Well it is semiofficial, the market is very close to being all the way dead!! Fannie Mae, and Freddie Mac, two of the largest back end lenders/investors are now upping the ante for home buyers, with an additional 5% down requirement. What does that mean, well simply put people who were going to buy a $150,000 house and might have only had to come up with 1-3% down before, will now have to come up 6-8% down. So they have to come up with an additional $7,500 out of their pocket. Well your typical first time home buyer does not have that type of cash saved up. So, let's say you are not a first time buyer and you are counting on the 100K you have in equity in your home, or even the 50K equity, for your downpayment on the home you want to move to. Remember someone has to buy your home first, and chances are they are a first time buyer, and they do not have the money now, or better yet, if they are purchasing your home,  but need someone to buy their home, guess what?? You get the picture, it is a horrible domino type effect that is going to happen, and there are not going to be too many homes selling. I am sure you can look just in your immediate neighborhood, and see a ton of homes for sale, that's because no one can afford them, not anymore. This whole mortgage mess is really going to drag the economy down fast. Most people do not realize that this will effect them in one way shape or form. If you want to pull equity out of your home, well chances are that the values are going to have gone down, and that takes you right with it. So you have less borrowing power. Which means people with less borrowing power, do not spend as much, which then translates into possible lost jobs in other sectors, and so on. The auto industry is feeling some of the pinch right now, because a lot of people borrow against their homes for car loans, but not as many will now, and the ball keeps rolling............

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$419,900.00 24399 New Port Crete, IL 60417 Beds: 4.0 Rooms: 4 Baths: 3.00 Sq. Ft.: 0 Garage: 3.0 Built: 2007   This is a new listing that I thought you might be interested in. Visit this listing online to see more photos of the property, Google Earth satellite images, and much more.   If you have any questions about this property or require more information, please feel free to call. Pat Hisel Pat Hisel-Re/Max All Realty 7087477790 www.buyachicagolandhome.net     Visit this listing at Here