The Fauquier Times-Democrat has some news on the situation there and in Prince William County:
"People are closing loans, but then the mortgage company may not be able to sell it. They have three days to back out, and some of them are," according to Valerie Frank, president of Preservation Mortgage in Old Town Warrenton.
"You could close today, and the money might not be there, even though the borrowers have the loan rate locked. That's the state of the market today."
. . .
"I talked with a lender today, and she said that she had seven loan applications that her company was working on. Normally they would have 50 to 75. A senior underwriter can process three to four a day, so you can see that the business is really slowing up."
. . .
Fauquier has weathered the storm better than many other places, but has not escaped it entirely.
There were just seven foreclosures here in the last half of 2006. In the first half of 2007, 48 other properties were sold on the courthouse steps.
"I understand that there were 900 foreclosures in Prince William County last month," Frank said. "For Fauquier County, it's harder to get hard statistics, but we are seeing them, as well."
. . .
At current rates of consumption, there is an 18-month supply of housing inventory on the market, and that doesn't account for any new listings.
There were 45 houses sold in Fauquier County last month, and 123 more were put on the market.
"This is the worst for me in the 12 years that I've been in the mortgage business," Frank said. "A lot of people are getting out of the business."