Invite your friends to view this blog
add to del.icio.us
Rating: 2.4/5 (75 votes cast) Avg : 2.44
For the first time since January, both the number of homes sold in Santa Clara County and their median price fell from the previous month, a surprising reversal in a housing market that had been steadily climbing out of the burst real estate bubble.
Home sales plunged 21 percent in August from July, a sharper drop than in any other Bay Area county, and the median price dropped to $515,000, a 5 percent decline from July and down 13 percent from August last year, according to a report Thursday from MDA DataQuick.
The numbers appear to reflect just how fragile the market is, with real estate professionals and analysts offering a number of varying reasons for the month-to-month changes, from fewer foreclosed
(Click to enlarge)
properties listed for sale, to new rules that have resulted in longer escrows, to higher mortgage rates.
There are lot of conversation of reduced interest rates but in reality, that's a water spring in a desert. Why?
I have a super-Jumbo Loan that I have been very responsibly paying my mortgages. Last few months ago, I signed up to refinance my loan which fell apart at the last minute. Why? I wanted an interest only loan and the interest rate was congenial to me. But, guess what? The reserve in liquid cash was at least 6 months
Now I tried going back this month for a refinance and interest rate seems to be lot better but, ...... You guessed it right - This time the interest only loan is not present and the reserve is 8 months even if I want to refinance my loan.
Since I had or I thought I have good equity on my home, I explored selling the home now and move on to a new one. First thing is to get an appraisal to find the value of my home. I was shocked to an extend of losing my several heart beats (Don't worry - I am still alive. If I were dead I wouldn't be here to write this blog :-) )
My appraisal came 30% less than what I had seen in 2006. Wow! That was throwing away my 2 years of salary including tax and forgetting that I served a company as a lead architect for nothing!
I am sure several of you are facing the same crisis I am facing -
- Should I refinance by selling something that I don't want to, to fill the reserve or
- Sell my home , taking the loss of 30% or more ?
Please share your thoughts!
Add Comment |
0 Comments
Blog URL::
http://www.likepoint.com/blogs/jumboloanrefinanceorsellBlog Category:
