Author Topic: Ca. R/E Market (Read 2279 times)

enginedoctor · « **on:** October 14, 2009, 08:01:48 PM »

Gotta good friend which is a R/E Guru in So. Ca. ( Shane Braudo @ Prudential @ 1-562-858-1614 )

Today he told me that prices will continue to drop for the next 2 or 3 yrs. in Califukya!

Anyone out there have any facts

GT Jets · « **Reply #1 on:** October 14, 2009, 08:08:56 PM »

Quote from: enginedoctor on October 14, 2009, 08:01:48 PM

Gotta good friend which is a R/E Guru in So. Ca. ( Shane Braudo @ Prudential)

Today he told me that prices will continue to drop for the next 2 or 3 yrs. in Califukya!

Anyone out there have any facts

If the loan officers don't get off their asses, I gurantee house prices will fall like a shit laden fart......(hows that for a visual?

)

I know at least 15 people who cannot get their loans adjusted....They will have to let the house go to the bank....If that happens...

1. Those people cannot buy another home or even get a loan for 3-7 years..... $:-\$

2. Those houses will be sold as bank owned in about 6 months and be in disrepair do to no maintenance for a year and this will lower neighboring homes values....Making it more difficult to get a loan modified on that home and on and on...

3. As these houses are forclosed or forfited, inventory goes bat shit crazy and this causes prices to fall yet again...

Bet you can't name three reasons housing prices would go up...............

Sorry to be so doom and gloom, but the truth sucks

GT

enginedoctor · « **Reply #2 on:** October 14, 2009, 08:23:52 PM »

Ya I can!

1. Rates go down
2. Qualified buyers/ willing and able.
3. EZ / private financing.

Whatta u think

GlassCutter · « **Reply #3 on:** October 14, 2009, 08:28:44 PM »

The banks are holding back tons of repo'd property already to artificially support the current price levels. Interest rates can't go lower (already in the mid 4's) and when inflation kicks in even the few investors buying now may be scared off. Prices will drop again, but when the market tanks again, and it will, ain't nobody gonna be in a position to buy. If you can buy now DO IT !

enginedoctor · « **Reply #4 on:** October 14, 2009, 08:34:33 PM »

I agree w/you... but.

The worst for sure is yet to come IMO.

We have not even come close to hitting bottom yet. I am not a Neg. person....Just see into whatsup

GlassCutter · « **Reply #5 on:** October 14, 2009, 08:58:58 PM »

I have two mutual funds that are made up of European stocks and they are both doing better than 10% for the last 4 months. I am moving some $$ into commodities like power, oil and precious metals because they will continue to sell at more expensive prices because the world needs this stuff to run.
I am pulling nearly 60K out of the NYSE (all that I can w/o penalties) because I think the market is headed back down lower than it was just recently. Stock prices have returned but the volume of trades is way off. Tons of smart money sitting on the sidelines until an adjustment will take place to bring the market more in line with what these companies are really worth. If China, Russia, India, Euro are successful at getting something to replace the US Dollar as the currency of choice we are really fukked. Obama won't stand up and fight and all his advisors are just interested in enriching themselves, they really don't do what needs to be done for the future of the country. Truly sad

GT Jets · « **Reply #6 on:** October 14, 2009, 09:13:32 PM »

Here's my own personal insight and I am in no way shape or form any kind of financial wizard...In fact quite the opposite. $:-\$

The next financial event will be commercial real estate and agricultural use properties (leased) will be in the same situation as the first, second (and now third) wave of residential properties.

There are more commercial buildings empty now than I have ever seen and a lot if not all have loans against them and the properties being empty are worth spit.

So that will make a few things happen as well...

1. The building being empty and bank owned will not be maintained (including landscaping) which has the potential to put some more people out of business...i.e. Mechanical contractors, janitors, landscapers, alarm companies and more I'm sure...

2. The building being empty and illmaintained will bring overall property values down (commercial) and making surrounding properties hard to lease out starting the whole damn game over and over...

3. These big ass stupid malls that we built every 2 miles are going to have big losses because of the larger companies not bringing in the customer base....Starting it over and over....More job losses.

4. The cities will not get the revinues from the local businesses and the state will lose the sales tax revinues which will cause a new tax rate because of Californias wonderful general fund (stupid is as stupid does) tax rate already up once this year.

This crap is in it's infant stages and we have not seen the worst by any means.

Most of the work I do has to do with saving energy and mechanical reliability, we are busier than you can even imagine....That being said, most of the work I have done has literally paid for itself in energy savings....(over time of course)

More than 90% of the buildings that I have previously worked on have not spent much on anything...Not even light bulbs.....

This is going to be a long bumpy ride IMHO...

As far as the Obama adminstration is concerned, there will be change...I will be collecting it on a street corner from visitors from other countries in about a year... $:-\$

Quote from: enginedoctor on October 14, 2009, 08:23:52 PM

Ya I can!

