An interesting article out of Housingwire reports good news from the mortgage market. Here is an excerpt:
Wells Fargo finalized a new division built to originate mortgages outside of Fannie Mae and Freddie Mac guidelines.
The bank promoted Brad Blackwell, formerly a sales manager in charge of West Coast operations, to lead the new business. He will work with Wells Fargo community banks, wealth brokerages and retirement groups, and the non-agency, jumbo and home equity loans will be kept on the Wells portfolio.
If this isn't a clear indicator that we have entered the bottom of the current market cycle, I don't know what is. Banks don't like to lend on collateral that is falling in value. It follows the maxim: Never Try To Catch a Falling Knife. When house prices stop falling, lending becomes a much safer bet for banks. This is just the latest evidence that we have entered a turning point in the market.
For those of you waiting to buy a home, I would highly recommend that you take a look around the market. Bargains abound and interest rates are ridiculously low. Let me show you where the bargains are.