, Sellers

The drumbeat from the housing community was loud and clear in 2010: There was never a better time to buy a home.

For most of the past 12 months, home prices tumbled, mortgage rates ticked downward, and the inventory of available traditional and distressed homes was plentiful.

But would-be buyers, even if they were able to overcome job worries, found that the hurdles to obtain a loan were formidable. They remained on the sidelines, and housing analysts opined that if the broader economy improved and unemployment fell, pent-up demand would be unleashed, credit guidelines would ease and home sales would improve.

As the new year begins, that guarded optimism has turned into uncertainty, thanks to a combination of rising mortgage rates, tighter underwriting guidelines and sweeping government regulation. As a result, it’s unlikely to get any easier and may, in fact, get much more difficult to buy a home in 2011.

via chicagotribune.com for the complete article

Loans are getting harder and harder to get qualified for…..Interest rates are slowly on the uptick, inventory is shrinking….What else are you waiting for before you buy…

Posted on Irvine Orange County Real Estate Market News

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