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What's Wrong With This Picture?

Tyler Durden's picture




 

Remember when everyone said rising rates would not cripple mortgage origination and the lending pipeline? Well, tell that to the largest US mortgage lender, Wells Fargo...

 

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Tue, 01/14/2014 - 10:42 | 4330441 Dr. Engali
Dr. Engali's picture

Get to work Mr. Yellen.

Tue, 01/14/2014 - 10:45 | 4330448 Stoploss
Stoploss's picture

Untaper!!!

Untaper!!!

Tue, 01/14/2014 - 11:14 | 4330527 JohnnyBriefcase
JohnnyBriefcase's picture

Residential mortgage originations are only down because everyone in america already owns a nice big home.

 

FORWARD RECOVERY!!

Tue, 01/14/2014 - 11:24 | 4330549 El Viejo
El Viejo's picture

When the price of gas and electricity and oil skyrocket they will wish they had a smaller home.

Tue, 01/14/2014 - 11:30 | 4330564 TruthInSunshine
TruthInSunshine's picture

Bloomturd Financial just reported that Wells profits increased on "cost cutting" - that's the old Wall Street shuffle.

Tue, 01/14/2014 - 15:39 | 4331358 Boris Alatovkrap
Boris Alatovkrap's picture

Do the Wall Street shuffle

Hearing money rustle

Watching greenbacks tumble

Feeling Sterling crumble 

You are need yen to make mark

If you are want to make money

You are need luck to make buck

If you are want to be Getty, Rothschild

You are must be cool on Wall Street

Popular song by 10cc, circa 1977

Tue, 01/14/2014 - 11:43 | 4330602 SunRise
SunRise's picture

Then their wish will come true.

Tue, 01/14/2014 - 12:51 | 4330808 DaveyJones
DaveyJones's picture

and bigger  yards

Tue, 01/14/2014 - 13:28 | 4330984 NEOSERF
NEOSERF's picture

Long Victory gardens...

Tue, 01/14/2014 - 13:47 | 4331054 Never One Roach
Never One Roach's picture

Gee, people may need to actually start saving again for a larger cash down payment.

Oh the Horror!

Tue, 01/14/2014 - 15:46 | 4331390 Citxmech
Citxmech's picture

Give me a small house with a big barn (or two), and some acreage for a garden along with plenty of critters.

Tue, 01/14/2014 - 10:52 | 4330464 GolfHatesMe
GolfHatesMe's picture

We just need to revise down Dec 12 through Sept 13 to under 50.  Fixed & a beat!

Tue, 01/14/2014 - 10:58 | 4330481 Cognitive Dissonance
Cognitive Dissonance's picture

Ultimately it's not about low interest rates. It's about clearing the residential real estate market....or in this case not clearing the residential real estate market.

The shadow (real estate market) knows.

Tue, 01/14/2014 - 11:05 | 4330507 Spastica Rex
Spastica Rex's picture

There are still several abandoned houses in the about 1 square mile white trash neighborhood that I live in.

Tue, 01/14/2014 - 11:10 | 4330517 greatbeard
greatbeard's picture

I'm back in the market for a new ghetto estate.  It's amazing how many repo houses are out there but not on the market.  Then there are a bunch of houses that "investors" recently purchased and jacked the price up 50% to 100%.  I'm seeing a whole bunch of that action.  The real estate market, at least the one's I'm looking at, are a shark tank full of predators.  It doesn't give one a warm and fuzzy about jumping in.

Tue, 01/14/2014 - 11:27 | 4330554 El Viejo
El Viejo's picture

We live in a world full of predators of all shapes and sizes.  What happens in a world when there are too many predators and too little prey??

Tue, 01/14/2014 - 12:11 | 4330670 NotApplicable
NotApplicable's picture

Back around 2006/7 I noticed that the local good ole boy bank had opened up a property management office in a building they owned next door.

That was my first clue that they weren't planning on flooding the market with all of the properties hitting their books. I'm wondering now if they've hooked up to the rental securitization pipeline, selling them in bulk, or just sitting on them (marked at par, of course)?

Maybe I'll have to wander into the office some day and find out what they're all about.

Tue, 01/14/2014 - 15:49 | 4331398 Glennd1
Glennd1's picture

Okay, "Mr. Yellen" made me giggle uncontrollably. The site of her makes my junk go turtle. 

