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Declining California Markets

December 17, 2007

Interesting info I got this morning:

This lender has reduced it’s max LTV by 5% for these areas. That means that if you used to be able to borrow $90,000 on a $100,000 purchase, you now need to come up with another $5,000 because they’ll only loan you $85,000.

I wonder if 5% is a reasonable expectation, some areas are expecting double digit declines. hmmm.

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