Stolen Jewelry and $270 Insurance Refund Needed to Close $1 Million Laguna Beach Home Purchase
We have all heard the cautions of tightening lending standards. Most homebuyers in today’s Orange County real estate market have braced themselves for the adventure that has become the loan underwriting process. The “old rules” of “easy” lending that have plastered the news, targeted as being the culprit of our current economic situation, have been replaced by “new rules” which the big banks have promised are here to stay in the quest for more favorable lending practices. But how good can the “new rules” be when a buyer needs to scramble for $270 after putting over $200,000 in escrow to purchase their dream home in Laguna Beach? Will the “new rules” squeeze the financial middle class out of the real estate market?