1. Rates go down How can they get lower?, money is almost free now....
2. Qualified buyers/ willing and able. Who the hell is qualified...We turned away three Cal Poly grads and let go two senior engineers in the last year...
3. EZ / private financing. The only people that have any money right now got it from screwing over the people trying to keep their homes and jobs right now (not totally true, but looks good on paper...

Whatta u think I think I should go buy a huge tub of Astro Glide, it's coming and it's huge....

GT

Stevecat · « **Reply #7 on:** October 14, 2009, 09:43:36 PM »

Bare minimum we will have several years where the traditional measures of economic health will give us mixed signals and therefore nobody will know what the f is really going on. The more that the average Joe can get used to this environment and just say - I can't rely on any one or any small group of data, then the better.

Many economists surveyed think that we are actually stable but weak.
http://online.wsj.com/article/SB125494927938671631.html

My gut says the same thing - we are weak but stabilizing. If some nutjob blows up something then we're FUBAR and it will get real real ugly. But hopefully not and if so then we'll be OK in a couple of years.

Real estate value is always a house of cards - question is - does everyone believe in the house or just a few? As long as everyone believes and participates then the gig is stable. Soon as everyone looses faith then kablooey like what we have now. GT's scenario could very well evolve because there are more cards still holding up the house. But if enough people get enough confidence to start buying real estate again, then the cards stop falling and the house stays stable.

Remember that depending on where you live, the EMPLOYMENT rate is 80-90%. And in that MAJORITY of people - there's still young couples screwing like rabbits. Then they pop a couple of squealers out and the next thing you know they think they need a 1st house or a move up to the next home. Well yeah they have a shit load of paperwork to fill out and the process is harder and slower, but SOME of them qualify and they are in a buyer's market and will start BUYING. And boy would I like to be screwing like a rabbit still and have mortgage rates that are sub 5% instead of 10+ when I bought my first house.

There's the old saying "markets hate uncertainty" they are OK with known good news or known bad news. But they hate not knowing. Well right now nobody really knows - that's why it's so weird. A period of mixed signals. 12 more months and it will be more apparent what is really going on.

Stevecat · « **Reply #8 on:** October 21, 2009, 08:57:40 PM »

OK I think I have good news.... trying to figure this out still but:

I'm back to full time work in San Diego area and started surfing the real estate listings looking to try and buy a "cheap" house to live in and then rent once I relo the wife and kids. Now I am a "veteran" CA real estate guy not a typical Oregonian in shock over the difference in prices.

Anyhoo I am STUNNED over how about 75%+ of the houses for sale under $350k are in CONTINGENT status. I even had to ask my agent buddy WTF that meant because I have never seen that level of listings in that status. He says yeah those are legit qualified offers with buyers likely to qualify for the loan. Yeah the sellers are mostly banks and short sales or foreclosures but....

There are a shit load of house sales on the "low end" (add a zero for CA prices) of the market that are about to close. That is going to then trickle up into slightly fewer offers in the next price range and so on...

I'm still thinking about what this all means but my initial reaction is yes it is fkd for the people who lost those homes in foreclosure but now we gotta move on and the fact that there's going to be some movement in the low end is probably good news.

GT Jets · « **Reply #9 on:** October 21, 2009, 09:06:42 PM »

Quote from: Stevecat on October 21, 2009, 08:57:40 PM

OK I think I have good news.... trying to figure this out still but:

I'm back to full time work in San Diego area and started surfing the real estate listings looking to try and buy a "cheap" house to live in and then rent once I relo the wife and kids. Now I am a "veteran" CA real estate guy not a typical Oregonian in shock over the difference in prices.

Anyhoo I am STUNNED over how about 75%+ of the houses for sale under $350k are in CONTINGENT status. I even had to ask my agent buddy WTF that meant because I have never seen that level of listings in that status. He says yeah those are legit qualified offers with buyers likely to qualify for the loan. Yeah the sellers are mostly banks and short sales or foreclosures but....

There are a shit load of house sales on the "low end" (add a zero for CA prices) of the market that are about to close. That is going to then trickle up into slightly fewer offers in the next price range and so on...

I'm still thinking about what this all means but my initial reaction is yes it is fkd for the people who lost those homes in foreclosure but now we gotta move on and the fact that there's going to be some movement in the low end is probably good news.

OK them "Mr. Ca real estate veteran"

How do I sell my house for a decent price and buy the one down the street which is bigger and nicer for over $100K less than than what I owe on this one?

??That's the million dollar question.

I put almost $30K in this house in the last four years, should have just had a big ass party complete with cocaine and strippers, would have been cheaper and waayyy more fun

I want to be able to trade in my house for a different model, I could hear the bank laughing even after I hung up the phone

GT

Stevecat · « **Reply #10 on:** October 21, 2009, 09:15:18 PM »

Yeah I feel yur pain GT. The home owners who "survived" and still own are fugged for awhile. I've got that issue with my Boreigan home and a rental house I own up there. All of us who hung in and still kept their house will have to wait and wait and wait. But all I'm saying is that if the lower priced (relative term) houses start moving in the (formerly) "hot" markets - then that is better than nothing moving at all.