Tue, 01/14/2014 - 18:29 | 4332046 Rentier
Rentier's picture

sheesh rates haven't even really even begun to go up even.

Tue, 01/14/2014 - 10:46 | 4330442 Capitalist
Capitalist's picture

"What's Wrong With This Picture?"

The dates?

Tue, 01/14/2014 - 10:49 | 4330457 CrimsonAvenger
CrimsonAvenger's picture

What, you don't like getting data a year ahead of everybody else? You can't arb that?

Tue, 01/14/2014 - 10:52 | 4330466 LawsofPhysics
LawsofPhysics's picture

Ha, nice, yes I see a rise in mortgage applications...

nice catch guys..

Tue, 01/14/2014 - 10:58 | 4330488 TruthInSunshine
TruthInSunshine's picture

I missed that, too.

My brain ASSumed that this was chronologically sequenced - and I thinking,s supposed to be, though I'll wait for the clarification since I'm not in Wells Fargo's number torture chamber at the moment.

Tue, 01/14/2014 - 11:47 | 4330600 Deo vindice
Deo vindice's picture

First a double post, and then wrong dates on a graph; both of which have been revised.

Now even ZH is revising their postings and data retroactively. This is just simply too much.

Tue, 01/14/2014 - 12:13 | 4330677 NotApplicable
NotApplicable's picture

The Singularity approaches!

 

Tue, 01/14/2014 - 10:51 | 4330444 TruthInSunshine
TruthInSunshine's picture

It is the Polar Vortex's fault.

It was too cold to get a new or used home mortgage - or a refi - even online and/or over the phone.

Dennis Kneale said so.

Tue, 01/14/2014 - 15:28 | 4331304 MarsInScorpio
MarsInScorpio's picture

Truth:

 

You realize the so-called "Polar Vortex" was, until this year, popularly called "The Alberta Clipper." Eveyone has heard it by that label for years.

 

Notice you haven't heard the phrase used this year.

 

But when you are NOAA, and sitting in the first pew of The Church of Climate Change, and people are doubting your theology, you have to do something to change the perception of your preaching.

 

So you dump the old name, and start with a new name - from the public's viewpoint that is (It's always been scientifically the Polar Vortex, but it was dumbed down to Alberta Clipper.)

 

Bottom Line? The last one just happened to be an outlier on the Alberta Clipper curve; nothing new under the sun.

 

But by calling it the Polar Vortex instead, it resets the perception of what is happening - to pump and dump the theology of Climate Change.

 

Even the weather people are pathological liars for their religion . . .

-30-

Tue, 01/14/2014 - 10:48 | 4330445 LawsofPhysics
LawsofPhysics's picture

Nothing is wrong with this picture.  Want to buy property? save some fucking money morons.  No more "no money down" bullshit loans,  after 2001 and 2008/2009 isn't it pretty clear that "free money" only enriches the fucking paper-pushers.

my god people, wake the fuck up.

Tue, 01/14/2014 - 11:00 | 4330493 Charles Nelson ...
Charles Nelson Reilly's picture

I agree with you.  2 Problems though... 1) small percentage of people have any money left to save after paying the bills thanks to Greenspan & the Bernank & 2) housing is still way overvalued imo.  My wife and I are in the 10% of combined household income.  We have about $50k worth of savings to put down on a home.  Since we're not stupid and refuse to pay the ridiculous prices of the DC suburbs, we are looking well north.  Problem is, 30-40 miles outside DC you still are looking at anywhere from $350k-$500k for "nice" homes".  It's a fucking charade what some of these realtors are asking for on some of these 40 year old houses that need $50k worth of work.

fuck it... I'm sitting this one out for the time being.

Tue, 01/14/2014 - 11:06 | 4330510 LawsofPhysics
LawsofPhysics's picture

What can I say, life is and has always been hard, period.  The point is (as you say) housing is still overvalued, so why would you want to make it even more overvalued with easy money?  The sooner these paper-pushers are taken down, the sooner we get true price discovery (this applies to more than just housing IMO).

Tue, 01/14/2014 - 11:14 | 4330531 TeamDepends
TeamDepends's picture

True price discovery..........(tears up)

Tue, 01/14/2014 - 11:28 | 4330558 Fish Gone Bad
Fish Gone Bad's picture

Now that the greatest ecological disaster has hit the west coast of the United States, it will take about 10 years for all the cancer to start showing up.  Cancer is very expensive to treat and it will bankrupt pretty much anyone not on welfare.  Want to see cheaper houses?  It will happen soon enough.

