Mortgage Problem goes Prime-Time!

Loan modifications were reserved for the subprime market but as the prime mortgage market starts to meltdown efforts to modify prime loans are increasing. I showed a REO last week that was listed for 689k. Last sold for 1.4k. Home next door was listed for over 1.5k. Don’t think the 1.5k home will be selling anytime soon. And the 689k will become a comp for the appraisal. The downward cycle of prices for high-end Stockton real estate has begun.

HousingWire