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Mortgage Originations Plunge To Lowest On Record
New mortgage originations fell over 23% month-over-month and a stunning 47% year-to-date according to Black Knight (formerly LPS). As they show in their detailed presentation, with a 65% year-over-year drop, new mortgage originations are at their lowest since their records began and what is perhaps more concerning is prepayment speeds signal further declines are ahead and the ratio of serious deterioration to foreclosure (along with huge numbers of loan mods due to reset) suggest the housing market is anything but recovering fundamentally with the average loan in foreclosure now 2.6 years past due.
But apart from that - prices are up so that must be good right? as affordability for the average joe collapses.
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European housing market doing fine. But getting them to take loans has been difficult
http://signalinea.com/update-on-eur-position-we-started-last-week/
well the 30 years loans are gone and young people now need to deposit 75K before they can get a loan.
So now it's up to mommy and daddy to pay up for babygirl and boy.
...Soon all of this USSA map will be awashed in "Red"...no pun intended.
I see... a tungsten hammer in washington.... and I'm pretty certain there's a cicle forming also...
People argue with me why am I a renter. I tell them the housing market is a seller's market that is way overpriced. It is best to wait about 3-4 years. When they are financially ruined, I will be living in their former house. Bitchez!!
You may end up being right about that.
The biggest "trend" I see, is that it's not just "location, location, location". It's now mansions vs. regular guy houses. The high end is still cranking (it's just another investable asset in a world awash in printed money). The low end, however, is flat on it's back and declining. First time buyers are sparse. Investors buying to rent don't pay full retail for those places, which also keeps the prices depressed.
You are correct. I made an offer on a upper-end home with some acerage over the weekend. Someone came in right after me and bumped the offer $20K over the seller's asking price. I won't get in a bidding war, so it's on to the next listing... Problem is that in my area the upper-end properties don't last 24 hours on MLS...
The opposite here. Anything over $225k (5x+ avg fam income) sits unless it's perfect. The mcmansions are starting to rot, country clubs opening up membership to the public, etc.
The low end is mercilessly bid (with middle of the road homes selling at a premium to 7 years ago)... I presume stuffing hud tenants into it and making ~17%+ returns. We're getting an incredible influx of indigents, as there are more people coming here than jobs. Our infrastructure will be overrun within a decade at this pace, but it's still dramatically better for many folks than their present towns... and anyone with any sense will have moved to the next town over before it goes down.
I would really like to see some numbers...numbers of available borrowers during the liar loan phase and right now. I'd like to see the average loan amount for which these borrowers qualified then and now. I'd like to see the difference total home values from 1996 to 2006 and same for total loans for then and for now. I'd like to see a model that shows the impact of home prices based upon demand as a result of number of total borrowers, loose underwriting and qualifying conditions, interest rates and increasing home prices (past) and then the same model with tight underwriting critera and stable and/or deteriorating home prices.
Two things are missing from this equation today: e-z loans (reducing the number of buyers dramatically), 2. Continued home price increases. (Did I need to mention jobs ad income?)
I believe the Fed tried to resucitate a market that was dead and should have been buried. I believe the amount of extra debt burden that was added to society was never going to be overcome. The Fed tried to manipulate the situation but its catching up wth us. It would have cost $4 to $5 trillion to write down the bad debt in 2008. How many trillions have we thrown at the problem to fix it and its about to get bad again?
Something tells me that we are more underwater today relative to current market values vs. fundamental real values (in the stock market as well) and that our government is playing a very dangerous game and it is losing.
All that TPTB have done is kicked the can down the road....the great reset is coming and in the paraphrased words of Kyle Bass,"If we have a voluntary restructuring it will be painful, if we have an involuntary restructuring it will be VERY painful."
Any banker or politician that was complicit or lied about this ordeal from the beginning ought to be tarred and feathered, have all their assets taken away and they ought to be cast out in shame. We have not seen the end of this mess and we won't until a real balance is found...and that means writing down trilllions of debt that was provided to suckers from vampire squid predators. If we'd have done it 6 years ago we'd be healing, but instead we are reopening a nasty wound.
