found this on another
sight... anyone with thoughts on our little gem in this situation please... sounds bad for all lenders...
The index has been sliding since March as demand for new housing slumped amid a rise in defaults for borrowers with weak, or subprime, credit.
“It’s clear that the crisis in the subprime sector has prompted tighter lending standards in much of the mortgage market,” David Seiders, the group’s chief economist, said in a statement, adding that rising interest rates have also eroded demand.
Home sales will continue to decline in the months ahead, he said, and housing starts are not expected to improve until next year, he said.
Sales of new homes, which represent about 15 percent of all home sales, surged in April, but median prices fell 11 percent from the previous month as builders slashed prices.
Mortgage giant Freddie Mac reported last Thursday that 30-year, fixed-rate mortgages averaged 6.74 percent,the highest level in 11 months.
Imirish...
