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Real Estate Pros See Impact of Sub-Prime Mortgage Woes on Buyers

1:22 pm   -   March 21st, 2007

In an online survey of Washington urban area real estate agents, seventy-three percent (73%) of those surveyed said the availability of sub-prime mortgages and tighter standards for “alt-A” loans has had a negative impact on their ability to get homes under contract. More than sixty percent (60%) said their clients are encountering difficultly in qualifying for the loan they need to purchase a home.

Eighty percent (80%) of the agents surveyed said they work in price ranges from $250,000 to $600,000, and work primarily in the District of Columbia, and close-in urban areas of Virginia and Maryland.

“I think this raises a number of questions about the longer term impact of mortgage availability on the velocity of sales in the market,” said Kim Hoover, President of City Influence. “We know that a significant portion of buyers who were able to enter the home ownership category over the last decade took advantage of more flexible lending standards. The question is, if that group is unable to buy a home going forward, how much of a ripple effect will that have up the chain?”

For more details on the survey, contact City Influence: http://www.cityinfluence-dc.com/.

Located in Dupont Circle, City Influence is a Washington, DC, based market research firm specializing in urban real estate. City Influence enhances marketing strategy with analytical tools including consumer surveys, online focus groups and detailed micro-market research. City Influence has a proprietary database of over 33,000 urban dwellers.



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