Tue, 01/14/2014 - 11:36 | 4330576 centerline
centerline's picture

Here in Florida, when homes go vacant and no one cares for them mother natures screws them up fast.  The humidity, bugs, etc. have at it in a nasty way.  Mold is one of the biggest killers.  Lots of houses are already lost (financially) and many more to come.  In some areas these lost houses are right in dense neighborhoods (typical cookie cutter home developments).  I have no clue how this plays out.  I suppose more affluent areas might fight and get homes torn down and lots scraped.  Other areas (most areas) will just start looking more and more like Detroit.  Detriotification.

Tue, 01/14/2014 - 11:50 | 4330614 Mr. Magoo
Mr. Magoo's picture

I dont see a problem

 

Sincerely

Ben Shalom Bernanke

Tue, 01/14/2014 - 17:30 | 4331815 gruden
gruden's picture

True price discovery... hmmm, how quaint.  How can I get one?  How long do I have to wait?  1 year?  5 years?  50 years?

All the people buying PMs hasn't pushed up the price of PMs like it should.  It's a manipulated market, rules don't apply.  When the mark-to-market rules were revoked in 2009, the market became completely untethered from reality.  Housing inventory too high?  Don't lower prices, just keep them away from the public to make sure prices stay up artificially.  The only place you can get a truly cheap house is in downtown Detroit - good luck there.

If everyone stopped buying houses, we would still need places to live.  They would simply switch to apartment dwellings and jack us that way.  I have a mortgage, but I view it as rent.  Even when the note is paid off, I only live in my neighborhood by the graciousness of my local government.  The second I stop paying protection money - er, taxes - out I go. 

Homes about the size we have rent for about the same as our mortgage.  Pick your poison.  At least with a mortgage I can paint the walls of my home any color I want without having to ask anyone.  And when the rates went down I refinanced to lower my payment.  Try that with a landlord.

Tue, 01/14/2014 - 13:49 | 4331003 Things that go bump
Things that go bump's picture

Meanwhile, that $50,000 you and your wife have managed to save, will buy less and less as inflation eats away at it. My parents were late bloomers and didn't buy a house until 1964 when they were in their mid thirties. All their friends had owned homes for years, but they had never qualified for a loan until I was 15. They paid $17,000 for a 3 bedroom, 1 bathroom, two story home on 3/4 of an acre, on a GI loan with an interest rate between 3 and 4%. You can hardly buy a decent car for that now. They borrowed the money for the closing costs from the guy my dad worked for. I don't know where my mother found the courage to take such a risk, because she didn't have any idea how they were going to manage the mortgage payments and my mother is a cautious soul. In the late 70s and early 80s my husband and I put in offers on homes twice, but both times between the offer and the closing the interest rates went up so high that it disqualified us before we had the rate locked in. I was paying about 5 times my parents mortgage payment in rent. By that time, the bank had offered them a deal to pay their mortgage off early, because it was costing them more to service the loan then they were making on it. We finally were able to assume a loan in 1989 and paid $89,000 at 9% interest for a dumpy little place with 2 bedrooms and 1 bath and a primitive, WWII era kitchen. It had a partially finished basement with an illegal bedroom and a toilet and shower stall in the unfinished laundry area. Our house payment was $900 a month, but was cheaper than the rent we were paying at the time. My parents' mortgage payment had been around $100 a month. I made some improvements to the bathroom in the basement and when I sold in 2007 it had more than doubled in value, but it was still a dumpy little WWII era 2-bedroom rambler with a 900 sq ft footprint and a primitive kitchen. I'm not suggesting you jump into real estate, but you really ought to consider doing something to protect your savings from the ravages of inflation and the grasping banks, because if they decide that they really need that money more than you do and the government backs them, as of course it will, you will have little recourse. Though its probably not up to your standards, you could always buy some land somewhere out of the way and stick a double wide on it for little more than what you have saved up. You can always sell the double wide later and have it hauled away.

Tue, 01/14/2014 - 10:47 | 4330453 Seasmoke
Seasmoke's picture

No problem. Wells Fargo will just foreclosure on your house as the plaintiff , even though as nothing more than a debt collecting servicer, they have absolutely no skin or standing in the game. Free house ...for the banksters !!