My RE agent friends say there aint chit moving in the higher price stuff. So anyone other than 1st time entry level buyers are fkd. But like I said - as far as my damaged brain cells can take it I think the news about low end is good. But certainly willing to concede that I may be talking out my ass. $:-\$

GT Jets · « **Reply #11 on:** October 21, 2009, 09:34:12 PM »

Quote from: Stevecat on October 21, 2009, 09:15:18 PM

Yeah I feel yur pain GT. The home owners who "survived" and still own are fugged for awhile. I've got that issue with my Boreigan home and a rental house I own up there. All of us who hung in and still kept their house will have to wait and wait and wait. But all I'm saying is that if the lower priced (relative term) houses start moving in the (formerly) "hot" markets - then that is better than nothing moving at all.

My RE agent friends say there aint chit moving in the higher price stuff. So anyone other than 1st time entry level buyers are fkd. But like I said - as far as my damaged brain cells can take it I think the news about low end is good. But certainly willing to concede that I may be talking out my ass. $:-\$

Oh yeah, totally good for someone in your position. BTW, the reason (IMPO) there are so many houses in "contingentcy"....The banks are holding properties back as to not flood the market with more inventory and try to keep values up....

So yes, they are again playing a very dangerous game of falsifying the market. The housing that is held back more than likely makes up more than 50% of the inventory you see, the otheres are listed to keep from having to pay the property taxes at the current rates of what the house origionally appraised at, which is going to blow yet another big ass hole in the Ca "general fund" budget....Arnold is going to hit us up for a 10% loan on the rest of the year and then give IOU"s (but aint goin' to pay you) when you file your taxes...It's all smoke and mirrors, we're focked. Why would Ca's solution to a budget shortfall be to steal from it's residents? How stupid can we be??? (Retorical).

I was optimistic as hell a few months ago, then I spoke with my lender and told them I needed a little help with my monthly deficit, they still have not returned my calls, or the letter I sent, but...They did cancel my only credit card...WTF?

(No I was not late with a payment).

We are in for a shit storm that you cannot believe. Over 356 lending agencies have folded since '06....I didnt even know there were 356.

