The Great Credit Crunch hit and it's getting worse.
Lenders who were providing loans are no longer in business. Warehouse credit lines have dried up. There are no Jumbo loans. House prices continue to go down
The financial world 3 years later is still changing fast. The link below will take you to;
New loan types enabled by the repeal of the Glass-Steagall act and created by Wall Street investment banks, seemed like a good idea.At the time.
Things are different now and the "New normal", is on the horizon but not yet in sight. Many homeowners are not going to be able to wait. Serious long term decisions need to be made. Some with negative concequences.
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