Centerton, AR a declining market?

[Ron D. in NWA]

The comment below in red was from an email i got from a family member. It had been forwarded a couple of times but I could see the original.

FYI –
At the Mortgage Bankers luncheon today, David Shoptaw (United Guarantee Mortgage Insurance) said that FNMA has designated Centerton as a declining market. That means we will not be allowed to make 100% Conventional loans in this market until they remove the designation.

This came from a Loan officer at an area Bank. I have been to the FNMA web site to try to validate this but have been unsucessful. Any of you know where this information might be found?

Thanks

 

[Mike Kennedy]

http://www.zimbio.com/mortgage+industry/articles/461/Fannie+Mae+Announcement+07+22+Maximum+Financing

 

[Mike Kennedy]

http://www.city-data.com/city/Centerton-Arkansas.html

 

[Ron D. in NWA]

Thanks Mike

 

[Terrel L. Shields]

Sadly that info is a little misleading. They continue to build working stiff homes but the "big" homes are not being built. There was a raft of big houses taken back in foreclosure of a builder that dangle over that market. Overbuilt is the word there however. Yesterday it was reported that prices in the state were up ever so slightly but sales down. Benton Co. was down 30%+

BTW, you can find a friendly Arvest banker and ask if they will let you look at the Skyline Report. They generally won't give you a full copy but they will allow you to look at it or select a page or two. The report is researched by Tom Reed & Associates for Arvest and Cathy Deck of the Bus. Econ. Center

 

[Rice Brewer]

BTW, you can find a friendly Arvest banker and ask if they will let you look at the Skyline Report. They generally won't give you a full copy but they will allow you to look at it or select a page or two.

They absolutely will not give you a full copy. Heck, my brother is EVP-Arvest / Fayetteville and my daughter is with the Ad Agency that "sanitizes" the reports for public consumption and even I can't get a copy of the full report!

 

[Terrel L. Shields]

even I can't get a copy of the full report

Yeah. I don't know why they won't let their own appraisers have access to it...most of the bankers don't really understand it anyway.