Reply With QuoteI'm glad I got out of my property when I did. Damn shame, everyone I know works in the industry......does your dad work in the industryI want his boat.
I hope that nobody on here worked for New Century Financial..And if so, I'll be happy to take your boat off your hands! For all the R/E optimists out there who are living in a bubble...what are you opinions of the recent fall out of sub prime lenders? First if New Century, next is Accredited, then Fremont. Hell, even Countrywide is getting killed. Seems like us REALISTS were correct again. I sure hope some people in the business have some cash stored away!
I'm glad I got out of my property when I did. Damn shame, everyone I know works in the industry......does your dad work in the industry
I'm glad I got out of my property when I did. Damn shame, everyone I know works in the industry......does your dad work in the industry
No sir...but he's in the foreclosure buying business. Hog Heaven here we come!
In my opinion, the subprime lender shakedown is a healthy correction for the long term health of the R/E market and the economy in general. Now maybe peeps will live within their means.
And the fallout will not be as bad or last as long versus all the doom and gloom predictions
some people's ignorance is amazing...
I am a mortgage broker and I can tell you first hand that things are tough right now. I saw this coming last year and that is why I sold my 89 Camaro RS and my 73 Camaro SS. Figured I would get my bills to minimum and prepare myself.
Things are still tight but with unloading those 2 cars for a very healthy amount of money,paying off some debts with the proceeds I cleared from the sales and not having pay $500 a month in child support as of last August really helped. The wifes car will be paid off in 7 months and my truck will be paid off in 14 months and we have no intensions of upgrading our vehicles for quite a while.
The realestate market will rebound again. It always does,but making absolute stupid $$$$$ like me and everyone else in this industry did for 5-6 years straight is over for a while. All you can do is dig in your heels and ride out the storm. I have already decided that if money is still tight this summer,and gas goes through the roof again,my 32 Dominator will just be a garage queen and will get very little use. But I won't sell it.
The stoppage of Sub-Prime loans came about 3 years too late in my opinion. You knew there was something wrong when the Clerk at your local WalMart is living in a brand new Beachfront House. These non-doc/sub-prime loans drove the market way beyond normal price appreciations, and now all the people with these loans will not be able to refi with a sub-prime loan. My guess is there will be a Tsunami of foreclosures in the next 18 months way beyond the record numbers we are seeing today.
In my opinion, the subprime lender shakedown is a healthy correction for the long term health of the R/E market and the economy in general. Now maybe peeps will live within their means.
And the fallout will not be as bad or last as long versus all the doom and gloom predictions
Exactly. The nice thing about what is happening right now with lenders and realestate is thousands of mortgage broker offices have closed up shop and are gone which makes the competition less fierce. I have been doing this for 9 years and almost ALL of my business is repeat or referral customers so I feel as long as I use my head and keep in contact with my clients for business,I will make it through. But man does it SUCK not being able to go spend happy on the boat.
Inappropriate financing is what caused this situation to occur in the first place.
No doc loans, intererst only financing for people that could not afford amortization, little or no down payments, etc.
All these programs do is cause a temporary artifical inflation in R/E values (and toys too!) and seriously hurt the people that signed up for these programs in the first place.
People are still delusional and in denial. They think hey, its subprime and Im on HB so it wont affect me.
With the possibility of 1 in 20 homes going into foreclosure, how many is that in your neighborhood? When homes start selling for 20-30% les than what you paid people will start to take notice.
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