CNC Mortgage Blog

By Carlos Gutierrez March 29, 2010

I am not a realtor so I don’t have my ear to the ground to get a really good feeling for the state of the real estate market. Business on the refinance side of mortgages has been slow in February and March of 2010.

I don’t think the $8,000 and $6,500 tax credit for buyers is moving too many people to invest in real estate so I don’t think it is going to be extended after April 30, 2010.

I assume that some home owners will be pressured to drop their asking price after April 30 because they did not sign the purchase agreement by that magical date.

On some weekends I go visit open houses to offer our loans to realtors and maybe snag a buyer. A year ago the realtors were really happy to see me because no one else had shown up. Yesterday I concentrated on the area around Lake Minnetonka. Those were more expensive homes ($600,000 to $3,000,000.) I was happy to see potential customers at most of the open houses. I don’t know if they were serious buyers, low ballers or just tire kickers, at least they were looking at houses.

Maybe housing will soon rebound.