I am not a real estate professional per se.I do not have a real estate license,nor do I work for anyone in any real estate related industry.My wife and I own a business that services The U.S.Navy.However,we have bought and sold some properties in SD County and Maricopa County(Tempe,AZ) as well.In our shopping complex there are 5 real estate/mtg offices and I know all of the brokers and their agents.Also,a number of our clients have spouses that are in the real estate industry.So you could say that I’m surrounded by realtors/mtg.brokers !!! Also, a good friend of ours is a wholesale rep in the mtg.industry.In fact,she is the one who has handled our SD County mtg needs(without a doubt the most ethical mtg.broker that I have met….and I’ve met lots of them)and the only mtg.broker I ever refer anyone to.
Needless to say,I have learned a lot about the real estate and mtg.business during the last 6-7 years.
One thing that I am certain of is when everything starts to really unravel,the ethnic market here in the South Bay specifically the Filipino & Hispanic market will take a bigger hit than everyone else.To many option ARMS,mutiple cash outs,unethical agents/brokers(nothing like getting 3 % on the front AND back end of a loan),and of course buyers who are not fiscally disciplined enough to own a home(stated income and no doc loans errrrrr “liar loans”).
Right now,there are a lot of very nervous realtors/mtg.brokers here in the South Bay.Listings are piling up and no offers.The refi biz is getting tougher as well.Nothing like having your mtg.reset,a flat market since late 2004,and then having to PROVE that you earn 100,000 + per year..
