Welcome to another edition of Mark's Market update. The summer is definitely here. 102 degrees, 93% humidity. If you're in St. Louis, you understand what I am talking about and if you are not in St. Louis, you are not missing anything, Now back to real estate: We are still seeing soft inventory levels and single digit inventory growth over the last month and consistent with last year. Interest rates this week are still 4.6% to 4.65%, which is consistent with prior week and over last month they have dropped. However, I am concerned about "loose lending" that is occurring and reminds me of 2008 and prior. We are seeing Stated Income Loans coming back, Loans to Borrowers with credit scores under 600, 3% or less down on Jumbo Loans and other risky loans. If you are seller, be very cautious and make sure the buyer of your home is being represented by a reputable lender. If you are a buyer, be very cautious of some of these products, that although you are pre-approved, the actual under-writing may be more difficult than the lender lets you know up-front.
If you have any questions about buying, selling, investing or specific communities, do not hesitate to call, email or text. If you would like the names of reputable / local lenders, call, email or text. Have a great day!