From the San Jose Mercury News: From bad to 'worst' for Santa Clara County home sales.
For the first time since the housing downturn began in late 2005, housing prices in Santa Clara County dropped last month compared with a year earlier. And, in the aftermath of the credit crunch that sent rates for large mortgages soaring and Silicon Valley home sales sliding, fewer homes sold in January than during any month in 20 years.
Despite excellent credit and no debts other than the home loan she planned to get, the biggest challenge she faced was actually securing that jumbo mortgage.
"Basically every mortgage company says I'm their dream client," said Abramowitz, a management consultant who saved for years to amass a 20 percent down payment for a home in the $1 million range. But right after she agreed to buy the five-bedroom house late last month, the stock market took a steep dive, and lenders began saying her down payment wasn't high enough. "Suddenly everyone was going, '45 percent down.' "
45%!!!
Vampire. Garlic. Stake. Heart.
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