Imploded Lenders(tm):
2007-12-18 : 1st Choice Mortgage
2009-01-16 : 1st Republic Mortgage Bankers
2009-07-28 : 1st Reverse Financial Services LLC
2009-01-23 : 21st Mortgage - Wholesale
2007-06-27 : ACT Mortgage
2007-11-05 : AMC Lending
2007-09-27 : Aapex Mortgage (Apex Financial Group)
2008-06-04 : Accredited Home Lenders, Home Funds Direct
2008-05-04 : Accredited Home Lenders, Lone Star Funds
2008-10-24 : Ace Mortgage Funding, LLC
2006-04-14 : Acoustic Home Loans
2008-05-22 : Advantage - Morgan Stanley
2007-08-06 : Aegis
2007-07-23 : Alera Financial (Wholesale)
2007-09-07 : All Fund Mortgage
2007-07-13 : Alliance Bancorp
2007-06-26 : Alliance Mortgage Banking Corp (AMBC)
2008-01-25 : Allied Lending Corp. (Wholesale)
2008-01-29 : Allpointe Mortgage (Broker Program)
2007-08-28 : Allstate Home Loans / Allstate Funding
2007-04-10 : Alterna Mortgage
2007-08-06 : Alternative Financing Corp (AFC) Wholesale
2007-06-27 : Altivus Financial
2008-04-10 : AmeriBanc Corp.
2009-08-10 : America One Finance
2008-04-11 : American Bank Mortgage Group - Wholesale
2007-01-30 : American Freedom Mortgage, Inc.
2007-08-02 : American Home Mortgage / American Brokers Conduit
2009-07-20 : American Partners Bank
2009-04-17 : American Sterling Bank
2007-03-16 : Ameriquest, ACC Wholesale
2009-02-23 : Ameritime Mortgage Co. LLC
2007-03-05 : Ameritrust Mortgage Company (Subprime Wholesale)
2008-11-26 : Amlak Finance PJSC
2007-08-22 : Amstar Mortgage Corp
2008-05-28 : Assured Lending Corp. - Wholesale
2006-11-21 : Axis Mortgage & Investments
2008-01-25 : BF Saul Wholesale Lending
2007-08-22 : BNC Mortgage (Lehman)
2007-12-19 : BSM Financial
2008-10-28 : Banco Popular North America - Wholesale
2007-10-25 : Bank of America (Wholesale)
2009-05-22 : BankUnited, F.S.B.
2009-07-20 : BankersWest Funding Corp.
2007-12-04 : BayRock Mortgage
2008-03-16 : Bear Stearns Residential Mortgage
2008-02-01 : Beazer Mortgage Corp.
2008-10-15 : Bradford and Bingley plc
2007-06-27 : Bridge Capital Corporation
2007-10-18 : BrooksAmerica Mortgage Corp.
2007-06-01 : Bryco (Wholesale)
2007-09-11 : C & G Financial
2008-11-10 : CBRE Realty Finance
2007-09-10 : CFIC Home Mortgage
2007-08-28 : CIT Home Lending
2008-08-29 : CSB Mortgage
2008-10-31 : CTX Mortgage Co. - Retail
2009-02-12 : CU National Mortgage
2007-08-16 : Calusa Investments
2007-08-23 : Capital Six Funding
2009-09-03 : Capstone Realty Advisors
2008-08-26 : Carteret Mortgage Corporation
2008-05-07 : Casa Blanca Mortgage/Shearson - Wholesale
2007-08-31 : Castle Point Mortgage
2008-03-31 : Centennial Mortgage and Funding, Inc./Award Mortgage
2009-03-10 : Central States Mortgage
2008-04-02 : Century Bank, F.S.B. - Wholesale
2007-11-27 : Charter One (Wholesale)
2008-05-15 : Chase Home Equity - Wholesale
2009-04-03 : Chase Home Mortgage - Construction Lending
2009-01-13 : Chase Prime - Wholesale
2008-05-15 : Chase Subprime - Wholesale
2008-10-03 : Chevy Chase Bank - Wholesale
2007-08-20 : Chevy Chase Bank Correspondent
2007-07-12 : Choice Capital Funding
2008-04-25 : Citi Residential Lending
2008-03-17 : CitiMortgage - Home Equity Wholesale
2007-12-03 : Citigroup - FCS Warehouse
2007-11-05 : Citimortgage Correspondent (2nds)
2007-01-08 : Clear Choice Financial/Bay Capital
2007-12-12 : Coast Financial Holdings/Coast Bank
2007-02-16 : Coastal Capital
2008-10-20 : Coldstream Financial Svcs.
2009-08-14 : Colonial Bank
2009-02-09 : Colonial National Mortgage - Wholesale
2007-05-17 : Columbia Home Loans, LLC
2008-10-03 : ComCor Mortgage - Wholesale
2007-12-06 : ComUnity Lending
2008-01-18 : Community Resource Mortgage
2007-06-26 : Concord Mortgage Wholesale
2007-01-31 : Concorde Acceptance
2007-03-17 : CoreStar Financial Group
2009-08-11 : Corus Bank
2008-01-11 : Countrywide Financial Corp.
2007-11-14 : Countrywide Specialty Lending
2007-04-30 : Dana Capital Group
2007-09-21 : Decision One (HSBC)
2007-01-31 : DeepGreen Financial
2007-12-06 : Delta Financial Corp
2007-08-09 : Deutsche Bank Correspondent Lending Group (CLG)
2007-10-24 : Diablo Funding Group Inc.
2008-04-03 : Diversified Mortgage, Inc.
2007-07-13 : Dollar Mortgage Corporation
2007-03-02 : DomesticBank (Wholesale Lending Division)
2008-10-16 : Downey Savings and Loan - Wholesale
2008-04-22 : E*Trade Wholesale Lending
2008-10-22 : E-Loan
2007-02-12 : ECC Capital/Encore Credit
2007-02-25 : Eagle First Mortgage
2008-03-14 : East West Mortgage Co. of VA
2007-11-07 : Edgewater Lending Group
2007-12-04 : Empire Bancorp
2007-07-25 : Entrust Mortgage
2007-01-19 : EquiBanc
2009-02-17 : EquiFirst
2008-08-05 : Equipoint Financial Network, Inc.
2007-07-31 : Equity Funding Group
2008-10-29 : Equity One Commercial
2008-05-09 : Evergreen Investment & Carnation Banc
2007-10-31 : Exchange Financial (Wholesale)
2007-09-12 : Expanded Mortgage Credit Wholesale
2007-08-13 : Express Capital Lending
2007-03-09 : FMF Capital LLC
2009-01-15 : Fairfield Financial Mortgage Group
2007-12-20 : Family First Mortgage Corp.
