Centex Lays Off 140 people in Riverside area

[socalmoney]

Anyone here work for Centex and can shed some light? What offices are closing? This ball is picking up more momentum.

[Glamasu]

Anyone here work for Centex and can shed some light? What offices are closing? This ball is picking up more momentum.
Been comming for a while...No suprise
Shea,Pulte, most all the builders have done the same since the first of the year.
I work in the new home industry and alot of good people were left holding there A$$ when the market slowed....
Myself am lucky I missed the cut.....

[TOBTEK]

not going to get any better with the underwritting changes coming SOON. If you NEED to refi, do it now! The bond is going down, and rates keep going UP. Lenders are having to "warehouse" the loans they are writting. The secondary mortgage market/wall street aren't buying new loans as in the past. MIGHT get really ugly quick......

[Brewzed]

My wife used to work there, she quit a year and half ago. Our neighbor worked there, she was laid off Thursday. I also know a couple other people that were laid off as well. The Inland Empire division and South Coast (OC) have basically merged. The President of the IE division was let go a couple of weeks ago. This is the second round so far. The let around 40 people go a couple months ago too. I have heard that they have around 250 houses in inventory, which a couple of years ago you would have had 250 people on a list for a neighborhood.
Also my neighbor that was just laid off bought a Centex home in Menifee in the first phase as an investment for over $400K about 3 months ago. Same houses are closing in the $290's now.

[AZJD]

New home sales are in the toilet............ People are backing out of their contracts and forfeiting their deposits in high #'s. It is the same here. I am just waiting another month or two, and home builders will be right where I want them.... Begging for sales!:D I will go in and buy someones half finished home!

[jbtrailerjim]

My wife interviewed with Centex a few years ago. I'm sure glad she didn't get the job.

[riverracerx]

American Brokers Conduit just filed BK yesterday too.
I just got an offer on my house for over listing price. Gonna take my $$ and run for awhile.

[TOBTEK]

American Brokers Conduit just filed BK yesterday too.
I just got an offer on my house for over listing price. Gonna take my $$ and run for awhile.
And layed off 7000 employees in the process. SCARY day in the Mortgage biz. Rates have gone through the roof in the last week:confused: Bond market down...rates up ??? hmmmm

[77charger]

I dont get it lately our tract work has gotten busier(waterproofing showerpans) BUt home sales are getting slower.If i go to a tract ot work i see houses availible which wasnt the norm just a year ago imo they might be trying to finish up what they started and worry about selling later.MOst work right now is only in certain areas tustin air base,chino/ontario area(between 71 and 15 south of 60),few places in the 909(cucamunga,riverside top of hill overlooking lake matthews)

[rodnjen]

Why have rates gone up so much? The 10-year treasruy note is yielding about 30 bps less than two weeks ago. What are 30-year jumbos going for with excellent credit and 20% down?

[HM]

American Brokers Conduit just filed BK yesterday too.
I just got an offer on my house for over listing price. Gonna take my $$ and run for awhile.
That was a big blow....although they had been fighting rumors about their liquidity for months. They even did double full page ads in mortgage journals claiming that everything was GREAT!!!! Dote.
More lenders are coming...IndyMac is shutting down their correspondent channel which will shutdown atleast a dozen lenders that I know.
And the really bad news is yet to come. There will be some usual suspects from the S&L scandal of the 80's that will be coming out of from behind the scenes....so I hear.

[TOBTEK]

Why have rates gone up so much? The 10-year treasruy note is yielding about 30 bps less than two weeks ago. What are 30-year jumbos going for with excellent credit and 20% down?
one reason I know of rates going crazy is that the lenders cant sell these loans on the secondary Mtg market. They are holding the notes on all this paper. MAJOR changes just came over from Wamu. Stated income max 65% ClTV starting Monday. next week will be interesting:eek:

[socalmoney]

Mad Money host Jim Cramer makes a passionate plea to Federal Reserve Chairman Ben Bernanke to consider cutting interest rates and, in turn, help the market and the people who are losing their jobs on Wall Street.
http://www.cnbc.com/id/15840232?video=452808336

[AZJD]

Are we in for a major crash? It seems like we just set ourselves up for a major fall.