The reason nothing gets fixed is we've hit a critical number of people who have nothing to lose. If you have nothing and someone is willing to loan you money and you have no collateral, you take it. What do you have to lose? The politicians are buying your vote with promises that this will continue and it will continue as long as the gov't is the one making all the risky loans. You would think responsible people wouldn't allow it. They're now outnumbered and hence don't have a say any more.
You can move to another country, but they're all doing the same thing. At some point workers will get fed up and stop working. They'll see themselves as suckers for going to work. Who knows when that will happen.
at this stage in the cycle, if you got $50 or $75k for your deposit, you'd be an idiot to buy.
put that cash into physical gold + silver outside the matrix, wait 3-5 years, and you'll be able to buy your house outright.
I should have mentioned that I live in Texas to put things into perspective... The influx of people moving to Texas has placed a premium on properties. Especially folks that move here from California after selling their McMansion there... From the proceeds they can afford a new McMansion in Texas, plus all new furniture, 2 new cars and have some $$$ left over... I have run into more than one family with this exact story... This caused by the differential in property prices between Ca and Tx... A $1 million property in Ca can be a crackerbox, while in Texas it buys you one helluva house...
We're seeing real increases in offers on the order of 5% per month right now in Colorado. A year ago the market was flat. What's changed?
Obamacare has been delayed. Okay; Real employment participation has never been lower, sure, but, International investors are landing with suitcases full of bearer bonds at DIA every single day (to invest in anything other than their home lands where the economies are even more sketchy than ours), so that represents an increase in demand; Western US oil interests and their employees are realizing solid income gains right here in the Rocky Mountain West, right, where there is fracking there is economic growth, no mystery there; Lots of area Vets coming home with VA benefits, more debt? roger that!........
Yes, in some markets the price increases might be justified, no, make that explainable, at least for a while. Is this healthy long term????????????????
I kinda think not............
Asset Bubble much?
NoDebt-
I know of a builder of high end homes. Recently I was told the he is working on 5 right now and 2 of them are above 2 million. I guess business is very good right now.
I'm with you Vamp. Even though I'm a Vet and can get no money down financing, I still rent. Prices are up 40% in my area of Florida and everyone can't understand why I don't buy. I do buy...Morgan silver dollars every month.
Fate the Magnificent
"Push the Button, Max"
Why didn't you buy 3 years ago?
You could now have many more of those Morgan dollars.
Buying is actually cheaper than renting, especially over the long term, even at these ridiculous prices.
i rent a house which would cost me twice to own (with taxes and maintenance). housing prices will be cut by at least half within five years.
"Buying is actually cheaper than renting, especially over the long term, even at these ridiculous prices"
False - this is a bunch of realwhore blather
B-b-b-b-b-ut I got to write-off the $40,000 in interest I paid this year.
"this is a bunch of realwhore blather"
True, because in ten years or so when you decide to move, you'll get much, much more money back when you sell.
Oh, wait - did I get that wrong? You mean that you cannot even hope to break even when you are tossed out at the whim of a landlord?
my father lives in a small town in new south wales that is about 150 years old that was bypassed by changes in industry or transport and other main sources of prosperity. Barely a new house has been built there in the last 30 years, no one spends on maintenance. You can buy a 3 bedroom house there for $100k. With builders wages and materials/taxes today, you couldnt build a house that meets regulation for less than $250k
If you think that the price will be higher by magnitudes in 10 years, you dont realise that the entirity of America is akin to that small town. We are 7 years into the downturn in places like Spain and the price of real estate there is STILL dropping and expected to go down another 10-20%
the US Govt missed its opportunity in 2008 to get back to honest markets, and so shall it share Spain's fate
Looks like the drug cartels are holdin down the western border of mexico. Miami must be totally out of the import business.
red states and green states---lets split this country in two using that criteria
Better yet, let Florida and New York cede and form their own countries. That looks like it would eliminate 75% of the problem.