2008-09-08 : Fannie Mae
2008-03-28 : Fidelity Home Mortgage Corp.
2007-11-19 : Fieldstone Mortgage Company
2009-01-26 : First Active - Ulster Bank
2008-01-04 : First American Bank (Wholesale)
2008-10-16 : First Call Mortgage Co.
2007-04-02 : First Consolidated (Subprime Wholesale)
2009-01-26 : First Federal - Wholesale
2007-12-19 : First Fidelity Financial
2008-02-28 : First Franklin - Merrill Lynch
2007-04-11 : First Horizon Subprime, Equity Lending
2007-08-15 : First Indiana Wholesale
2009-02-05 : First Interstate Financial - Wholesale
2007-12-11 : First Madison Mortgage
2007-08-16 : First Magnus
2007-10-12 : First Mariner Wholesale
2008-01-11 : First NLC Financial Services
2007-08-21 : First National Bank of Arizona
2009-09-09 : First National Bank of the South - Wholesale
2008-02-25 : First National Mortgage Sources
2009-09-18 : First Rate Capital Corp.
2009-03-24 : First Security Loan Corp
2007-04-09 : First Source Funding Group (FSFG)
2007-06-18 : First Street Financial
2007-10-26 : FirstBank Mortgage
2007-07-07 : FlexPoint Funding (Wholesale & Retail)
2007-07-20 : Flick Mortgage/Mortgage Simple
2008-11-24 : Fortes Financial - Wholesale
2007-10-02 : Foxtons, Inc.
2008-11-07 : Franklin Bank, SSB
2008-07-11 : Freddie Mac
2007-07-02 : Freestand Financial
2007-03-02 : Fremont General Corporation
2008-12-23 : Frontier Investment Co.
2007-01-19 : FundingAmerica
2008-05-22 : Future Mortgages - Citigroup
2008-10-28 : GE Money, Wizard Home Loans
2007-08-15 : GEM Loans / Pacific American Mortgage (PAMCO)
2008-10-17 : Gateway Bank, F.S.B. - Wholesale
2008-03-06 : Global Mortgage, Inc.
2009-09-02 : Granite Mortgage, Inc.
2007-08-20 : GreenPoint Mortgage - Capital One Wholesale
2007-08-30 : Group One Lending
2008-05-01 : Guaranty Bank - Correspondent
2009-05-01 : Guaranty Bank - GB Mortgage
2009-08-22 : Guaranty Bank - Warehouse
2007-03-29 : H&R Block Mortgage
2008-09-17 : HBOS
2009-07-23 : HCI Mortgage
2008-12-08 : HCL Finance Inc. - Wholesale
2008-11-05 : HMS Capital, Inc.
2009-03-02 : HSBC - HFC & Beneficial
2008-11-18 : HSBC Mortgage Corp. - Wholesale
2007-03-22 : HSBC Mortgage Services (correspondent div.)
2006-12-20 : Harbourton Mortgage Investment Corporation
2007-12-26 : Heartland Wholesale Funding
2007-06-26 : Heartwell Mortgage
2007-06-04 : Heritage Plaza Mortgage
2007-04-13 : Home 123 Mortgage
2007-04-16 : Home Capital, Inc.
2007-04-20 : Home Equity of America
2009-03-18 : Home Loan Consultants, Inc.
2007-08-28 : Home Loan Specialists (HLS)
2007-08-07 : HomeBanc Mortgage Corporation
2009-01-21 : Homebridge Mortgage Bankers - Refinance.com
2008-09-03 : Homecomings Financial, LLC
2007-04-12 : Homefield Financial
2007-12-21 : Homefront Mortgage Inc.
2007-05-03 : Homeland Capital Group
2008-09-21 : Hometown Commercial Capital
2008-03-11 : Homewide Lending Corporation
2007-10-23 : Honor State Bank
2007-06-04 : Horizon Bank Wholesale Lending Group
2008-10-04 : Hypo Real Estate Bank
2008-07-29 : Ideal Mortgage Bankers, Ltd. - Wholesale
2007-09-20 : Impac Lending Group
2008-07-07 : IndyMac Bancorp
2007-04-19 : Innovative Mortgage Capital
2007-03-15 : Investaid Corp.
2008-07-25 : Irwin Union Bank & Trust Co. - Wholesale
2007-02-26 : Ivanhoe Mortgage/Central Pacific Mortgage
2009-01-23 : J.B. Nutter & Co. - Wholesale
2009-02-26 : JPMorgan Chase - Warehouse
2008-02-21 : KH Financial
2007-03-22 : Kellner Mortgage Investments
2008-09-17 : Kemper Mortgage, Inc.
2007-08-13 : Kirkwood Financial Corporation
2008-12-05 : LIME Financial Svcs. - Wholesale
2008-03-27 : LMI Funding, Inc.
2007-06-04 : Lancaster Mortgage Bank (LMB)
2008-07-07 : Lehman Brothers SBF
2008-01-17 : Lehman/Aurora Loan Services
2007-02-08 : Lender's Direct Capital Corporation (wholesale division)
2007-08-13 : Lexington Lending
2007-11-01 : Liberty American Mortgage
2008-08-06 : Liberty Home Lending
2008-09-12 : Liberty Mortgage Funding Co.
2009-01-05 : Liberty One Lending
2007-03-20 : LoanCity
2007-09-14 : Long Beach (WaMu Warehouse/Correspondent)
2007-04-04 : LowerMyPayment.com
2007-09-05 : LownHome Financial
2008-02-21 : Lydian Mortgage
2007-04-20 : MILA
2006-12-29 : MLN
2007-08-08 : MLSG
2008-03-10 : Macquarie Mortgages USA Inc.
2007-03-31 : Madison Equity Loans
2007-01-24 : Mandalay Mortgage
2007-03-10 : Maribella Mortgage
2007-11-15 : Marlin Mortgage Company
2007-03-14 : Master Financial
2008-01-15 : Maverick Residential Mortgage
2007-08-16 : Mercantile Mortgage
2006-05-06 : Merit Financial
2006-11-08 : Meritage Mortgage
2008-09-18 : Mid Atlantic Capital LLC
2007-01-25 : Millenium Bankshares (Mortgage Subsidiaries)
2007-04-27 : Millenium Funding Group
2008-03-25 : Millennium Mortgage - Wholesale
2008-04-24 : Montgomery Mortgage Capital Company
2007-08-23 : Mortgage Investors Group (MIG) - Wholesale
2008-11-07 : Mortgage Lion, Inc. - Wholesale
2008-12-01 : Mortgage Network Inc. - Wholesale
2007-05-16 : Mortgage Tree Lending
2008-12-11 : MortgageIT
2007-11-12 : MortgageIT-DB (Retail)
