Changes ‘a foot

The first week of 2010 proved interesting.  I learned that the new RESPA changes are going to be a total pain in the neck.  I also learned that Fannie/Freddy are no longer accepting loans with a debt to income ratio over 45%.  Previously, there was no maximum on debt to income ratio.  This is going to be a huge change and one that's going to be brutal when qualifying potential clients for a loan.  Both of these factors are going to make business REALLY fun this year.  *sigh*

Inventory is increasing gradually and people seem to be shopping despite the 30 degree weather.  Usually Janaury is dead but so far it's been somewhat brisk.  3 of the properties I viewed with clients in the last 2 weeks have already gone under contract.  1 had only been on the market for 4 days.  Another went on the market the day before Christmas.  That's pretty impressive considering the time of year, weather, and general economic reports.  Once again, I'm glad I live in DC!


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