GARY SHILLING: And Now House Prices Will Now Drop Another 20%
I think 6 months ago he was calling for a 5%, but a 20% drop.
At the same time, the house price collapse and subprime mortgage meltdown has led to a drastic tightening in lending requirements. In contrast to the no-document loose-lending practices of yesteryear, just listen to what it takes today to qualify for a mortgage. You’ll need a job and at least two recent paystubs, two years of W-2 forms, proof of other assets you own and your tax returns