2008-06-25 : Mortgages Ltd.
2007-08-07 : Mylor Financial
2007-05-02 : Nation One Mortgage
2007-12-31 : National City Corp. (Wholesale)
2008-03-31 : National Wholesale Funding
2007-07-28 : Nations Home Lending
2007-09-24 : Nationstar Mortgage
2007-05-21 : NetBank Funding, Market Street Mortgage
2007-03-08 : New Century Financial Corp.
2009-01-13 : New South Federal Savings Bank - Wholesale
2007-10-12 : New State Mortgage Company
2008-03-12 : New Vision Residential Lending
2007-06-01 : No Red Tape Mortgage
2009-10-09 : Northeast Mortgage Corp.
2008-02-28 : Northern Rock plc
2007-08-17 : NovaStar, Homeview Lending
2008-02-20 : OMG Wholesale Lending
2007-06-08 : Oak Street Mortgage
2007-04-19 : Opteum (Wholesale, Conduit)
2007-08-01 : Optima Funding
2007-12-04 : Option One - H&R Block
2008-03-13 : Origen Financial, Inc. (Correspondent)
2007-01-08 : Origen Wholesale Lending
2006-12-07 : OwnIt Mortgage
2007-12-21 : PNC Bank H.E.
2008-09-04 : Pacific Community Mortgage, Inc. - Gold Reverse, Inc.
2007-10-12 : Paragon Home Lending
2007-11-26 : Paul Financial, LLC
2007-03-14 : People's Choice Financial Corp.
2007-04-05 : People's Mortgage
2009-02-17 : Perfect Mortgage - PerfectFHA
2007-04-11 : Platinum Capital Group (Wholesale)
2007-01-09 : Popular Financial Holdings
2008-01-28 : Popular Warehouse Lending
2009-5-18 : Precision Financial, Inc.
2007-01-03 : Preferred Advantage
2007-07-11 : Premier Mortgage Funding
2007-08-30 : Premium Funding Corp
2007-10-22 : Priority Funding Mortgage Bankers
2007-05-25 : Pro 30 Funding
2008-10-15 : Prospect's Metrocities Mortgage - Wholesale
2007-08-22 : Quality Home Loans
2007-08-16 : Quick Loan Funding
2009-02-05 : Realty Mortgage Corp.
2007-11-05 : ResMAE Mortgage Corp.
2009-02-16 : Residential Loan Centers of America
2008-01-16 : Residential Mortgage Capital
2008-02-22 : Resource Mortgage (Wholesale)
2007-06-07 : Right-Away Mortgage
2007-01-23 : Rose Mortgage
2007-09-28 : SCME Mortage Bankers
2008-02-13 : Saxon Mortgage (Wholesale)
2007-08-31 : Sea Breeze Financial Services
2006-12-06 : Sebring Capital Partners
2007-12-07 : Secured Bankers Mortgage Company (SBMC)
2007-01-05 : SecuredFunding
2009-10-08 : Security Mortgage Corporation
2009-09-08 : Senderra Funding - Wholesale
2009-07-08 : Senior Lending Network
2008-04-21 : Shearson Financial Network, Inc.
2008-07-01 : Silver State Bank - Wholesale
2007-02-14 : Silver State Mortgage
2008-12-11 : Solstice Capital Group - HSBC
2007-04-09 : Solutions Funding
2008-01-03 : Soma Financial
2008-03-20 : South Pacific Financial Corp. - Wholesale
2007-04-02 : SouthStar Funding
2007-12-10 : Southern Star Mortgage
2006-12-15 : Sovereign Bancorp (Wholesale Ops)
2007-08-15 : Spectrum Financial Group
2007-07-06 : Starpointe Mortgage
2007-06-29 : Steward Financial
2007-07-07 : Stone Creek Funding
2009-09-17 : StoneWater Mortgage Corp.
2007-01-25 : Summit Mortgage
2007-10-12 : Summit Mortgage Company
2008-07-24 : SunTrust Bank Equity Wholesale
2009-01-31 : SunTrust Mortgage - FHA Wholesale
2007-03-22 : Sunset Direct Lending
2007-07-31 : Sunset Mortgage
2009-01-08 : Sunshine & Madison Mortgage Corp
2009-01-19 : Superior Mortgage Corp - Wholesale
2008-11-26 : Tamweel PJSC
2009-08-05 : Taylor, Bean & Whitaker Mortgage Corp. - Wholesale
2007-10-12 : The Lending Connection
2007-05-25 : The Lending Group (TLG)
2008-08-14 : The Mortgage Business plc
2007-09-12 : The Mortgage Store Financial
2007-06-18 : The Mortgage Warehouse
2008-09-03 : Thornburg Mortgage
2007-12-07 : TransLand Financial
2007-08-28 : Transnational Finance Wholesale
2007-11-16 : Tribeca Lending Corp. (Wholesale)
2007-03-05 : Trojan Lending (Wholesale)
2007-08-08 : Trump Mortgage
2009-02-06 : U.S. Mortgage Corp. - Retail
2007-11-14 : UBS Home Finance
2009-02-02 : USA Home Loans - Wholesale
2008-02-29 : Unique Mortgage Solutions (UMS, LLC)
2007-07-02 : Unlimited Loan Resources (ULR)
2007-10-18 : Valley Vista Mortgage
2008-05-22 : Vanguard Mortgage & Title, Inc.
2009-02-03 : Vertice
2007-11-16 : WAMU Comm. Correspondent
2007-10-12 : WMC
2007-12-12 : WaMu (Subprime)
2007-03-06 : Wachovia Mortgage (Correspondent div.)
2008-07-21 : Wachovia Mortgage, FSB - Wholesale
2009-01-16 : Wall Street Financial Corp - Wholesale
2007-03-30 : Warehouse USA
2009-02-10 : Warwick Finance
2008-10-01 : Washington Mutual - Retail and Warehouse
2008-04-07 : Washington Mutual - Wholesale
2008-03-10 : Washington Savings Bank, F.S.B. - Wholesale
2007-11-20 : Webster Bank (Wholesale)
2007-09-27 : Wells Fargo (various Correspondent and Non-prime divisions)
2009-08-06 : Wells Fargo - Canada
2007-11-26 : Wells Fargo - Home Equity
2008-05-01 : Wells Fargo - Small-Cap Commercial
2007-12-12 : Wescom Credit Union
2008-08-13 : Western Residential Mortgage
2008-06-17 : Wilmington Finance - Wholesale
2009-09-25 : Windsor Capital Mortgage Corp.
2007-08-02 : Winstar Mortgage
2009-08-27 : Worldwide Financial Resources Inc.
2007-04-04 : Zone Funding

