Wednesday, September 27, 2006
Tuesday, September 26, 2006
Monday, September 25, 2006
Hopeful Glimmers in the Housing Slump
Hopeful Glimmers in the Housing Slump: "Time to punch that pulsing-red panic button? Not yet. Because several other pieces of news in the Realtors report were better than expected, indicating that the housing downturn may not be quite as bad as some fear. For example:
• The decline in the number of existing homes sold was less than economists expected. It fell 0.5% to 6.3 million. There was no change at all in the number of single-family homes sold in August. The decrease was entirely in the category of condominiums and cooperative apartments.
• The inventory of unsold homes, albeit the highest in terms of months' supply since April, 1993, increased from July to August by a modest 1.5%, the smallest amount so far in 2006. If inventories start to top out, it will be a good sign for housing.
• According to an analysis by JPMorgan Chase (JPM), the inflow of 'new offers'—that is, existing homes coming onto the market—held steady in August and was down 5% from a year earlier. (Those numbers are not seasonally adjusted.) This shows the market is adjusting to reality."
• The decline in the number of existing homes sold was less than economists expected. It fell 0.5% to 6.3 million. There was no change at all in the number of single-family homes sold in August. The decrease was entirely in the category of condominiums and cooperative apartments.
• The inventory of unsold homes, albeit the highest in terms of months' supply since April, 1993, increased from July to August by a modest 1.5%, the smallest amount so far in 2006. If inventories start to top out, it will be a good sign for housing.
• According to an analysis by JPMorgan Chase (JPM), the inflow of 'new offers'—that is, existing homes coming onto the market—held steady in August and was down 5% from a year earlier. (Those numbers are not seasonally adjusted.) This shows the market is adjusting to reality."
Tuesday, September 19, 2006
If "they" only spent 1 week in my office... - SDCIA Message Board
If "they" only spent 1 week in my office... - SDCIA Message Board: "Let me tell you about just one borrower from today:
* Husband and wife
* Husband on fixed income military retirement $1800/mo
* Wife makes $9500/mo as a registered nurse
* 5 properties with $3,400,000 in mortgages
* All mortgages currently have prepays
* 8 interest-only mortgages
* 1 option ARM deferring $3500/mo
* 3 in Chula Vista and 2 in Escondido
* No more than $75,000 equity in any of the homes (verified by comp checks with 3 appraisers)
* All properties with front end LTV over 90%
* $65,000 credit card debt $672 Mercedes payment
* One property had 3 mortgages, one of them hard money
* 621 mid FICO
* 2x30 in the past 12 months
* Not a dime in the bank
They have been making mortgage payments with their credit cards and refinancing to pay off the credit cards. They are at the end of their rope, but refuse to throw in the towel.
This is not even an 'extreme' example. I could show you dozens of these every single week.
I just wish the experts would see what I see. I think the statistics released would be different."
* Husband and wife
* Husband on fixed income military retirement $1800/mo
* Wife makes $9500/mo as a registered nurse
* 5 properties with $3,400,000 in mortgages
* All mortgages currently have prepays
* 8 interest-only mortgages
* 1 option ARM deferring $3500/mo
* 3 in Chula Vista and 2 in Escondido
* No more than $75,000 equity in any of the homes (verified by comp checks with 3 appraisers)
* All properties with front end LTV over 90%
* $65,000 credit card debt $672 Mercedes payment
* One property had 3 mortgages, one of them hard money
* 621 mid FICO
* 2x30 in the past 12 months
* Not a dime in the bank
They have been making mortgage payments with their credit cards and refinancing to pay off the credit cards. They are at the end of their rope, but refuse to throw in the towel.
This is not even an 'extreme' example. I could show you dozens of these every single week.
I just wish the experts would see what I see. I think the statistics released would be different."
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