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The Water Cooler
General Discussion
Lumber Prices Record Biggest Weekly Drop Ever
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<blockquote data-quote="SoonerP226" data-source="post: 3592892" data-attributes="member: 26737"><p>I wonder how much of that inflated value is in the mortgage, though. How many banks are going to loan money above the appraised value? So if you pay, say, $125K for a house that appraises at $100K, presumably, the bank is going to sell you a mortgage for less than $100K, and you'll have to cough up the difference on your own. As a result, <s>if</s>when the bubble bursts, unless it goes completely nuts, the mortgage shouldn't be as completely upside down as it could've been in '08, when you had lenders selling 30-year mortgages to 90 year old men (a realtor friend of my dad actually saw that one happen)...</p></blockquote><p></p>
[QUOTE="SoonerP226, post: 3592892, member: 26737"] I wonder how much of that inflated value is in the mortgage, though. How many banks are going to loan money above the appraised value? So if you pay, say, $125K for a house that appraises at $100K, presumably, the bank is going to sell you a mortgage for less than $100K, and you'll have to cough up the difference on your own. As a result, [S]if[/S]when the bubble bursts, unless it goes completely nuts, the mortgage shouldn't be as completely upside down as it could've been in '08, when you had lenders selling 30-year mortgages to 90 year old men (a realtor friend of my dad actually saw that one happen)... [/QUOTE]
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Lumber Prices Record Biggest Weekly Drop Ever
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