Mortgage Market Gets Tougher

As the mortgage market gets more difficult, people are having trouble finding 0% down financing and are therefore, being forced to taper down their home desires. As buyers receive credit, demand and subsequently housing prices will come down. See AP article courtesy of Yahoo! Finance.

I like the this girl who bought a three story and has credit that won't let her refinance...

"Her 29-year-old daughter, a graduate student with an annual income of less than $20,000, qualified for a mortgage of $600,000 with no money down, split into two different loans at 8.75 percent and 12.5 percent interest rates.

With income from tenants, which didn't come right away, Beatty's daughter thought she could afford monthly payments of nearly $5,000.

But she hasn't made a mortgage payment in more than three months, and she's receiving letters threatening foreclosure."

Will we Americans ever learn?