Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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Luxury Home Loans See Rise In Delinquencies

HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS
April 1st, 2010

santa cruzJumbo loans, as we call them in real estate jargon, are showing a steady uptick in the number of delinquencies for the 33rd consecutive month according to a recent article in The Wall Street Journal. Depending on what part of California you reside, jumbo loans could be loan amounts exceeding $417,000 or $729,750 for high-cost areas. February saw 11.6% delinquency rate as reported by Fitch Ratings, a global company that renders independent opinions of credit markets.

California has the lion’s share of jumbo loans at 44% due to the fact real estate prices here are higher than most. New York is second with 7% followed by Florida at 6%. These loans are difficult to qualify for- usually requiring larger down payments and interest rates about 1% above conforming conventional loans. The biggest problem has been the drop in values leaving many luxury homeowners without enough equity to refinance or in some cases they are now underwater-owing more than the current market value of their home.

One exampleof how hard the high-end market has been hit was the recent sale of Hilton Hotels CEO’s Los Angeles home. Christopher Nassetta sold his home for $18 million which was $10 million less than the asking price and 35% less than what he bought it for in 2007!

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN A QUARTER CENTURY LOCAL REAL ESTATE SALES EXPERIENCE

This entry was posted on Thursday, April 1st, 2010 at 5:17 pm and is filed under HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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