Loan Mod? No Problema.

[quote author="NewportSkipper" date=1252619945][quote author="CapitalismWorks" date=1252619547][quote author="NewportSkipper" date=1252619377][quote author="bltserv" date=1252619275]For Skippy its the NAR Report or nothing.





<img src="http://2.bp.blogspot.com/_wFWqWIH-WFU/SVZIHlunyvI/AAAAAAAAIyM/n4oc6Y5FTSI/s200/DavidLereah.jpg" alt="" /></blockquote>


Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?</blockquote>


Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.</blockquote>


Are we discussing the current market or are we discussing that which cannot be known?</blockquote>


Please refer to the other thread where you just admitted prices are down substantially in recent closings.



Additionally, please respond to my post pointing out that there were NO CLOSINGS ABOVE $500 sq. ft. in ALL OF THE 92603 DURING THE ENTIRE MONTH OF AUGUST!
 
[quote author="CapitalismWorks" date=1252620127][quote author="NewportSkipper" date=1252619945][quote author="CapitalismWorks" date=1252619547][quote author="NewportSkipper" date=1252619377][quote author="bltserv" date=1252619275]For Skippy its the NAR Report or nothing.





<img src="http://2.bp.blogspot.com/_wFWqWIH-WFU/SVZIHlunyvI/AAAAAAAAIyM/n4oc6Y5FTSI/s200/DavidLereah.jpg" alt="" /></blockquote>


Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?</blockquote>


Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.</blockquote>


Are we discussing the current market or are we discussing that which cannot be known?</blockquote>


Please refer to the other thread where you just admitted prices are down substantially in recent closings.



You don't comprehend well. Those drops are very old.



Additionally, please respond to my post pointing out that there were NO CLOSINGS ABOVE $500 sq. ft. in ALL OF THE 92603 DURING THE ENTIRE MONTH OF AUGUST!</blockquote>
 
"Additionally, please respond to my post pointing out that there were NO CLOSINGS ABOVE $500 sq. ft. in ALL OF THE 92603 DURING THE ENTIRE MONTH OF AUGUST!"



Oh, the horror!
 
[quote author="NewportSkipper" date=1252620235]"Additionally, please respond to my post pointing out that there were NO CLOSINGS ABOVE $500 sq. ft. in ALL OF THE 92603 DURING THE ENTIRE MONTH OF AUGUST!"



Oh, the horror!</blockquote>


That is your best response? I guess this case is closed then, yes?
 
Here's a recent closing in Turtle Ridge:



28 View Terr



Sold for $1,700,000. Last sale in 2006 for $2,000,000. Drop from peak: 15%.
 
[quote author="NewportSkipper" date=1252619890][quote author="trrenter" date=1252619434][quote author="NewportSkipper" date=1252619329]You are aware that Fannie Mae makes interest only loans, no?



"Mortgages With an Interest-Only Feature



Interest-only is a standard feature available to all lenders."



Do you really doubt for a minute that there will be a workaround to this situation? Do you doubt a simple extension will be drawn up?</blockquote>


Before the melt down the max loan from fannie or freddie was 417k tell me why this is important.



Oh and to answer your question YES I DO DOUBT all of those things.</blockquote>


<strong>You suffer from a lack of imagination. If this type of loan is not demonized there is a far greater chance of a yet another solution involving Fannie Mae</strong>.</blockquote>


If this type of loan is not demonized there is a far greater chance of people extending themselves into loans they cannot currently afford thus causing another bubble.



<strong>Your answer to fixing the housing bubble bursting is imaginative lending? </strong> oh the irony.
 
And then we have:



29 Arcade



Sold for $1,340,000 in August. Last sale (from builder) $1,288,000 in 2004. These peaked at $1.5.
 
[quote author="NewportSkipper" date=1252620607]Here's a recent closing in Turtle Ridge:



28 View Terr



Sold for $1,700,000. Last sale in 2006 for $2,000,000. Drop from peak: 15%.</blockquote>


Nothing above $500 a square. Can you tell me what peak price per sq ft. was in T Ridge? I'll guess that the peak to current drop is greater than 15%.
 
Newport Skipper is correct regarding Fannie Mae's interest-only products, but the critical difference between bubble-era mass utilization of these loans and now lies in underwriting practices and the numbers of loans actually made.



https://www.efanniemae.com/sf/mortgageproducts/index.jsp



It is important to remember that there will always be qualified buyers, so the limited examples cited above are hardly indicative of any trend. Political pressure will ultimately dictate what the federal government does to address real foreclosure numbers. All recent indicators point to a lack of political will to keep unqualified buyers in homes they cannot afford.
 
