Calculated Risk reported on cracks in the high end real estate markets in the San Fransisco Bay area. The impacts that this has on the million dollar jumbo mortgages is clearly shown in the mortgage market share reports for Marin County, California for 2008, and for 2007. Purchase mortgage originations having mortgage loan amounts over 1 million dollars have declined this year to almost half of the rate that the same mortgages had in the prior year in Marin County.
Notice that the 2007 market leader, Washington Mutual (Wamu), has fallen off the chart. Wamu used to lead most markets in California with their super million dollar jumbo mortgage product. They used to lead with a lot of other mortgage products but no more! Do you think Wamu will make a comeback?