I should hope that this time around the Confederacy makes to point to invade, not simply to secede.
when Mommy and Daddy have sucked up all the wealth through medicare, SS, and Pensions...there be no funds left for da chitlins to earn
Prepayments!
I love fucking up a bank's plans. My thirty year is at a twenty five year now...a little at a time suddenly makes a hell of a difference.
turned my 30 year into a 5 year. Now I only pay rent to the government.
THAT'S WHY YOU SHOULD BUILD HOUSES MADE OUT OF SUGAR CANDY AND NOT CARDBOARD!!!
CARDBOARD STILL LASTS TO LONG!!!
No. Toilet paper..
I don't know... using dollar bills to build a house... sounds expensive...
Those wouldn't last long in Venezuela.
We should ask the three little pigs: Straw, wood, or brick.... and see if the wolf concurs.
Burn bitch...burn....can't say I feel sorry for these loser real estate fucks. Eat shit fags!
Now don't be holding back on us here..
Well, it's unfair (yes, I know the world is unfair), all I'm asking for is the same pain and punishment for everyone. Real Estate losers do nothing but lie, I think there is special place in hell for them, then if you are unwater you get to live for free! But if you have an ounce of equity, boom, you're gone! Bullshit! No more rewarding the losres and punishing the smart folks. And Justice For All!
But there has never been a better time to buy!
What trade is a fair way of life based on your analysis?
A fair trade?
It probably won't involve YellenCoin.
the bluer the state, the redder the chart....
All of Florida is lit up like a Roman Candle.
New Tel Aviv...I mean New York has a tremendous number of schnorrers.
Guy I work with lived in his house and didn't make a mortgage payment for 4 years.
thats a lot of buried silver!!!
He barely saved a dime. No shit.
I live in NY, inherited dad's home when he died in July 2009. Coming up on 5 years. In FC over 4 now. Crickets all I get from BofA.
Here is what I did:
Year 1: Played a lot of golf, drank heavily, kept house up minimum of repairs, bought some silver.
Year 2: Drank a little less, started thinking about possible windfall, did lots of research (lots of help from ZH Thanks!), figured I was in a good spot. Blew a lot of money on a broad in the country, bought more silver.
Year 3: Steady drinking, started actually paying down debt, looking at other RE options, couldn't believe I was still living rent and tax free (bank pays prop taxes), started paying down my own debt (CCs and HE on my original home that I began renting in year 2), moar silver.
Year 4: Really picked up the pace on paying down debt (all CCs closed out, zero balances, HE cut in half), sued bank for fraud, have their nuts in a vice and am seriously looking at getting the house F&C within 2 years (SOL runs out on the bank). Still drinking a good amount for mind balance.
Long story, short, if I had known I'd be here five years, I'd have begun saving and paring debt faster, and played less golf. Would not have been searching for alternatives, rather, putting the house to work (maybe do more repairs and rent out a room). I'd probably still be drinking, because I like it, but my finances would be much better. As it is, no CC debt (wiped out about 5K), and cut a hole in my HELOC while continuing to collect rent on my former home. I'm far ahead, but the holy grail is getting the FC action dismissed for failure to proceed and citing case law that their action did not stop the SOL clock. Either that or forcing them forward on my fraud case and negotiating a settlement at 1/3 the original amount.
The only questions now are: 1. How much will I pay for the house, if anything? 2. How much more pain can I inflict upon the bank?
As we used to say, I fell into some good shit. I'm above average on length of time in FC, even in NY state, and propects for whipping BofA are excellent, all without a lawyer (other scumsuckers).
If what you say is true, you're a piker and are at least part of the reason things are in the shape they're in. You are then as 'bad' as the ones you are cursing. I'm sure your deceased dad is proud...
You forgot to add. Don't forget to go to church on Sunday and pray for the BankWankers.
