Reply With QuoteI'm sure the interest only and adjustable rate loan programs will result in a nice pipeline of new business for your company.
Foreclosures......are picking up.
My biz used to only rehab bank foreclosed homes. That's where we got started and rode that train for 5 years. We'd spiff em up with new cosmetics, paint, carpet, appliances, whatever they needed to look nice.
Then the economy got so good the foreclosures all but disappeared..... we've had maybe 3 in the past 5 years. All the agents were busy, but not with REO's. I used to do 20 homes a month.
So far in 2006, well I am amazed that I've had 5 come to us this month so far......now this is San Diego and Riverside counties only. I am sure we are only getting a small portion of the ones that come back to the banks and go to rehab.
Temporary hiccup or a sign of things to come?
Do not live beyond your means......do not live check to check, don't be unemployed and don't dare get behind on those payments cuz they add up quick.....
I'm sure the interest only and adjustable rate loan programs will result in a nice pipeline of new business for your company.
Foreclosures......are picking up.
My biz used to only rehab bank foreclosed homes. That's where we got started and rode that train for 5 years. We'd spiff em up with new cosmetics, paint, carpet, appliances, whatever they needed to look nice.
Then the economy got so good the foreclosures all but disappeared..... we've had maybe 3 in the past 5 years. All the agents were busy, but not with REO's. I used to do 20 homes a month.
So far in 2006, well I am amazed that I've had 5 come to us this month so far......now this is San Diego and Riverside counties only. I am sure we are only getting a small portion of the ones that come back to the banks and go to rehab.
Temporary hiccup or a sign of things to come?
Do not live beyond your means......do not live check to check, don't be unemployed and don't dare get behind on those payments cuz they add up quick.....
na, outsourcing jobs is a good thing.
Foreclosures......are picking up.
My biz used to only rehab bank foreclosed homes. That's where we got started and rode that train for 5 years. We'd spiff em up with new cosmetics, paint, carpet, appliances, whatever they needed to look nice.
Then the economy got so good the foreclosures all but disappeared..... we've had maybe 3 in the past 5 years. All the agents were busy, but not with REO's. I used to do 20 homes a month.
So far in 2006, well I am amazed that I've had 5 come to us this month so far......now this is San Diego and Riverside counties only. I am sure we are only getting a small portion of the ones that come back to the banks and go to rehab.
Temporary hiccup or a sign of things to come?
Do not live beyond your means......do not live check to check, don't be unemployed and don't dare get behind on those payments cuz they add up quick.....
At least some of those have paid for boats :220v:
There is a slow down everywhere.....it'll be back but some may have a tough time for a while...The golden goose has laid her egg, now she needs to get laid again to make it better.....
Audrey was just showing some homes this weekend, and of the five she showed, five were significantly overpriced. So much so that they will not be able to get appraised. People think that if they throw some crappy granite down in a poorly thought out kitchen that it constitutes a remodel. Quality still counts, and someone still has to pay.
After searching through the tax records, it is obvious that everyone is asking exactly what they owe. One person couldn't even sell at the lowest price of their advertised range because they couldn't cover closing costs if they did. It was what they owed.
I am sitting on my money, waiting for the pop...
Excluding Orange County of course :wink:
Foreclosures......are picking up.
My biz used to only rehab bank foreclosed homes. That's where we got started and rode that train for 5 years. We'd spiff em up with new cosmetics, paint, carpet, appliances, whatever they needed to look nice.
Then the economy got so good the foreclosures all but disappeared..... we've had maybe 3 in the past 5 years. All the agents were busy, but not with REO's. I used to do 20 homes a month.
So far in 2006, well I am amazed that I've had 5 come to us this month so far......now this is San Diego and Riverside counties only. I am sure we are only getting a small portion of the ones that come back to the banks and go to rehab.
Temporary hiccup or a sign of things to come?
Do not live beyond your means......do not live check to check, don't be unemployed and don't dare get behind on those payments cuz they add up quick.....
can you tell if they were risky loans to begin with?
like INT only, or a refi to pull out the equity and buy a boator catch up on credit card debt
I am going to guess that it's people that made the most risky/DUMB moves
can you tell if they were risky loans to begin with?
like INT only, or a refi to pull out the equity and buy a boat
I am going to guess that it's people that made the most risky/DUMB moves
The loans aren't the trouble. There is a perfectly good fit for everyloan, except only about 1% are used the way they were designed. Unfortunately, the regulators will blame the loan and not the borrower nor the loan officer that committed fraud to get the people into the loan and take away great loans when used properly.
As much as I don't want to see the bubble burst, it is needed to to get all the people out of the industry who couldn't hold a job at mcdonalds out of the loan business and back to what they are really good at, which is stealing money out of their grandmother's wallet.
A friend of mine is in Escrow. He specializes in forclosures. He was living fat 5-6 years ago, but has been struggling these last few years. He said a few weeks ago, he got something like 5 forclosures in one week. He had not seen that many in the last few years combined.
I hope everyone is ready. Some people are going to make money during these times, like my buddy & Mandy, and some peeps won't fare so well.
I am sitting on my money, waiting for the pop...
HEHEHEHE, can't wait for that, got plenty aside this time. Wish I had the funds when I bought my first home in 2000. I kick myself all the time for not investing in other homes instead of my toys. I guess that happens when you are 19 at the time.
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