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Any body have any idea what the current market would be like if we had just continued to sale homes the way we were selling before someone decided to allow people to lie about their income. We had a pretty good system in place. So what idiot decided that we needed to change the system that was working. How could you not think that if you allowed people to buy homes without documentation that they would not lie.
Hi there, You’ve done an incredible job. I will definitely digg it and personally suggest to my friends. I am confident they’ll be benefited from this
Foreclosures are just a fact of life in this market, and learning life’s lessons and imparting our knowledge for the survival of our clients, friends and families is our task.
There are many to blame across the political and business spectrum for our current situation. Neither the past nor present President are the real bogeymen, though they share in culpability. You need to go back a few president’s to get to the Congress that bent to political and lobbying pressure to make homes more affordable to the masses, “the American Dream”. Enter the Wall Street banks with their creative financing; then fannie and freddie jumped on the bandwagon, followed by more big banks and the securitization of mortgages into “voodoo economic” entities which were in turn sold to foreign entities with assurances from the Insurance Underwriters industry claiming their safety. Add to this mix those Realtors who reaped huge profits flipping transactions as buyers moved up or decided to get rich by buying rental properties or invest in vacation homes, plus all the unscrupulous loan officers (none of you, cuz all those scumbags are history, no easy money left to rake into bags) and you get close to understanding the scope of the drama.
That’s the History Lesson. How about the future? Glad you asked, wish I knew. As a couple people have indicated, we are in store for several more years of struggling and pain in our industry and economy. I believe there is still a huge shadow inventory already existing, plus another whole segment of homeowners who do not qualify for the refinancing available through the HARP2 plan. For instance, much of the Countrywide inventory (that guy should be in jail), forced down the throat of Bank of America, was never sold to either fannie or freddie, so none of those millions of homeowners qualify under the QE2 “economic stimulus”. If a QE3/HARP3 becomes a reality, there will be some hope that those homeowners may be included. That is a double-edged sword, as many of you know; more “HARP” loans will further clog our pipelines and slow down turn times for traditional purchases and refinances.
Finally, until the pig gets through the snake, we will feel the pain. And as one other astute commenter observed, it is up to you to make your own succcess; don’t wait for the government, whether state or federal, they won’t assure your future. (don’t go off on a tangent…I realize new/old laws have an impact.)
Good luck to you all!
Finally, finally, someone is seeing foreclosures for what they are!!! If someone can’t afford to buy a house, they shouldn’t buy one. If someone can’t afford to stay in a house they shouldn’t be allowed to stay in it. The bottom line is that lending guidelines won’t get better until banks can act on people that aren’t paying payments. When lending guidelines improve, more people will be able to buy homes-which means real estate agents, loan officers, home inspectors, appraisers, etc will make more money. And, with increased demand for houses comes stable and increasing home values.
Another Obama lover playing the blame game and taking as far back as Bush… WOW, that is about as played out as it can possibly get. Don’t you have anything better than the lame it on Bush routine?!?!?
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Since when is a defense ‘unstoppable’? Do you mean they’re so porous that the Niners will score at will?
Obama and his gang of financial terrorists have exacerbated the recession and have delayed the housing recovery. Banks stopped foreclosing in 2010 because of that shake-down…err, ah…I mean lawsuit…on robo-signing. After they paid the $25 billion in ransom money, it’s back on, so we lost two years of recovery time. Hope and Change? My ass.
Detector!!!! Need to amend that to IgnorantDetector. Had the banks followed the rules of fair play, not to mention the laws, they would not have lost 2 years. You can’t blame that on Obama. You could, however, blame it on Bush. He’s the one that completely removed any oversight of the banks, resulting in their F-you attitude that led to the robosigning debacle, as well as the market collapse in general. So pull your head out of your arss or instal a window in your stomach so you can see just how blatantly ingnorant your position is.
I’m sorry but Bush COMPLETELY removed any oversight of the banks??!!?!?!?! Please supply some FACTS before you just blame everything on him. I don’t like Bush myself but Obama has done his fair share of dragging the recession… Let’s please get the facts straight shall we???
Hey Frank & Brian, Have you considered doing a show on the subject of how the credit reporting companies are selling their INQUIRY data to the banks, …who in turn solicit people who have had a mortgage-related credit report run on them? Some of these banks are harassing clients, including the use of underhanded & deceptive tactics, trying to steal the business. It’s amazing that it’s even legal for these credit reporting companies to sell the information. (nothing surprises me anymore!)
Ron. Where you been? They’re called ‘trigger leads’ and a part of our indutry for years. I think they are a disgusting practice, but until your lobby has more money that the 3 bureaus, it won’t change.
Make sure your client or prospect goes to http://www.optoutprescreen.com and opts out of any such marketing at least 3-5 days prior to you running a credit report. Even though this should prevent you from losing your client to a ‘trigger lead’, it doesn’t stop what remains a dirty tactic used by the big banksters – having their retail department try to steal your client after you register a loan at their wholesale department (Countrywide was infamous for this practice, has anyone experienced this with Wells Fargo (oops, no more wholesale there), etc?).
A couple of things.
1. You better embrace foreclosures because we believe that we are less than half way through the total number of foreclosures.
2. People that have a strategy in getting out of these properties will be ready to be buyers again quicker. If you are just doing a short sale transaction without any other help, you won’t get them back, ever.