At least he's maintaining the house. All I do is fix up fc flip houses. Typical shlock fake bling mcmansions. Poorly built and poorly painted when new. Never maintained by first and nothing done by the bank. No heat for years. Burst pipes from scam winterizing plumbers. Black mold. Mercenarially we do minimum slop repairs for quick buck flip speculators.
Kind of sad. When I was a kid a finished house was an accomplishment. Lots of old trade artists. Now? Might as well be doing meth, third shift Jack'n Box.
Escape velocity.
So are we getting more QE or is the FED going to wake up to the fact that QE is not a perpetual motion machine but a steroid with lethal consequences?
"Doctor, you're steroid patient patient will go smiling to the grave."
Perhaps they shoud put leveraged home buyers on a combination of Viagra and an anti depressant so that if they can't GET a fuck they won't GIVE a fuck.
the redder is more debter?
Northeast leading the pack again. That place is a disaster. Unless people are banking their mortgage payment to buy their house at auction on the cheap?
pods
They're banking on Obama forgiving their debt when he heads out of office.
Things to do on final day in office:
Free Jon Corzine for life.
Forgive debt of sheeple.
Except for NH.... the only sort of Conservative state in the region. Can't wait to see if the November elections see a Demoncratic smashing. The last two presidential elections saw mostly democratic victories... albeit, with out of state voters being bussed in to claim "residency" at local hack homesteads. FUCK YOU YOU FUCKING FRAUD VOTERS. I think we should have public executions for voter fraud. You fucking criminal election thieves should die!
Voter fraud? The TV says there is no such thing. The videotapes of the same black people voting ten times outside Cleveland were faked, don't you know.
Perhaps the gang of Mexicans living in Massachusetts voting more than once? One of my favorite tactics is the "aunt" method. Move one black or hispanic into a neighborhood that a couple hundred people claim is their aunt and use her for residency.
I'm looking to move to New Hampshire. I have to work in Massachusetts, but if I have to live there I might shoot myself. The owner of the company said I could go live with all the libertarians and their guns in NH, I said "Don't tempt me."
You could try public executions for voter fraud, but you'll just be charged as a racist committing hate crimes.
i'm in the NE, the house are auctioned on the court house steps, the banks bid the mortgage balance. then the house sit and fill w mold, the pools revert to swamps. themold grows up the walls, the house are vandalized. and still they sit. i have benn watching this for 4 years in AMAZEMENT! WTF?
Central planning?
That's the way the banks can call it a ASS Sit.
Democrats? Republicans? You still believe it matters? The INSIDERS and International bankers through the CFR decide whos turn it is. In the end it is all theatre. For a few months we will debate gay marriage and ilegal immigration and never talk about the FED and the endless debt, and the debasement of our currency. Those subjects are off limits and our candidates and incumbents and talking heads on the TV will spend millions and spread the moola around to those who tow the line keeping you stupid sheep entertained. Most people will never in their lives understand this.
Unless people are banking their mortgage payment to buy their house at auction on the cheap?
+10 cents on the dollar. Well played, Pods.
pods, I'm in upstate NY (see comment above). I think most people around these parts are banking most of their mortgage payments in hopes of buying a better house for cash or a substantial (like 40-60%) down payment. I know I can buy a much better house than the foreclosed one I'm living in, for less than I owe, because prices are heading lower. That seems to be the bet around here.
Getting foreclosure notice: Not so good
Hanging in four years or more: Excellent
Fucking over bank: Priceless
All I hear from the real estate people is that prices are up...of course...they are not selling anything either...
understanding the size of the housing bubble means simply understanding the size of the residency constructed.
the bottom line is the square footage allotted to living exploded in size from the 80's to the 90's to the 2000's to even today. As with "supersized cars" so must it be with "supersized homes." these prices must collapse to reflect the enormity of the expense in order to maintain a living situation that would make the Victorians blanche.