Tue, 01/14/2014 - 10:50 | 4330463 LawsofPhysics
LawsofPhysics's picture

Not if you are current on your mortgage.  I haven't heard squat from my banker since I started paying down the principal on our last outstanding mortgage and asked him to "show me the note motherfucker".

Tue, 01/14/2014 - 10:53 | 4330472 TruthInSunshine
TruthInSunshine's picture

I know that you know this already, and that we are brothers merely of different mothers, but allow me to once again compliment you on the cut of your jib.

Tue, 01/14/2014 - 10:57 | 4330478 LawsofPhysics
LawsofPhysics's picture

Personally, I see more local banks/credit unions picking up some of the slack here.  People have figured out that bankers and paper-pushers are less likely to screw you if you happen to also be their neighbor (and rather well-armed).  Funny how that works.

Tue, 01/14/2014 - 11:03 | 4330499 Dr. Engali
Dr. Engali's picture

This is very true. another reason the locals are benefiting is because there is actually a face to talk to when it comes to an individual's situation. There is more to a person's story than a credit score. Plus the regional banks don't want to deal with a loan unless it's size meets their parameters. It's not worth the hassle to them.

Tue, 01/14/2014 - 12:19 | 4330690 NotApplicable
NotApplicable's picture

Given nearly ALL mortgages are gov backed these days, a person's story matters little anymore. As one who's only ever had a credit union account, I've watched them time and again be reduced to data entry clerks.

Long story short; they can only go as far as the computer screen lets them.

Tue, 01/14/2014 - 12:57 | 4330832 Emergency Ward
Emergency Ward's picture

"No job, No income, No down-payment, No SSN, No tax return?  Nooo problem -- let's run the numbers and find out how big of a mortgage you can qualify for."

Tue, 01/14/2014 - 13:55 | 4331073 Never One Roach
Never One Roach's picture

"...and the numbers show you're limited to no more then a $876,000 loan."

Tue, 01/14/2014 - 11:15 | 4330532 centerline
centerline's picture

All part of the journey.  Economies are going to get more local in many ways.  If the S really hits the fan hard, they will get real local, real fast.  I don't think there is any way other way this plays out.  The beast will be starved one way or another - generally from it's own doing more than effort on part of average people.  Ironic huh?

Tue, 01/14/2014 - 17:02 | 4331720 Things that go bump
Things that go bump's picture

Those of us with PMs can hire muscle and go into the loan shark business when that happens.

Tue, 01/14/2014 - 10:59 | 4330490 ghengis86
ghengis86's picture

+1 but haven't we been over this before? We keep paying and they keep pretending to hold the note? It only blows up when you stop paying the servicer and then go to court to try and convince a bought and paid for judge that because the bank doesn't hold the note, they have no claim.

Tue, 01/14/2014 - 11:03 | 4330504 LawsofPhysics
LawsofPhysics's picture

When you pay off the property, they produce a note pretty damn fast.  For me, I have been videotaping all

interactions with my bankers, accountants, and financial advisors.  It's truly amazing how much more "forthcoming" they are about things.

It's doesn't hurt to have a trustworthy friend and local real estate attorney on retainer either.

Tue, 01/14/2014 - 10:48 | 4330455 Dr. Engali
Dr. Engali's picture

Fuck time goes fast once you passed 50. September 2014 has come and gone and I missed it. 

Tue, 01/14/2014 - 10:48 | 4330456 Zopper
Zopper's picture

the fucked up dates?

Tue, 01/14/2014 - 10:51 | 4330467 Oldwood
Oldwood's picture

Remember, numbers are meaningless, numbers are meaningless, numbers are meaningless. Get it?

Tue, 01/14/2014 - 10:50 | 4330459 Rising Sun
Rising Sun's picture

Stick this up your glory hole Yellen!!!!  Stupid twat.

Tue, 01/14/2014 - 10:58 | 4330487 Billy Sol Estes
Billy Sol Estes's picture

Yole Hellen

Tue, 01/14/2014 - 10:56 | 4330476 Shizzmoney
Shizzmoney's picture

Great news.  The less we are all in debt, the more we have a chance to defeat the bankers.

Don't sign anything.  Fuck those traitorious assholes.

Tue, 01/14/2014 - 11:09 | 4330491 GrinandBearit
GrinandBearit's picture

Even if you currently "own" a house... you really don't.

Stop paying taxes for a year or two to see who the real owner is.

