December 8, 2008
... Delores Conway, director of the Casden Forecast at the USC Lusk Center for Real Estate, said most home sales are taking place in the lower-price tier of the market for two reasons: Most of the buyers are investors looking for bargains, and lenders are playing tight with money.
Since the market downturn began, "jumbo" mortgages - loans for more than $417,000 - have become much more difficult to get, so there are more deals for smaller amounts.
"The higher-end market is simply not moving because lenders have tightened their criteria," Conway said...