So sure..to certain foreign buyers this all seems like "a dream"...but as that dollar has clearly bottomed not it is the growth of the US economy that must sustain the higher prices...and simply put the whole regime is now collapsing again.
Bank of America is massively downsizing...we'll see about Wells Fargo. The irony of millions of homeless when in fact we have millions of homes lying vacant should be lost on no one. The good news i guess is that "it should be worse actually."
Hang on a mimute now! I just listened to a guy on the radio telling how he went for a loser POS buger flipper to an expert house flipper, making over a $100,000 a month. He said I could also if I just sign up for his course. So now what do I do? I was going to become an RE expert millionair super flipper. Crap!
The first thing to do is find a domestic partner or spouse that can hang dry wall.
Or better yet. That would be an excellent skill to learn.
Clearly this shows that the Democrats are deadbeats. They cannot control spending in governement or in their own lives. Time to vote them OUT.
The status quo absolutely loves clueless sheep like you B2u. Like there is a difference between the "parties"!! LOL!!!!!
"The status quo absolutely loves clueless sheep like you B2u."
Too funny!! You really need to study harder for you GED tests.
Well, there is a difference. A republican is simply a democrat from 20 years ago. A time-shifted democrat, if you will.
just so long as we vote the republiucans out, too.
Leave no incumbent standing
Not to defend the Democraps, but the last time the RINO's actually reduced dollars spent was...when????
I dont know what you're saying, but those charts make me want to buy a foreclosure and flip it. Heard that idea at lunch, from a busboy, and that has to be lucky.
Reminds about a year ago they had an investment advisor come in and give a speech,he said that bubbles can't be predicted.I said BS and when you hear busboys buying 350k houses you know it's a bubble,that shut him up.
Sounds like the busboy has been talking to somebody that listens to a grocery clerk.
My grocery clerk is E(ddie) F(ranki) Hutton, and my grocery says..... Fuhgettaboutit.
My real metric for bubbles is Fidelity - the more they try and get me into webinars about investing in the markt, the more I worry about getting out of funds...
Moral: Live in and buy in the GREEN areas. Duh!
Aren't that the rocky mountains?
Nope. Looks more like Tornado Alley.
All of the foreclosures reside in Oz, now.
Those green counties are the rural sparsely populated counties of the plains states and eastern counties of the mountain states.
In the red areas I'm sure the politicians are thinking, well people aren't paying their mortgages so it is a great time to raise taxes.
Oh, give me a break. This is nothing to be worried about- 2014 surprisingly had a Winter and this explains the problem.
I need to move to Massachusetts. The real estate market there is insane. Do you want to pay $250k for a dilapidated house in a once nice town and live with Mexicans taking over, or maybe figure out how to afford a $650k 800sq ft home built in 1855 in Concord?
Instead of living in Worchester it would be better just to put a shotgun in your mouth. The school systems outside a few select areas are some of the worst in the nation with test scores that match Detroit. Some towns are now 85% hispanic with less than 5% of students in third grade passing basic tests. In Ohio, Indiana, Kentucky the shit homes in Massachusetts priced at $200k wouldn't even be a bargain at $70k.
I've looked at abandoned homes that have been on the market for over three years, still priced above $350k. Some people have come to the realization that nobody is going to buy a home in a crappy suburb of Boston for $400k+. In the past month people have been dropping prices by $120k and still getting no bids. When 90% of the available jobs pay less than $35k, there aren't any buyers for artificially pumped up homes.
Outside the luxury market there is no action at all. I've actually only looked at one house that was still occupied. You want to talk shadow inventory, I think half the homes in Masachusettes are abandoned. If there is someone inside it is a mexican squatter.
Why would anyone want to live within 1,000 miles of the Kennedys, Barney Frank, Harvard Professors etc...?
NOBODY "needs" to move to Massachusetts. You need a checkup from the neck up, my friend.
My brother lived outside of Worcester back some years ago, and the region's cultural highlite was that the beavers were making a comeback, were of course protected by law, and were flooding several new housing developments.