Tue, 01/14/2014 - 11:15 | 4330536 darteaus
darteaus's picture

Stop paying your "partner" his cut of your income, and he'll show up even faster.

Tue, 01/14/2014 - 11:24 | 4330547 cherry picker
cherry picker's picture

No one ¨owns¨ real estate.  It happened to me in Canada, was in arears $700 for about a year on a home and 13 acres.  I told the municipality I would be in to pay within two weeks, they said OK.  Two days later I was sent a notice the house would be processed for a tax sale.  I paid it and a penalty and sold the land which wasn´t mine anyway and would never be, as there are so many regulations as to what you can not do on your land these days that it makes ownership as misreable as renting.

The only benefit to ownership may be in a wealth effect if a person is lucky and the place appreciates.

It used to be a mans home was his castle until a person died and then it could be passed on to heirs.  We allowed this to change. 

North America is going down the wrong path and it appears the cookie cutter developments are the rage these days.  They can keep them.

Tue, 01/14/2014 - 12:48 | 4330802 FredFlintstone
FredFlintstone's picture

Read about that homeowners association that sold a lady's $120,000 house because she owed them $248! Pretty cold. Our association will just put a lien on your house if you get above say $500.

Tue, 01/14/2014 - 12:00 | 4330631 Shizzmoney
Shizzmoney's picture

Totally correct (even if you monetize your mortgage).

It's so hilarious to see all of the Boomers at my job walk around with puffed up chests thinking they worked "hard" to own their nice cars, houses, and other trinkets that were ALL bought with (cheap) debt.  They don't *own* shit.

I learned as a gambler: you are either in ad hoc, or you are not.  The majority of famous gamblers are in major ad hoc for the majority of their lives, even to death. 

Same can be said for banks, hedge fund, and the assholes who run them.

Tue, 01/14/2014 - 12:47 | 4330792 FredFlintstone
FredFlintstone's picture

In hock.

Tue, 01/14/2014 - 11:00 | 4330494 Yancey Ward
Yancey Ward's picture

Well, it has been cold, cold, cold in the US since last June.  No one really wants to take out a mortgage in a Polar Vortex.

Tue, 01/14/2014 - 13:03 | 4330860 Emergency Ward
Emergency Ward's picture

I think there's a chance cuz --

 

War is Peace
Freedom is Slavery
Debt is Wealth
Cold is Warm

 

Tue, 01/14/2014 - 11:03 | 4330500 The worst trader
The worst trader's picture

Bullish!

Tue, 01/14/2014 - 11:10 | 4330518 redbird
redbird's picture

Please correct if I'm wrong but....

Didn't the waiver for federal taxes owed on unjust enrichment related to short-sales on real-estate just expire on Jan 01 2014 ?

 

Tue, 01/14/2014 - 11:11 | 4330520 yogibear
yogibear's picture

The Fed will end up printing even more money until the US dollar collapses.

Huge currency devaluing war.

Tue, 01/14/2014 - 11:13 | 4330524 eclectic syncretist
eclectic syncretist's picture

So the technology bubble, the housing/real estate bubble, and the bond bubble have all peaked.  What's next?

Tue, 01/14/2014 - 11:13 | 4330528 IridiumRebel
IridiumRebel's picture

The American Bubble.

Tue, 01/14/2014 - 11:19 | 4330541 centerline
centerline's picture

Higher education bubble (Student loans)...  leading into the ultimate bubble which is the Americam Dream as molested, twisted and perverted along the way with prosperity, power, etc.

Tue, 01/14/2014 - 12:44 | 4330777 FredFlintstone
FredFlintstone's picture

Heathcare bubble. 

Tue, 01/14/2014 - 11:13 | 4330525 IridiumRebel
IridiumRebel's picture

Housing is in the shitter regardless....wages, rates and bubblicious uncertainty have made it so. Hold fast.

Tue, 01/14/2014 - 11:17 | 4330539 Its_the_economy...
Its_the_economy_stupid's picture

More mortgage processors to add to the Labor NON-participation rate.

BULLISH!

Tue, 01/14/2014 - 11:27 | 4330555 adr
adr's picture

Housing must be going gangbusters, goolge bought the Nest thermostat business for $3.2 billion.

A thermostat connected to your smartphone, come on you know you want one.

Tue, 01/14/2014 - 11:29 | 4330559 Yikes
Yikes's picture

Remember when everyone said rising rates would not cripple mortgage origination and the lending pipeline?

