Mortgages are still pretty available, despite all the commotion in the financial markets. Ironically, it might actually bring rates back down if this keeps up (although we are in the low 6's now, which is pretty good). With the stock market at such low numbers, it usually brings money into the bond market, helping rates.
We still have some pretty good programs too. I talk a lot about FHA, because with only 3% down, it goes all the way to $325,000, which buys a pretty decent home here. With 5% down, conventional loans go all the way to $417,000, which even includes some of our nicer new construction areas. And for jumbo loans (over $417,000), Wells Fargo has a program that allows you to combine a smaller 1st mortgage with a purchase money 2nd HELOC that avoids the stiff penalties of going to a true jumbo mortgage (although this is a 20% down program).
Last week we got a briefing on the new Sanctuary in the Pines development in D20 Black Forest. One of the signs that our market may be getting closer to a turnaround is new developments like this. Although prices will be starting in the $600's pretty much for completed homes, these are 2.5 acre wooded lots in D2o, on a community water system, which is a first. I think this one will be a winner.
Another sign that things may be turning around is the supply of "spec" homes keeps shrinking. Last weekend I noticed the list of specs in Cordera in particular was very short. While the overall supply of homes is quite ample, there are definitely pockets where the only choice is start one from scratch. There sure are some great deals out there in resale homes!