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Real Estate Today 9-19-2012

19 Sep

Take a look at the loan officers article at the bottom.  It seems to me lots of folks are still frustrated with their world, and I know that is not limited to loan officers.  The economy is hard for everyone, and will continue to be, until we see full a recovery.  I also found the article on REO discounts interesting in that it offers some great perspective.  Thanks for reading! ~Anthony

HOA Meeting Turns Deadly
RealtorMag | September 18, 2012
Homeowner association meetings can get heated as neighbors fight with neighbors or dispute board rules. But a recent HOA meeting in Louisville, Ky., resulted in two people dead.

Existing-Home Sales Soar to 27-Month High in August
TheMReport.com | September 19, 2012
Existing-home sales rose 7.8 percent to 4.82 million in August – the highest level since May 2010 – the National Association of Realtors reported Wednesday.

Mile-High Skyscraper Possible by 2025 as Ego Fuels Race to Top
Bloomberg | September 18, 2012
A mile-high skyscraper, almost double the height of today’s tallest building, may become a reality by 2025 as developing countries splurge cash in an ego- fueled race to construct the world’s highest tower.

Shiller: ‘Not Ready Yet’ to Call Housing Bottom
CNBC | September 18, 2012
It would take at least a year of price increases to call a recovery in the housing market, Yale University economist and housing expert Robert Shiller said Tuesday on CNBC.

Housing Recovery: More Reasons to Be Bullish
The Wall Street Journal | September 18, 2012
The much-ballyhooed housing recovery just got some more good news.

Why REO Discounts Vary So Greatly: FHFA
DSNews.com | September 18, 2012
Calculations for REO discounts can differ on extreme levels. In a mortgage market note from FHFA, the agency explained the common reasons behind the variations.

Survey: 24% of Loan Officers Consider Firm Leaders ‘Illogical’
The MReport.com | September 18, 2012
Twenty-four percent of loan officers think their firm leaders lead with “unclear” and “illogical” visions, according to a recent survey.

I got some great feedback from a loan officer on yesterday’s edition of the news, and I thought it worth sharing.  One of the comments was on the “Mortgage Cops” article and the other was on the article about folks that still carry a rate on their loan of over 5%.  Good stuff, keep it coming! 

“Mortgage Cops and comments were very interesting. Many of them had good points. I wonder where the law lies in all this? I don’t think strategically defaulting is fraud, so I’m not sure that argument works. It also seems the deed of trust doesn’t address any sort of criminal prosecution if default occurs. What do you think? (ME: I’m not sure that a strategic default is fraud, I’m not saying it isn’t, I simply don’t know.  The article seemed to say that they’re going after some of the strategic default borrowers for reimbursement, and then the fraud can come into play if they turn around and fib and a loan application. ~Anthony)

Mortgage rates over 5%- If Fannie and Freddie would simplify the process, it might actually work. Making people credit qualify when they have been paying on-time for years doesn’t make sense. If they can make the higher payment, they obviously can make the lower. I’ve had a few get rejected on high DTI (debt to Income) ratio even though they have been making their payment for years. Seems to me if they come out with a program that has payment history at it’s core qualifier, many more would be served.  

They also need to bring back high net worth/ asset depletion as a means for qualifying. I recently had a retired borrower with 800 credit score and $1,000,000 in assets (half of it cash so there is no risk of loss on $500,000) and was turned down on a $250,000 purchase due to Fannie Freddie guides. Seriously? This is the lowest risk borrower on the planet. No job to lose, plenty of money, perfect credit history. Then walks in the 640 credit with previous BK (bankruptcy) and short term job history. No problem for that person.  

Oh well, common sense and the financial industry don’t seem to hang out with each other to often.”

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Posted by on September 19, 2012 in Real Estate news

 

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