Interest rates continue to maintain a beneficial level for buyers and those refinancing to solidify long term rates.  Lenders, however, continue to tighten guidelines and make it more difficult for borrowers to qualify.  Lenders are ultimately seeking more capable borrowers and substantially reducing their risk.  They are reacting to the abundance of defaults and foreclosures.  Inherently, lenders are currently enduring major losses and are writing off a tremendous amount of “bad debt”.
~ Rob Pastega