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Good morning. We’re big fans of real estate columnist Kenneth Harney, and his column this week is a keeper. He documents numerous ways in which the mortgage market is tightening, notably a raising of the bar on FICO scores.

Highlights:
--The ‘traditional cutoff point between prime and sub-prime loans -- a 620 FICO score -- has migrated upward in recent weeks. Some mortgage companies are posting 680 FICOs as the new demarcation line...’
--If you want a ‘limited documentation’ loan, some lenders are now requiring a minimum FICO score of 720.
--’Some lenders are abandoning zero-down programs altogether, and others are requiring 10% minimum equity stakes.’
--Geographical tightening: Harney reports on tightening loan standards in ‘areas where delinquency rates are high.’

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