What's happening with Mr. Mortgage?

NEW -> Contingent Buyer Assistance Program
I was wondering the same thing. I subscribe to his youtube videos and it's been almost 6 months since his last one.
 
tmare said:
ABC123 said:
this comment on the Register links to

http://www.fieldcheckgroup.com/2009/04/07/4-7-ca-foreclosures-about-to-soar/
Click to expand...

I guess we don't need Mr. Mortgage, since Graph has been saying the same thing all along.
Click to expand...

It really is getting worse too. The backlog is sick, just sickening. And... the NODs are getting worse. We need to go back to 94, when the legislation passed to purge the system. Rip the band-aid off, and stop delaying the pain, because eventually the band-aid will come off to expose the wound. I say do it now before it gets worse, or what we thought was bad in 95 and 96 is going to look like nothing when they realize this is what needs to be done. We are already broke 96's records, imagine what it will be like if we are delaying the true pain that will be seen then if we are breaking records now...
 
graphrix said:
tmare said:
ABC123 said:
this comment on the Register links to

http://www.fieldcheckgroup.com/2009/04/07/4-7-ca-foreclosures-about-to-soar/
Click to expand...

I guess we don't need Mr. Mortgage, since Graph has been saying the same thing all along.
Click to expand...

It really is getting worse too. The backlog is sick, just sickening. And... the NODs are getting worse. We need to go back to 94, when the legislation passed to purge the system. Rip the band-aid off, and stop delaying the pain, because eventually the band-aid will come off to expose the wound. I say do it now before it gets worse, or what we thought was bad in 95 and 96 is going to look like nothing when they realize this is what needs to be done. We are already broke 96's records, imagine what it will be like if we are delaying the true pain that will be seen then if we are breaking records now...
Click to expand...
I was finishing up HS in 1994 so I didn't really care what was going on back in 1994...what kind of legislation was passed and by who to purge the system? How was it required to be done? I'll tell you one of the problems that is causing the backlog IMO...the lack of an infrastructure and resources (i.e. employees). Lenders are terrified at the thought of adding additional costs to their overhead (increasing the salary expense by bringin in full-timers) so that's why I got the contract gig that I did because the work still needs to get done. Although, it does take a certain set of skills to be able to be an asset manager to be able to maximize the return of capital to the lender via work-outs/REO so your joe 6-pack couldn't do it.
 
Food for thought on housing: 50% of buyers in the bubble states are first timers buying at the low end of the market, vacating a rental. The majority of the remaining buyers are investors tripping all over themselves trying to get a deal — just like they have done all the way down — in hopes of renting the property to the very same renters (first time buyers) buying the low end properties. DOH!

Nowhere to be found are move-up buyers at the mid-to-upper end that is experiencing a default crisis identical to the beginning stages of the Subprime crisis with respect to supply/demand fundamentals. As the surge of for-sale listing of mid-to-upper end properties hits for the busy season and the major mid-to-upper end default wave — that began in earnest in Dec — turns into REO supply, an exact repeat of the beginning of the housing crash that began in 2007 with the Subprime sector and its housing supply will occur.
Click to expand...

Doesn't that last statement make you feel all giddy inside.
 
Case Shiller confirms false bottom in housing

Mid-to-High End Sales – Very Important. Not Representative of True Market

More mid-to-high end sales are occurring this year than last. They are not anywhere close to the bubble years due to the catastrophic loss of affordability through exotic finance but they have increased as prices fell. They are occurring at significant discounts to list prices and previous year’s sales as I have highlighted many times. At the same time, foreclosure-related resales are falling as demand from first-timers and investors who have carried the market for a year has peaked.

This seasonal mix-shift is almost exclusively responsible for the significant house price appreciation in any CA MSA’s over the past 90-days. Mid-to-high end sellers and buyers are the most seasonal of all. As soon as the summer warm months are over and kids are back to school these sales will drop considerably allowing foreclosure resales, which are not seasonal, to reclaim this mix. This will drop reported median and average house prices as early as September, which will be reported in October.

Who is the Mid-to-High end seller? Why is this important?
 
You must log in or register to reply here.
Back
Top