3. If you can’t refinance them and don’t offer other solutions later, you won’t get them back ever either.
4. We believe the banks (Fannie and Freddie too) are not releasing these properties back into the market because they don’t know what they have. They could have up to 10 times the number of properties they report. I’ll let you decide whether it is a conspiracy or ineptitude.
Whether you like it or not, the government has missed the window to do anything meaningful to shorten the time frame of this collapse. It now has to run it’s course.
With that being said, you are going to see a huge increase in Strategic Defaulters over the next few years. As state governments like California make it harder for the banks, they make it financially adventageous for defaulters.
As a company that helps these people get the most out of this process, I can tell you that underwater homeowners need Agents and Lenders who are looking for the longterm solution, not a quick commission. If your solution doesn’t work, at least send them to someone who can offer additional solutions.
There always has been and always will be foreclosures in the marketplace. Foreclosures do serve a few good purposes, but I wouldn’t say that foreclosures are awesome. Once sold, many foreclosures pump money into the local economy due to the renovations required to make them habitable again and most foreclosures are renovated to a point that makes them a better fit for their neighborhood (yards are maintained, exteriors are refurbished, no longer vacant).
“Awesome”….not-so-much, I think. However, have to agree, that this market would be moribund at best, and as you say, stagnant is NOT a good thing. That being said, those of us who are left, ARE benefiting from the short/REO activity. We don’t like it, but we like not feeding our families less.
As a loan officer, I’m marketing to: 1. First-timers 2. Realtors. Wait, reverse that. Realtors are mostly sitting on their hands today, waiting for someone to either list with them, or line up in a que to buy. They’re not out beating the bushes for buyers or sellers…unless they’re already successful, and guess what? They’re successful BECAUSE they beat the bushes.
So, the market be damned, it’s activity that makes activity (overall). Activity that makes the product available, and activity that lists, qualifies, sells that product. Activity that defines the individuals income and denies the market the ability to deaden their dreams.
STOP THINKING FORECLOSURES ARE GOOD, YOUR HOME IS NEXT!!
STOP SELLING FORECLOSURES………PERIOD.
STOP APPRAISING FORECLOSURES….PERIOD.
STOP INSURING FORECLOSURES…….PERIOD.
STOP FORECLOSURES PERIOD!!!!!!!!!!!!!!!!!!!!!!
STOP EARNING A LIVING – PERIOD!!!!
Susan. I’ll make a wild ass guess and figure that you lost your home to foreclosure. Nothing else could possibly explain your blatant disregard of reality. Or should I say “If ignorance is bliss, you’re a really happy gal”.
STOP-THINKING FORECLOSURES ARE GOOD, THE NEXT ONE IS YOUR HOME!
STOP-INVESTING IN FORECLOSURES……PERIOD.
STOP FORECLOSURES PERIOD!!!!!!!!!!!!!!!!!!!!!!!!!!
So you’re saying Dodd Frank was a good thing to generate all these foreclosures? There is a silver lining to every dark cloud.
Lads, our choice is a market manipulated by government greed, intervention and social engineering or a market manipulated by unfettered greed and corruption. I wish I could tell them apart.
If we look at the market prior to the run up, we see that 34% of the buyers were second home or resort property purchasers, the balance were what I call traditional sales. We replace the second home buyers with investor buyers, but lost the move up buyers, until now. According to NAR each home sale generates $60K in the local economy, so you are correct in you assumptions. In Phoenix the foreclosure market is dwindling as are the default rates. So foreclosures were an important part of fueling our economy. The big question is will the traditional sellers now move in to replace the investors?
I agree the banks are hoarding toxic assets, but it seems the Short Sale market is moving a little smoother. However, it still needs to move faster. It is smart to go the Short Sale rout rather than force people into foreclosure.
The smaller banks which were usurped by the mega banks in this debacle were held to rules and regulations that the mega banks are now not subjected to. Why are the mega banks allowed to trickle out only a tiny portion of their massive and ever-increasing portfolio holdings when there is an abundance of investors with capital eagerly attending trustee sales only to find that 98% of foreclosed properties are being cancelled, postponed, or offered at much higher than fair market value by these mega banks? The banks and their cronies in government who created this debacle are the ones responsible for holding back the many sectors that would be stimulated (as your video indicated) by not allowing the market to recover. Aren’t banks supposed to be in the business of making loans and not in the business of hoarding toxic assets with the government regulators winking and turning a blind eye toward their practices?
On to Football I wonder how your 49ers will do this Saturday against the Texans unstoppable defense?
Hi Guys…I agree with everything you said, with one major exception. A ‘normal’ market with rising real estate prices, which is what we have been seeing since WWII was created by a vibrant economy. Ask the toughest question of all: What would make prices rise? ‘Wanting it’ is not a good enough answer. To put it in our language, the government has been borrowing money with a 700% debt ratio…70% of the American economy has been consumer spending, which is now virtually gone and as jobs continue to disappear, so will our spending. Sound scary? It is…I give us 3 – 5 more years of dismal sales before it all stops altogether. Too late to stop it no matter who wins the election. Stock up on alcohol…it will be our only way out, even if artificial.
Without foreclosures we would not be selling many homes. It seems as if every caller wants a deal on a foreclosure. So thankful that we jumped on the band wagon and got in with several banks when the market turned. I think there would be a lot less Realtors without the foreclosures that are selling.
Right now it is our industry’s life blood
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