Courtesy of Mandel http://mandelman.ml-implode.com/trusted-loan-mod-firms/

That there is some scary stuff!

GT

Stevecat · « **Reply #12 on:** October 21, 2009, 09:37:35 PM »

Here - I'll post some of an email from my RE bud. Not legal 'specially in sue happy CA but BLOW ME:

"To give you an idea of how low the inventory has gotten and how high the demand for the low end single family homes - the last 10 offers that I have written for clients below $600,000 have ALL gone to a multiple offer situation. In the County of San Diego, we have gone from 17 months of inventory at the beginning of the year to 4.9 months as of July - AND in the coastal cities we are now UNDER 3 months of available inventory. So, yes, where the government financing is available (conforming loans are loans up to $417,000 and "agency" loans are up to $679,500) - we are working through the foreclosure (and non foreclosure) activity at a pretty good clip."

This kind of data is IMO essentially good news for the recovery of the economy.

Oh wait ! just read GT's new post while I was writing..... hmmm OK we're fkd and I'm going to slit my wrists now.

76 Bonneville · « **Reply #13 on:** October 21, 2009, 09:46:27 PM »

I dont have much to add to this topic, but there were 343000 foreclosures reported in Sept. It aint over, were right in the middle of it now.

GT, go buy that house down the steet, while your credit is good. Then walk away from the other one. The foreclosure not like a B K its only on your record for 2 or 3 years. I'd like to do it, but its just not right.

GT Jets · « **Reply #14 on:** October 21, 2009, 10:00:58 PM »

Quote from: 76 Bonneville on October 21, 2009, 09:46:27 PM

I dont have much to add to this topic, but there were 343000 foreclosures reported in Sept. It aint over, were right in the middle of it now.

GT, go buy that house down the steet, while your credit is good. Then walk away from the other one. The foreclosure not like a B K its only on your record for 2 or 3 years. I'd like to do it, but its just not right.

Believe it or not, a forclosure is on you like a booger for 7-10 years, you just can't get a R.E. loan for 2-3....You're actually better off with either a short sale or a deed of trust in lue of forclosre...(Trust me, I've looked into it

)

I can't do a damn thing right now, new job (almost three months now

) and my wife hasn't been working for a few years now (health problems without disability

) not to mention mortgaged to the hilt on this house...Dude, I suck at this game of Life!!! LOL

I think I will just go camping at a different place every two weeks, two weeks at a time and enjoy the fresh air....

