The nation's real estate bubble popped as if someone took a needle to it, and available credit went into a deep winter freeze. The national average of home prices dropped more than 20 percent from the highs of 2006. Job losses are climbing, and the U.S. economy has been stewing in a recession since December 2007. If you are looking for a quick turnaround, the first stone to turn over would be that of the current policies of our nations lending institutions. People simply cannot get loans due to their tight credit score requirements.
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Even though banks have cut mortgage interest rates down to their lowest level in recent history, it will do very little for our economy until the banks ease the strain of their credit score requirements. In spite of what a small handful of analysts proclaim, real estate is the backbone of our economy - period. Real estate cannot move when banks refuse to make home loans. Lenders have been unwilling to wade out of the kid's end of the pool so far.
We have all seen the advertised discounts being offer right now by banks. Does anyone stop and wonder what good it does to dangle these attractive rates in front of borrowers only to be rejected faster than Lucy can pull the ball away from Charlie Brown's intended kick? Homebuyers and homeowners need to jump through extremely tight credit loops today if they want to qualify for a new mortgage.
Soaring FICO score requirements are just part of the aftermath from the chaos of 2008. As foreclosures hit the country like a tsunami tidal wave, banks were admittedly soaked, and we all witnessed how low their threshold for pain is. Soon after lenders went running to Uncle Sam for our money. It's funny to see that after we bailed them out, banks are spending millions on toilets-with-legs. Anyone laughing yet?
Lenders have over-reacted, and are forcing borrowers to leap unreasonable hurdles in order to secure a normal home loan. Who are they offering these low rates to? One of their imaginary friends with the 800+ credit score? How about a little something for the rest of humanity? How about designing a home loan for those that can afford a home, but has less than perfect credit scores? You know, the same people who just paid for your new million-dollar office remodeling project. By the way, how exactly does that $800,000 Louis XVI lounge chair look in the corner?
By combining a total lack of order with a side plate of egotism and greed, problems like this should be no surprise. So what can we do about this unfairness? Not much, except wait out the storm and hope that more reasonable heads prevail soon. If that doesn't happen soon enough, you might opt for emailing a word or two to your congressman.
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