Mortgage Crunch and Effects on Cerritos real estate...

The mortgage crunch has done a number on us here locally as well as nationally, with the exception of a few spots. People are having a harder time qualifying for loans than they have in the past. It seems that last year, as long as you were breathing and can prove it, you could get a loan and the banks were willing to make it. The secondary market fueled all of that, according to many reports now surfacing. What turned the stock market on has been turned off by the volatile market. Since banks are not having the loans bought by the secondary market, they are not making as many loans. It is as simple as that in a brief nutshell.
So, in the Cerritos real estate market, there are lots of buyers that wish to purchase homes or single family residences, condominiums, unit buildings or income properties. However, there are fewer loans to give them, so they are only being guided to higher interest loans that they can't afford or have to lower there purchase price to make the same payment as they would have before. With ample inventory and some eager sellers, they were able to grab some Cerritos real estate at a lower price than before. The low end of the pricing spectrum has us seeing some prices in Cerritos real estate back a few years! It is simply amazing!
For those with excellent credit and job stability, there are some great financing programs that help them purchase Cerritos real estate. They are the ones that are benefitting from the debacle that is now known as the "subprime loan woes." People that sat on fences for the longest time now are able to look and snatch up some bargains as some of the sellers are desperate to sell and some believing that it is a "buyer's market" now. They are not far from the truth, but not exactly dead on either. We're not at the level that crippled the entire housing industry years ago, but definitely not even close to the haydays of a few years past.
So now what? Well, if you have the urge, take a look at the loan that may be offered to you. It might surprise you to know that the interest rates are pretty darn low and prices are pretty darn good. California is still one of the hottest destinations for people to move to. There are jobs and opportunities all over the place. The money didn't dry up, people are just being more conservative and seeing what is going to happen.
Tell me, what do you think about this California real estate market? Make a comment!

Best,

Chun Liu
Team WOWWHEE.com