Unexpectedly!
November 28th, 2012 - 10:20 am
It’s funny how these things always happen after November 6:
New single-family home sales fell slightly in October and the prior month’s pace of sales was revised sharply lower, casting a small shadow over what has been one of the brighter spots in the U.S. economy.
Emphasis added, of course — but did I really need to?
The one bright spot in our economy is looking dimmer than we were told.
Just wait ’till the new banking regulations make mortgages “unexpectedly” more difficult to get.
My wife and I are having a new home built. The amount of information and paperwork required to get a mortgage today is about 10 times what it took to renew my Top Secret/SCI security clearance. The pendelum has swung radically. Not too many years ago, someone could get a mortgage if their bones showed in an x-ray. Today, it’s a very difficult process especially for someone who moved to a new city and transferred money from old bank accounts to new ones. The Patriot Act (I kid you not) requires documentation for every transfer.