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Retreat on big mortgages may hurt upscale market

 
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news



Joined: 14 Jul 2007
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Location: Greater Boston

PostPosted: Wed May 11, 2011 1:09 pm GMT    Post subject: Retreat on big mortgages may hurt upscale market Reply with quote

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Description: Retreat on big mortgages may hurt upscale market
URL: http://www.boston.com/business/articles/2011/05/11/retreat_on_big_mortgages_may_ ...truncated...
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Wed May 11, 2011 5:39 pm GMT    Post subject: Reply with quote

NYT article here.

I see the median price in Norfolk county is about $400k so I think that means we can assume that Wellesley, as an example, would probably be about median (15% drop). According to the article interest rates from private market are about 1% higher. Does that apply to the whole loan or just the 15%? Do GSEs still allow you to get another loan on top of the one they're giving?

In the town of Wellesley, the median sales price is $800k. Assuming a 1% rise in interest rates equates to a 10% drop in home prices, will we get a 10% drop on these homes or 1.5%? Even if the latter, the drop might be larger as people may be unwilling to take on second loans or they may not be as available. I also wonder if that 1% spread will widen as demand for those loans increases.
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