[djunkie]

American Brokers Conduit just filed BK yesterday too.
I just got an offer on my house for over listing price. Gonna take my $$ and run for awhile.
Your selling your house? :jawdrop: :jawdrop:

[dunaholic]

All this doomsday creates a great investment market.

[OutCole'd]

American Brokers Conduit just filed BK yesterday too.
I just got an offer on my house for over listing price. Gonna take my $$ and run for awhile.
Your selling your house? :jawdrop: :jawdrop:
That's what I was thinking, what about the pool party?????
Where you moving to? Vegas??:rolleyes: :D

[riverracerx]

Rent for awhile. Watch the market. Profit from someone else's misfortune. Sad to say.
Or I may buy something cheaper to rent out in a year or two.
(build another crazy ass pool)

[YeLLowBoaT]

Mad Money host Jim Cramer makes a passionate plea to Federal Reserve Chairman Ben Bernanke to consider cutting interest rates and, in turn, help the market and the people who are losing their jobs on Wall Street.
http://www.cnbc.com/id/15840232?video=452808336
you know some how I don't feel bad for the guys on wall steet losing thier jobs...

[talkinghead]

Some many people thought, 2% or so decrease (housing appreciation) then we'll get back on track. WRONG!

[OutCole'd]

Rent for awhile. Watch the market. Profit from someone else's misfortune. Sad to say.
Or I may buy something cheaper to rent out in a year or two.
(build another crazy ass pool)
I think that's a smart move. I'd do it, but it's too late here, the market already has tanked. I'm 12 months late for this move.

[CornWater]

I think that's a smart move. I'd do it, but it's too late here, the market already has tanked. I'm 12 months late for this move.
go to bed.......
:D :D

[riverracerx]

I will miss my pool, but I will build a better one some day.

[OutCole'd]

go to bed.......
:D :D
Good idea, what the hell am I doing up so late????:confused: :D

[CornWater]

Good idea, what the hell am I doing up so late????:confused: :D
:D :D
Sittin' here askin' myself the same thing. Dos Equis is empty and I'm just killing time....

[boatsnblondes]

not going to get any better with the underwritting changes coming SOON. If you NEED to refi, do it now! The bond is going down, and rates keep going UP. Lenders are having to "warehouse" the loans they are writting. The secondary mortgage market/wall street aren't buying new loans as in the past. MIGHT get really ugly quick......
What kind of changes are coming???How bad is it going to get????

[riverracerx]

If you have a good credit score
You apply for a full doc loan
And you still have equity in your home
You will be fine!
If you need to re-fi an adjustable loan, have less than stellar credit, and you home has lost value. Then you are bummin'
And if you cannot re-fi an adjustable that is coming up on it's term, then you are stuck with whatever the rate moves up to. So you could potentially be looking at an increase of 100% in your payment.
You will see lots of people walk on homes that they have no equity on. But they will take their HELOC gained toys with them.

[boatnam2]

man that sucks i hope the 138 mexicans find work!oh and the 2 white office girls also.

[cxr133]

If you have a good credit score
You apply for a full doc loan
And you still have equity in your home
You will be fine!
If you need to re-fi an adjustable loan, have less than stellar credit, and you home has lost value. Then you are bummin'
And if you cannot re-fi an adjustable that is coming up on it's term, then you are stuck with whatever the rate moves up to. So you could potentially be looking at an increase of 100% in your payment.
You will see lots of people walk on homes that they have no equity on. But they will take their HELOC gained toys with them.
My wifes cousin who lives up in the Bay Area was visitng and just told us w/ 900,000 home, adjustable mortgage, no equity and drop in house price that he just walked away from his house and now in an apartment.
he has a car carrying busines and was able to get the loan on stated income and then overextended himself.

[totenhosen]

reality for alot of stupid people is coming.

[BoatPI]

Some of the best deals on a home may be in new leftover inventory. These builders need ca$h flow about now.

[socalmoney]

Some of the best deals on a home may be in new leftover inventory. These builders need ca$h flow about now.
Very few times in the market will you get a better deal on a new home than you will on a used home. We might be seeing this soon.