Daytona Beach and all of Volusia county real estate buyers and sellers: If you're having trouble understanding why the real estate climate is still showing no signs of improvement, let me help you understand by first stating that most people don't realize how difficult it is to get a mortgage right now. You may have excellent credit, but you're still going to need at least 20% down, a low debt ratio and many other necessary qualifications! Why? Because the banks don't have money to lend! Read this information from Indymac, announcing more losses. And here's an excerpt that may help you to better understand our current real estate market.

"As a result of the above, we have made the difficult decision, effective July 7, 2008, that we will no longer accept any new loan submissions or rate locks in our retail and wholesale forward mortgage lending channels, except for our servicing retention channel. We plan to honor all of our existing rate-locked loans and will continue to fund these loans in the coming weeks. While the managers and employees in these units have worked incredibly hard, these units are not currently profitable due to the continuing erosion of the housing and mortgage markets. At the same time, these operations take up significant balance sheet capacity and "feed" growth in the servicing asset, an asset we need to shrink given its size relative to our existing capital."

And for even more real estate mortgage concerns, on July 7, the largest providers of resident home mortgages, FannieMae (FNM) and FreddieMac (FRE), saw their shares plummet to their lowest levels since 1992!  Read more and watch the video here.