I don't mean do be so doom and gloom, but damn! So what do we do now? Californians are even limited on ammo now

GT

IRRebel · « **Reply #15 on:** October 21, 2009, 10:42:38 PM »

Well, hate to be the positive guy here, but I see things a little differently.

With the interest rates down, foreclosure homes selling at a 90% rate at auction, people are buying and flipping them, at least here in PHX, at a record rate.

In all honesty, these "fixed back up" homes are now selling for realistic value prices. The OVER inflation, and people refinancing or second mortgages, was what was crazy. That is driving the economy right now.

As far as the Financial lenders that went under? GOOD! All of those were nothing more than Loan Sharks to begin with. (I am italian)

My guage is retail. Retail is bouncing back. As people buy these homes, AND have more money to afford a decent lifestyle, spending is up. Feel bad for the people that played to game too long, or just got in at the wrong time, but it is what it is. We'll see if retail holds up.

Homes are NOW selling for what they are REALLY worth, maybe. If more than a few rich cats lost their ass, I am not unhappy about that. I AM unhappy about the innocent people suckered into buying well over what they could afford, at over inflated prices, but that's another matter, and another nail in the coffin of these 350 lenders! My Wife and I were approved for $550k (NO WAY we could afford that!) when we started looking 3 years ago or so. We bought my place at a 'tad' under 200k.

I'm still ok, by a longshot! Not upside down at all, but many around me are. I'm not gonna get into my viewpoints as to how this happened, but I think we all saw the "infomercials" in the day a few years ago.

I'll leave it at this. I have one contractor that is buying, fixing up and flipping homes at the rate of 5 to 8 per week! The buyers are STILL getting a deal (One I know personally got a home from him that 4 years ago appraised at 350k for 125k) Both made money. House IMO worth MAYBE 200k. Small time Conractor making his own fortune from the situation. Here's what is happening. People losing their homes these last couple years are taking everything! Cabinets, sinks, electrical panels, switches and wallplates, A/C units, even the wiring and plumbing itself, all of which needs replacing. Where we come in.

The current 'recession', IMO, driven by the stupidly rich in the real estate game getting far too greedy.

Ray

GT Jets · « **Reply #16 on:** October 21, 2009, 10:58:05 PM »

Quote from: IRRebel on October 21, 2009, 10:42:38 PM

Well, hate to be the positive guy here, but I see things a little differently.

With the interest rates down, foreclosure homes selling at a 90% rate at auction, people are buying and flipping them, at least here in PHX, at a record rate.

In all honesty, these "fixed back up" homes are now selling for realistic value prices. The OVER inflation, and people refinancing or second mortgages, was what was crazy. That is driving the economy right now.

As far as the Financial lenders that went under? GOOD! All of those were nothing more than Loan Sharks to begin with. (I am italian)

My guage is retail. Retail is bouncing back. As people buy these homes, AND have more money to afford a decent lifestyle, spending is up. Feel bad for the people that played to game too long, or just got in at the wrong time, but it is what it is. We'll see if retail holds up.

Homes are NOW selling for what they are REALLY worth, maybe. If more than a few rich cats lost their ass, I am not unhappy about that. I AM unhappy about the innocent people suckered into buying well over what they could afford, at over inflated prices, but that's another matter, and another nail in the coffin of these 350 lenders! My Wife and I were approved for $550k (NO WAY we could afford that!) when we started looking 3 years ago or so. We bought my place at a 'tad' under 200k.

I'm still ok, by a longshot! Not upside down at all, but many around me are. I'm not gonna get into my viewpoints as to how this happened, but I think we all saw the "infomercials" in the day a few years ago.

I'll leave it at this. I have one contractor that is buying, fixing up and flipping homes at the rate of 5 to 8 per week! The buyers are STILL getting a deal (One I know personally got a home from him that 4 years ago appraised at 350k for 125k) Both made money. House IMO worth MAYBE 200k. Small time Conractor making his own fortune from the situation. Here's what is happening. People losing their homes these last couple years are taking everything! Cabinets, sinks, electrical panels, switches and wallplates, A/C units, even the wiring and plumbing itself, all of which needs replacing. Where we come in.

The current 'recession', IMO, driven by the stupidly rich in the real estate game getting far too greedy.

Ray

It's actually good to hear a success story or two...Thanks! maybe there is light at the end of the tunnel (that isn't a frikken train.).

Here is a question though.....How many of the people buying these homes either A, live in them, or B are from California and now are currently looking for work in AZ?

I feel the big problem is there is just money moving around, not necissarily being made.... $:-\$

So far everyone I have talked to (as far as profesionals) say, don't turn your back, things are going to get nasty, I don't think they meant just in sunny California either. $:-\$

Hang on to your butts, it's going to be a bumpy ride

If you're able to hang on to what you got, do so by all means possible...

Here is a change up, have you noticed that some people who have jobs right now are third generation don't give a fock?, you would think people would be doing the best job they ever did right now. I can think of like 20 people I would like to get fired from their jobs because they suck at it.

I guess they don't realize there are 50 people who want/need their job.... $:-\$

GT

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