Thanks to HP insider PH for the info...
Important Notice Regarding Declining Market Areas
CitiMortgage has identified certain markets with declining values that may require adjustments to LTV/CLTV/HCLTV financing limits. The maximum LTV/CLTV/HCLTV for the product, program, and/or documentation process chosen will be reduced by at least 5%. We are currently not extending maximum financing on properties that are located in the counties listed below. List is updated quarterly. Last updated July 3, 2007:
September 06, 2007
CitiMortgage spells it out - here's their short list of crashing home price counties (where they have offices) that they're scared to do new mortgages
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35 comments:
It's nice to see that SLO is on that list. Might be a nice place to live after the crash.
Itls looks like Cal, Fl and Va have the most counties with red tape. I live in Palm Beach County which is on the list. People here are soo stupid and really have no idea what is going to happen to them. Everyone here is in denial and they walk around here with the noses in the air in the la la land of florida. These people are sold on the word "paradise" The few people I have told about what is going on basically do not want to hear it!
Lee and Manatee counties were obvious choices...I am surprised they were not in bold and underlined. I wish this list included the % adjustments.
Quite surprising that Dade (Miami) is not on the list. Or maybe this is only for Single Family Homes - perhaps they don't even finance condos? Just wondering...
The other interesting thing is that none of the main counties for Tampa, Orlando and Miami are on here.
HAH, as someone who lives in Washington DC I'm glad to see that half that page is dedicated to every municipality in Virginia and Maryland within 50 miles of here in every direction.
A 5% down payment increase scales nicely. Let's suppose the bravest lender is willing to do 90% LTV on a $500k house. You're rolling with $50k cash for a down payment - and thought you were in good shape. Now they pull the rug out from under you and say 85% LTV is the new requirement. Now $50,000 in cash only levers up you up to a $333,000 loan.
It's funny how leverage works - too bad no one who bought a mortgage in 2003-2007 knew!
if Tampa's so badly off, why isn't it on the list? (Hillsborough County)
or Clearwater St Pete? (Pinellas County)
don't get me wrong, Tampa is sccrewed.
And where's SCOTTSDALE
Its only where they have offices I believe
Updating quarterly is too long an interval.
The way things have changed recently it should be weekly.
Great list! Is there also a list of all the counties they serve? Otherwise some people might feel more secure than they are.
HAHAHAH...I'm with westwest888 - the entire Northern Virginia is on that list!
I'd be pleased with a 20-30% haircut.
Pinellas is the most densely populated county in Florida - and along with Hillsborough, saw some pretty stupefying increases over the past 3-5 years. Perhaps Pasco is feeling it first because there's more new housing that needs to be lowballed onto the market, and the commute from Pasco would be a deal breaker for a lot of prospective buyers.
But I have no doubt in my mind that the Tampa/St. Pete/Clearwater area is going to see carnage. it's been showing a bit in the condos for the past year now. Long ways to go, though.....
I got a theory on why Miami is not on here. What I been seeing lately is a lot of rooms for rent with the owners still occupying them in homes that were bought with adjustable mortgages. This can explain human adaptation to this mess. There is always a way!
Look at all those Md. and Va. counties! I guess all those gubermint workers and Iraq war dollars can't afford all these overpriced pieces of crap after all...
Nova:
Many are already at 20-30% haircut. Check out Harriet's blog, which Kieth should provide a link to if he has not done so as of yet.
http://novabubblefallout.blogspot.com/
And, if you go, please leave some kind words for Lance the douche.
I am amazed that Brown county, Wisconsin, did not make their list.
Nova & Westwest888 - I'm with you guys...I'm well south of the NoVa nightmare, but was traveling back south on 15 through MD to home south of Culpepper on Labor Day, marvelling at just how nasty it's gotten and how far out. At least this will slow/stop the sprawl a while.
Miami-Dade would be on list if not for the amount of kickbacks in the sale price. 450000 - 60000 cashback
Lots of fraud in Miami. I live here.
Where's Nevada?
There are about 5000 counties in the country. So about 50 or so counties now require an extra 5% down.
WOW!!! That's a whole 1% of the country.
No mention of Chicago, NYC, Texas, Las Vegas, Phoenix, nothing in the South (I don't consider FL as being part of the South), nothing in the Pacific NW, nothing in the plains. Essentially it's DC suburbs, parts of California and Florida.
Wake me up when that list expands by about 500 counties, then it will mean something.
WooHooo! Hillsborough County, New Hampshire - my home!
Been waiting on the sidelines for FIVE years, living in a crummy overpriced apartment, paying off two cars, getting rid of all my debt and saving up 5% down+ closing costs.
Hoping prices will drop big time here soon.
I live in Palm Beach County which is on the list. People here are soo stupid and really have no idea what is going to happen to them.
What did you expect from people who were outsmarted by ballots?
In CA, Contra Costa County has tons of homes being built in cities like Dublin, Richmond, Pinole, Livermore, And even a new city east of Livermore called Mountain House.
More people than homes in Contra Costa County!
YES NOVA is on the list!
OC and LAC are not on the list....whoops biggest dollar loss scenarios playing out there now, how they forget those two juggernauts of loss is beyond me.
Oh snap, thanks for the link! I've seen 20-30% off already, but that's on the homes no one wants.
I'm looking for 20-30% off the desirable ones too like in Arlington, Old Town, Tysons, Great Falls, etc...
NOVA needs to TANK, and Tank Hard!!
What so many greedy sellers don't realize, is that nothing will change with this stand-still market until prices absolutely collapse. They just must.
It's only the counties where CitiMortgage has offices, right?
As it happens, my county is on that list - YAY!
westwest888 said:
"HAH, as someone who lives in Washington DC I'm glad to see that half that page is dedicated to every municipality in Virginia and Maryland within 50 miles of here in every direction."
Except for Montgomery County which is conspicuously missing from the list. Apparently Bethesda, Potomac and Chevy Chase are too good to pass up for funding those big jumbo loans.
Keith,
The link goes back to a news story, not the list. Can someone please post the linky?
thanks
The link goes back to an unrelated story. Can someone post the list or a link to it?
thanks
Awesome! Get these crack dealers..er..."lenders" out of American communities.
Southern Ca. is another area we'll soon see more foreclosure spikes,
particularly along the coastal regions.
Central California is really awful, as their "short-list" indicates.
They didn't forget OC and LAC, they're just still considered "desirable areas".
Ron said...
OC and LAC are not on the list....whoops biggest dollar loss scenarios playing out there now, how they forget those two juggernauts of loss is beyond me.
The sellers aren't necessarily greedy, they are just *WAY DEEP* in debt, with little of their own cash, so they literally have to sell at their asking price in order to make ends meet.
It's a really nasty (going to get way nastier) place for a home debter to be.
It's an absolute certaintly that prices will fall, just to start making a noticeable dent in all the excess housing inventory spread across the country.
Anonymous said...
NOVA needs to TANK, and Tank Hard!!
What so many greedy sellers don't realize, is that nothing will change with this stand-still market until prices absolutely collapse. They just must
They have all of Metro Detroit/Southeastern Michigan on that list -- no surprise there. Actually, they are missing Wayne (Detroit, proper), and Genessee (Flint) which have perpetually depressed property prices; and Monroe and Sanilac which are mostly rural counties and haven't been urbanized, yet.
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