 

No, not really. Seems pretty obvious to me.  Who is "everyone"? 

Tue, 01/14/2014 - 13:15 | 4330925 ATM
ATM's picture

No shit. Rates have always directly affected home purchases as the vast majority of homes are purchased with a mortgage.

Home affordability drops with rising rates. 50% of the US economy is tied directly to the housing industry. Thus rising rates means the economy is going to tank. So the Fed will not alow rates to rise.

Classic catch 22.

The Fed wants to raise rates and stop printing but they never will. Stopping leads to direct recognition of who the criminals are. Printing allows cover tot he criminals as "not one man in a million" will be able to tie the printing to the destruction of our current lifestyle.

Tue, 01/14/2014 - 11:33 | 4330568 AKrandy
AKrandy's picture

Wife works for wells. Most employees that chased the home mortgage money, making 100g+ just by having a pulse are scrambling to find any job within the bank.

Tue, 01/14/2014 - 11:47 | 4330605 centerline
centerline's picture

I hate to sound like a dickhead, but it is long overdue for the masses who chased various business degrees to come face to face with reality.  Yeah, business folks of all sorts are integral parts of a modern economy... no doubt.  And I have nothing but respect many of them, including my own Dad.  But, they are functions of an economy - not the productive aspects of a modern economy.

How many people out here have experienced mid-sized companies that produce something or perform a professional service who have had the financial folks calling all the shots?  Is usually is the death of a company in the mid or long term.

 

Tue, 01/14/2014 - 12:01 | 4330640 The Merovingian
The Merovingian's picture

This is only the tip of the iceberg showing for the SFR mortgage industry ...  tick tock, tick tock.  The commercial side is not far behind either.  

Tue, 01/14/2014 - 12:07 | 4330651 The Proletariat
The Proletariat's picture

"the largest US servicer, Wells Fargo"

Tue, 01/14/2014 - 17:55 | 4331060 LMAOLORI
LMAOLORI's picture

 

 

How much of this is non lending in response to the new lending rules that just went into effect rather then interest rates alone?  

Well's Fargo is the Oligarch Buffoon's bank he owns more than 422 million shares - No prosecutions and he also owned the majority of the ratings agency Moody's not to mention we already saved his Billions.

 

He will make up any losses on mortgage originations probably on IOER alone (they're making $8 Billion a year on that) why should they lend if they have to now follow rules?

 

And he also hauls in the cash by hauling the oil because O wouldn't allow a pipeline and now that they keep exploding he'll probably make billions more because suddenly that might change.  

 

Warren Buffett Buys Stake in Pipeline Company on Same Day as North Dakota Oil Train Explosion

http://www.huffingtonpost.com/steve-horn/warren-buffett-buys-stake_b_453...

 

Yes, that pipeline would be another nice payback after " a cool one billion donation for the pro-Obama Super PAC Priorities USA Action"

http://www.dailykos.com/story/2012/07/31/1115402/-Warren-Buffet-s-1-Bill...

 

Hoeven: Obama will approve Keystone

http://thehill.com/blogs/e2-wire/e2-wire/195184-hoeven-obama-will-approv...

 

You just have to wonder who's servicing who?  The Buffoon's been serviced pretty well already I would say...

 

Tue, 01/14/2014 - 13:22 | 4330952 q99x2
q99x2's picture

I'm pretty certain I would not buy a home at this time.

Tue, 01/14/2014 - 14:58 | 4331230 PTR
PTR's picture

Would the increase in hedge-fund-sized, all-cash deals play into this decrease?

 

My first thought is yes, but I don't know all the deets that play into these stats.

Tue, 01/14/2014 - 15:35 | 4331342 I Write Code
I Write Code's picture

Higher rates no more refis.

Tue, 01/14/2014 - 16:20 | 4331515 Clycntct
Clycntct's picture

What % of mortgage buss is refi? like 55% in the last cycle. Rates up and why would anyone want a higher payment.

So now we go to new sales.

I hear a song and it doesn't sound like things are so bright I must wear shades

Tue, 01/14/2014 - 15:44 | 4331380 IREN Colorado
IREN Colorado's picture

Year over year, using an average of two year's volume, and we are down 60%. This in a time frame when we are supposed to be participating in a recovery? I suppose it must be climate change. Yeah that's it....

Never mind. Nothing to see here. Move along..................

 

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