The mortgages from the housing bubble have been bundled and sold off to investors from Tulsa to Timbuktu, so the mortgage servicers can do little to change the terms of most of the mortgages even if they wanted to.
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Foreclosure Filings Nearly Double
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The mortgages from the housing bubble have been bundled and sold off to investors from Tulsa to Timbuktu, so the mortgage servicers can do little to change the terms of most of the mortgages even if they wanted to.
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The current US unemployment rate is 4.7% A year ago it was 4.6%.
Massive layoffs aren't responsible for all of this mess. I empathize with those who have been downsized or scaled back (as I'm one of them), but that's where unemployment compensation, savings, living within your means, and working with your financial institution come into play.
As far as predatory lending, tighten the regulations and prosecute the people making the loans.
I feel no sympathy for banks making loans to people with poor credit and now crying foul - isn't a "poor credit rating" an indication of a "history of financial irresponsibility" ? Aren't the most damaging credit rating factors a high debt to income ratio and a history of missed payments?
Massive layoffs aren't responsible for all of this mess. I empathize with those who have been downsized or scaled back (as I'm one of them), but that's where unemployment compensation, savings, living within your means, and working with your financial institution come into play.
As far as predatory lending, tighten the regulations and prosecute the people making the loans.
I feel no sympathy for banks making loans to people with poor credit and now crying foul - isn't a "poor credit rating" an indication of a "history of financial irresponsibility" ? Aren't the most damaging credit rating factors a high debt to income ratio and a history of missed payments?
I feel no sympathy for banks making loans to people with poor credit and now crying foul - isn't a "poor credit rating" an indication of a "history of financial irresponsibility" ? Aren't the most damaging credit rating factors a high debt to income ratio and a history of missed payments?
During the housing bubble everyone from the borrower through to the investment banks that packaged and sold off the loans got their pound of flesh (appraiser, housing inspector, granite countertop fabricator, title co., realtor, builder/developer, mortgage broker, investment banker, bond rating agency--the whole happy-go-lucky daisy chain).
It had to end badly....now everyone is claiming that they didn't see this thing coming :roll:
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Noone thought something called a "bubble" wouldn't last?
Nope, especially the ones who denied it was a "bubble" in the first place--like this ditzie broad (Kendra Todd):
"You can't go anywhere without hearing people talk about "the real estate bubble." Such talk drives me to distraction, and I'll tell you why. It's because there is no real estate bubble. Bubbles are for bathtubs."
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I guess the good news it is better then 2006. We have quite a hole to dig out of but truly believe the perception is a little off. Many folks seem to focus on the negative but in reality the picture is getting better. I think we have a good way to go but believe folks are not getting all the correct info:
A client called the other day and asked if I was selling "anything". I laughed and said of course but realized his perception of the doom and gloom was a little off. I asked him to play a little excercise with me.
How many condos do you believe sold in areas 14 and 15 (Destin, Sandestin) since 01/01/2007? He anwered, 30. The real answer is 693. His perception is a bit distorted. My job most the days are sitting folks down and educating them on the reality of the market. We try to look at all the "facts" not just the doom and gloom. Many people are buying in this "doom and gloom". I wonder if they know something others don't?
A client called the other day and asked if I was selling "anything". I laughed and said of course but realized his perception of the doom and gloom was a little off. I asked him to play a little excercise with me.
How many condos do you believe sold in areas 14 and 15 (Destin, Sandestin) since 01/01/2007? He anwered, 30. The real answer is 693. His perception is a bit distorted. My job most the days are sitting folks down and educating them on the reality of the market. We try to look at all the "facts" not just the doom and gloom. Many people are buying in this "doom and gloom". I wonder if they know something others don't?
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How many of those sales were for a profit? How many were at auctions? How does that compare with previous years?
I know there is still stuff selling , but I am most frequently hearing of sales at losses.
I know there is still stuff selling , but I am most frequently hearing of sales at losses.
Thats all anyone ever hears. Kinda my point. I just randomly clicked on MLS 459422, they paid $61,000 in 2004 and sold for $250,000 in 2007. Not bad. I bet allot of these 693 sales were for a loss or auctions. Not sure. The first one I looked at was not. My point is folks want to be here and will always buy here. It is not as bad as the media plays it to be.
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Please remember I was not trying to look at other years. My excercise was to see what he thought the market was doing today. He is a very educated buyer/seller. He said 30 sales. The reality is 693. That is my only point.
I don't believe every media crisis du jour (since based on their reporting we should have already experienced Armageddon) but I haven't heard conflicting reports from anyone in my social or business circles as to the current local economic climate. Everyone says its bad/slow.
I don't think we'll see tumbleweeds blowing down 30-A or anything, as people will always want to live and vacation near the beach. This area will rebound within a few years, and a price correction was necessary and overdue, but that doesn't change the current situation.
Your "very educated buyer/seller" was off by a factor of more than 20. Hope he's not doing his own taxes :funn:
I don't think we'll see tumbleweeds blowing down 30-A or anything, as people will always want to live and vacation near the beach. This area will rebound within a few years, and a price correction was necessary and overdue, but that doesn't change the current situation.
Your "very educated buyer/seller" was off by a factor of more than 20. Hope he's not doing his own taxes :funn:
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