[quote author="NewportSkipper" date=1252626615]Your are a childish little girl. Grow up.</blockquote>


You have your own problems pal. Your delusional in your support for a market that is unsustainable

without the constant of equity appreciation. Without that in the RE business. The puppy is screwed.

And thats not coming back anytime soon. So all your doing with loan mods is kicking the can down the road.

Your grasping at straws time and time again in your responses.



Delusional definition.



A false belief based on incorrect inference about external reality that is firmly sustained despite what almost everybody else believes and despite what constitutes incontrovertible and obvious proof or evidence to the contrary.
 
[quote author="NewportSkipper" date=1252620039][quote author="bltserv" date=1252619867]



And how many homes will be sold on the courthouse steps today ?</blockquote>


172 with 131 of them in Anaheim.</blockquote>


Funny, this shows you really don't have a clue what is going on with foreclosures. There was a total 62 foreclosures today, with 9 being in Anaheim, and really only 6 because three were in Anaheim Hills. Some big ones in Laguna Niguel went down. Plus two in Coto and Laguna Beach. 1 each went down in Irvine and Dana Point. If you combine them all, it would be more than Anaheim. Let me guess, you will come back and say the rest were in Santa Ana... nope... only 5 in SA today.
 
[quote author="NewportSkipper" date=1252620039]172 with 131 of them in Anaheim</blockquote>Why is there such a difference b/t reality and what you post ?

Your data sources say that there were to be 131 auctions of properties located in Anaheim, but that seems to be nowhere close to accurate. What data sources are you using; why are they so faulty ? Or are you just a troll baiting us ?
 
[quote author="NewportSkipper" date=1252626615]Your are a childish little girl. Grow up.</blockquote>


You can't do that!



Is the line unclear? Do you fail to understand me when I say, "NO NAME CALLING?" Do you need to be banned for a while to get the point?



Please stop.
 
You guys are arguing with someone that is not right in the head. You guys need to stop talking to him..and ignore him. I am realizing with more and more clarity that he doesn't know what he is talking about. I know some of you reached this point sooner than I. I would like to think that I give everyone a chance to prove their expertise, but after the last 2 weeks, I realize Newportskipper is just a agitator with no substance.
 
[quote author="zubs" date=1252668793]You guys are arguing with someone that is not right in the head. You guys need to stop talking to him..and ignore him. I am realizing with more and more clarity that he doesn't know what he is talking about. I know some of you reached this point sooner than I. I would like to think that I give everyone a chance to prove their expertise, but after the last 2 weeks, I realize Newportskipper is just a agitator with no substance.</blockquote>


this.
 
<em>Tracey: Given that the CFPA only grants a 90-day extension beyond the existing workout period, foreclosures are only delayed in most cases and not halted completely.



But aside from the structure of the law itself, we can point to a variety of other factors that are contributing to the rebound in foreclosures: first, high unemployment. Without steady income to service a loan, no amount of modification can bring many homeowners? payments down low enough that they can cover them. Second, although home sales have started to recover in some places, there is still enough oversupply that at-risk or delinquent homeowners cannot simply escape their situation by selling their home.</em>











<em>Tracey: Modification will work best when lenders agree to write down part of the principal on the loan. If borrowers are currently underwater and don?t expect to ever see positive equity, there is a lower incentive to continue paying. Instead, some modified loans have only a temporary rate reduction. This just pushes the payment problem a small distance into the future, and often you see another default when the rate goes back up.



In addition, banks may be concerned that if they are too generous in the modification process, it will induce people that would otherwise continue to pay on unmodified terms to default instead so that they too can get a modification.</em>











<em>Us: There?s been a lot of talk about price stabilization and many inferring that the market has hit bottom. Do you think buyers and investors should re-enter the market now or hold off on purchases until the next wave pass through the system?



Tracey: The California economy is still in shambles, so until we see a broader economic recovery, I would expect housing prices to stay near current levels. Homebuyers who plan to occupy the home they purchase would likely be fine entering the market now. Investors will not likely see significant profits from price appreciation for several years.</em>









From: <a href="http://lansner.freedomblogging.com/2009/09/12/foreclosures-delayed/35987/#more-35987">Foreclosures Seen Delayed, Not Avoided, by Government Plans</a>
 
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