Massachusetts could be a nice place to live, except for the Democrats.
Just sent this to my paper's biz editor:
Hope things are going well.
Could you consider writing something comparing our area to the article below? (Note: hyperlink to this article attached)
And in the article, you'll find a national, county-by-county map of how many days (years) the average loan in foreclosure is now past due. To blow up the map to make it easy to see our area, just click on it. It appears The Pensacola Bay market is well over the national average of 2.6 years (versus 0.7 years in 2008) - it appears we are around 3 years or slightly more.
I'd bet (hope!) our banks dumped them to the FED in their ongoing QE4EVA MBS buying program - but who knows? Regardless of who is stuck with the notes, that represents a lot of shadow inventory, meaning prices are only being held up because so much inventory is being held off the market. The price rise only works as long as the shadow inventory stays in the shadows.
Respectfully, a couple of blocks of renewal does not an economic recovery make for the vast majority of us. (referring to his latest rah-rah article saying that a few building renovations means downtown Pensacola is on the move . . .)
-30-
I know a natural gas trader who is flipping homes on the side. I know he's making money too
Nice to see Enron back in the game.
Isn't it kinda hard to have high mortgage applications counts when you have companies like Black Stone spending Billions in cash to buy up everything? Doesn't that have to be taken into account? Must be those "unintended consequences" that the Fed and Gubmint fraudsters don't take into account when they're behind the curtain pulling levers and flipping switches, etc.
I see some green still in the midwest on that map. These must be these green shoots I keep hearing about...
Nah that's where the real patriots and all those who believe in traditional values live.
When I was driving around Massachusetts I was wondering how most of the people there were still living in their homes. Looking at the map I now see it is because none of them are paying.
Driving around MA? You musta been really freakin bored...
what a bloody fucking mess - fucking central banksters and all your underling banksters!!!!!!!! ROT IN HELL!!!!!!!!!!!
...,but y'all gotta catch'em first...sorta like Pokemon only with a nail gun.
Hey, wait a minute, my Realtor told me it's a great time to buy!
I heard the same thing! What a coincidence!
And she also said that home prices NEVER go down! Isn't that great?! Awesome!
Guys, have you checked Zillow lately? House prices are back on the up! Rope that comet! Once in a lifetime!
"Hey, wait a minute, my Realtor told me it's a great time to buy!"
Well, apparently it is - and then not pay.......
Differnce in EU is most countries don´t have your type of forclosure.... even if we have to sell at under water price we still have the dept peronally. More like your student loans.... you can´t get out of it....
A big difference for willingness to take on extended loans...
Your house is your collateral, yes, but the dept is your personal to the banks.
Judicial foreclosure versus Power of Sale.....reddest are the former, I don't need to extrapolate
This gives a view of a more stable housemarket in many areas of EU, "what ever happen always pay for your home". Credidcards, Car-lease, Power bills etc all this is secondary in many EU areas.... house is number one, cause the banks will track you down till you´re dead.....
But "Power of sale" does not affect your dept to the bank..... :-(
Comon olle dept is department.
DEBT.Not that you need it.
I live in New Jersey: smack in the middle of a sea of non-payers according to the data in this post.
My mortgage payment has the property taxes as a component of the mortgage payment. I am compelled to pay the insurance on the home as a part of the mortgage agreement and do so.
It is my understanding that this is a general practice.
I will hazard a guess: those not paying their mortgages are not paying their property taxes -or the insurance on the homes- either; even though they are sending their children to public schools which are payed for with property tax revenues...
Exactly how the fuck are people who are paying their mortgages and property taxes and home insurance supposed to compete ecomonimically against People who are not paying their mortgages and property taxes and home insurance?
The ONLY reason why the Banks don't forclose on tens of millions of indigents living in homes for years without paying is that they will ALL be rendered insolvent. In fact: most of the Banks ARE insolvent; the issue is being ignored by the Government because it will mean a full-blown mega-depression will be instantly realized as tens of millions will be thrown into banruptcy and the entire financial system will implode.
