Friday Morning: No More No Money Down

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For my money, Countrywide Financial in Calabasas is as good a barometer for the mortgage industry as you’ll find. If this big company stays healthy, the mortgage business will do OK. And Countrywide is doing OK, or at least is still making about $5 million a day in profits. That’s a 37% dip in profits, but it’s still a big profit. The Times reports Countrywide has cut back sharply in the riskiest kinds of sub-prime loans -- in particular, the wildly risky no-money-down sub-prime loans with the low teaser rates. Other stuff worth noting: OC Register real estate blogger Jon Lansner has an early jump on April home sales in Orange County: in a word, lame. ‘This looks to be the 19th straight month where sales couldn’t meet last year’s pace,’ he reports. Lastly, this blog asks, ‘Why don’t they call it South Central any more, and why are houses so expensive in a neighborhood with such celebrated problems?’ Median home price in what is now called South Los Angeles: $457,000 and change. And, according to DataQuick, still rising. Comments? Staggeringly Brilliant Analsysis? Use the comment button.