The mortgage underwriting process takes longer today than
it did during the housing boom.
Lenders are no longer tripping over one another to hand 100 percent loan - to - value loans to borrowers as
they did during the housing boom.
Not exact matches
But it
does say something about the evolution of real estate marketing as a discipline distinct from development and sales
during the city's decade - long
housing boom, and its symbiotic relationship with the media.
Olsen says the winning cities are places where property prices either didn't go crazy
during the recent
housing boom, or
did do so but later collapsed and haven't completely recovered.
The authors explain that
during the nation's
housing boom of 2000 - 06, home prices in Binghamton, Buffalo, Elmira, Rochester, Syracuse and Utica
did not appreciate as rapidly as the national average, although prices in Albany, Glens Falls and Ithaca outpaced it.
Just like
during the
housing boom, they are buying distressed properties,
doing quick rehabs and selling them for a fast profit...
The small construction firms that
did mansionizations
during the
boom would have no trouble building two - family
houses.
Although
house price appreciation exceeds income growth, the gap between the two
does not match the differences that prevailed
during the
housing boom.
When Americans have more money, they tend to buy more and bigger
houses, and GDP per capita is far higher than it was
during the baby
boom and has been increasing steadily (until the current recession) and will doubtless
do so in the future.
«I think the Fed learned from the experience that we had
during the
housing boom... so when they
do move to raise interest rates, they will
do so aggressively,» Faucher told investors and reporters Tuesday.
During the
housing boom, lenders didn't require much in the way of documents.
I don't see clients arguing over who gets to keep the
house, or the car, because there isn't any equity in either anymore (unlike
during the real estate
boom) or when incomes were higher and everyone owned their cars outright.
«The apartment sector
did not overbuild
during the
housing boom, and then built nearly nothing for two years after the market crash because no financing was available,» he said.
Alluding to the excesses in mortgage originations
during the
housing boom and the subsequent mortgage crisis, the president touted the rules that are now in place to protect households from taking out loans for which they don't have the ability to repay.