We who are dutifully paying our mortgages and taxes and insurance are also giving a free ride to tens of millions of deadbeats who can 'afford' to undercut our compensation demands in the work place or who can and will take lower paying jobs; -all the while demanding more and more money for schools and public services on OUR backs.
why are you paying....get a 100% mortgage and don't pay anything...they won't foreclose and you live rent free. My nieghbor is a mortgage broker....and that is what his brother is doing...as are a lot of people in NJ! It is a great deal!
Dude, STFU. You act like a paragon of virtue because you're willing to take it up the ass by getting fleeced by PMI, insurance and a house payment lasting decades. Congrats, you're a sucker. Don't start calling people deadbeats who play the same game the banks do.
And this is coming from someone who just bought a house with a down payment. Only difference is I know I'm getting fleeced, and could care less if others cheat the system.
You'd be best served redirecting your angst at the banks and government, not at the millions freeloading off of a corrupt system. My $0.02.
Hey, this one is waking up Bob.
Give him another dose.
Hey, isn't the IMF having its Spring meeting in DC today? Whew, nothing to worry about... Now what tag am I missing? Hmmm...
Oh yes, found it... /sarc
Wounder why Yellen and Lagarde has the same haircoulor....... are they the next predators... and Ben was almost the same... and Obama i soon the same.....only Kerry the wig has chosed another coulor.....
Nah, they in the process of extincting themselves. All we have to do is sit back and watch.
Unsustainable.
This is a really sucky map for color blind people !
Until recently I had forgotten how worthless realtors and appraisors are. I'm looking for a small farm for my wife and I to retire to. Found one that looks good and checked comprable land and housing asking/sale values in the area and concluded a price about 15 to 25% less than asking would be reasonable. Got a local realtor to look at it and an appraiser. They both concluded that it "could be made to appraise for the asking price" and that it "was a bargain" after spending about 15 minutes each on it.
Worthless.
Appraisal Management Companies are chopping values to eliminate any risk should the market go south again
The appraisal independence act/HVCC have taken the ability to inquire if a transaction is viable away from consumers - you have to pay to find out
Lenders who own or run the AMC (appraisal mgmt company) can exclude comps or reject adjustments to bring the value down to the least riskiest number
Its puts the "bank" in charge of appraisals instead of the appraiser so it is not so independent for the borrowers who pad the $500 for the report
Ya get what you pay for.
If the appraiser spent 15 minutes on it, he is risking license by making any statement. But if he only spent 15 minutes, then he must have been doing it for free. (Still risky of them though)
The basis for the map is red = 1200 or more. The green counties on the map are lower population densities, so in all likihood, the whole map could be red.
Hint: Dark is bad, light is good. HTH
It's game over for the bankers, if they try and foreclose on that large a segment of the population, they will endup with their heads on spikes , Game of Throns Style.
Americans have fucking had it, everyone is on the verge of going ape-shit at any moment, let me break this down, if your house has been in foreclosure for 2.6 years, your not leaving that house, your going down with a fight, which means the bankers are lossing since its taking so long for them to scrounge together paper that doesn't look like complete fraud/bullshit.
Truer words were never spoken!
what really bothers me is my gubbmint buying my bullets with my money to get me out of my (bankers) house.
it just aint right
Don't buy a house if you have a renter mentality of planning on moving in less than 5 years to upgrade. Buy a house with land and a source of water at least an hour from the big city and develop it so you can live on less income. Then pay that sucker off as quick as you can so you really own it. Think legacy, not trendy.
Gotta stay withing commuting distance of a mid size city for my spouse's job, the rest is my plan exactly.
Enjoy the remaining few years of the Free Shit Era. Because if President Pillow Biter's hand-picked successor doesn't win in 2016, this game will be over.
This won't stop the pimps and whores at the National Association of Realtors from telling you the sky is blue.
really? You think the realtors were the source of FREE money. Fog a mirror et a loan. I