Home › Forums › Financial Markets/Economics › Is it just me?
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April 19, 2009 at 7:50 AM #384530April 19, 2009 at 9:51 AM #383928SD RealtorParticipant
UR I am not entirely sure why banks would hold things back. I think it is a combo of understaffed departments, and or slow to no motivation to release marked down assets in light of the fact that they will be repurchased via the government private/public programs. As you know the foreclosure process has been effectively stalled or dragged out by various legislative actions over the past 2 years. The lines between government and Wall St are so blurred now that it is laughable.
As far as I am concerned it is nothing but a big stall. I am sure you know of people who haven’t paid a dime on the mortgage for months, I know of someone who is now a year into free home living, and they have not even received a NOD yet.
The bottom line is I cannot tell you why things are the way they are. I can speculate, but that is just me guessing. All I know is that it does not make sense at all and it feels like some serious artificial pincers are in place.
As you said, within all this confusion are many a buyer who can buy now, who can afford a home now, and who are buying now. I would also add that CLEARLY todays buyer is MUCH MORE educated with realistic expectations. Not any more of the pie in the sky types we had just a few years back. Overall this is a very good sign.
As said by others, yes to lack of capacity but to me that is not the entire reason. I just do not see it. Perhaps lack of motivation to resolve the lack of capacity is playing a big role.
It is not like this is a surprise to the banks. Geez it is spring of 09 already!
April 19, 2009 at 9:51 AM #384193SD RealtorParticipantUR I am not entirely sure why banks would hold things back. I think it is a combo of understaffed departments, and or slow to no motivation to release marked down assets in light of the fact that they will be repurchased via the government private/public programs. As you know the foreclosure process has been effectively stalled or dragged out by various legislative actions over the past 2 years. The lines between government and Wall St are so blurred now that it is laughable.
As far as I am concerned it is nothing but a big stall. I am sure you know of people who haven’t paid a dime on the mortgage for months, I know of someone who is now a year into free home living, and they have not even received a NOD yet.
The bottom line is I cannot tell you why things are the way they are. I can speculate, but that is just me guessing. All I know is that it does not make sense at all and it feels like some serious artificial pincers are in place.
As you said, within all this confusion are many a buyer who can buy now, who can afford a home now, and who are buying now. I would also add that CLEARLY todays buyer is MUCH MORE educated with realistic expectations. Not any more of the pie in the sky types we had just a few years back. Overall this is a very good sign.
As said by others, yes to lack of capacity but to me that is not the entire reason. I just do not see it. Perhaps lack of motivation to resolve the lack of capacity is playing a big role.
It is not like this is a surprise to the banks. Geez it is spring of 09 already!
April 19, 2009 at 9:51 AM #384390SD RealtorParticipantUR I am not entirely sure why banks would hold things back. I think it is a combo of understaffed departments, and or slow to no motivation to release marked down assets in light of the fact that they will be repurchased via the government private/public programs. As you know the foreclosure process has been effectively stalled or dragged out by various legislative actions over the past 2 years. The lines between government and Wall St are so blurred now that it is laughable.
As far as I am concerned it is nothing but a big stall. I am sure you know of people who haven’t paid a dime on the mortgage for months, I know of someone who is now a year into free home living, and they have not even received a NOD yet.
The bottom line is I cannot tell you why things are the way they are. I can speculate, but that is just me guessing. All I know is that it does not make sense at all and it feels like some serious artificial pincers are in place.
As you said, within all this confusion are many a buyer who can buy now, who can afford a home now, and who are buying now. I would also add that CLEARLY todays buyer is MUCH MORE educated with realistic expectations. Not any more of the pie in the sky types we had just a few years back. Overall this is a very good sign.
As said by others, yes to lack of capacity but to me that is not the entire reason. I just do not see it. Perhaps lack of motivation to resolve the lack of capacity is playing a big role.
It is not like this is a surprise to the banks. Geez it is spring of 09 already!
April 19, 2009 at 9:51 AM #384436SD RealtorParticipantUR I am not entirely sure why banks would hold things back. I think it is a combo of understaffed departments, and or slow to no motivation to release marked down assets in light of the fact that they will be repurchased via the government private/public programs. As you know the foreclosure process has been effectively stalled or dragged out by various legislative actions over the past 2 years. The lines between government and Wall St are so blurred now that it is laughable.
As far as I am concerned it is nothing but a big stall. I am sure you know of people who haven’t paid a dime on the mortgage for months, I know of someone who is now a year into free home living, and they have not even received a NOD yet.
The bottom line is I cannot tell you why things are the way they are. I can speculate, but that is just me guessing. All I know is that it does not make sense at all and it feels like some serious artificial pincers are in place.
As you said, within all this confusion are many a buyer who can buy now, who can afford a home now, and who are buying now. I would also add that CLEARLY todays buyer is MUCH MORE educated with realistic expectations. Not any more of the pie in the sky types we had just a few years back. Overall this is a very good sign.
As said by others, yes to lack of capacity but to me that is not the entire reason. I just do not see it. Perhaps lack of motivation to resolve the lack of capacity is playing a big role.
It is not like this is a surprise to the banks. Geez it is spring of 09 already!
April 19, 2009 at 9:51 AM #384570SD RealtorParticipantUR I am not entirely sure why banks would hold things back. I think it is a combo of understaffed departments, and or slow to no motivation to release marked down assets in light of the fact that they will be repurchased via the government private/public programs. As you know the foreclosure process has been effectively stalled or dragged out by various legislative actions over the past 2 years. The lines between government and Wall St are so blurred now that it is laughable.
As far as I am concerned it is nothing but a big stall. I am sure you know of people who haven’t paid a dime on the mortgage for months, I know of someone who is now a year into free home living, and they have not even received a NOD yet.
The bottom line is I cannot tell you why things are the way they are. I can speculate, but that is just me guessing. All I know is that it does not make sense at all and it feels like some serious artificial pincers are in place.
As you said, within all this confusion are many a buyer who can buy now, who can afford a home now, and who are buying now. I would also add that CLEARLY todays buyer is MUCH MORE educated with realistic expectations. Not any more of the pie in the sky types we had just a few years back. Overall this is a very good sign.
As said by others, yes to lack of capacity but to me that is not the entire reason. I just do not see it. Perhaps lack of motivation to resolve the lack of capacity is playing a big role.
It is not like this is a surprise to the banks. Geez it is spring of 09 already!
April 19, 2009 at 10:48 AM #383962barnaby33ParticipantNothing goes down in a straight line. Human beings need optimism, even when its unfounded.
You can basically say we haven’t hit bottom because nobody in power has admitted what the problem is. Essentially the hard choices are being put off yet again, in terms of reigning in spending. Perhaps people are eating out because they aren’t making a mortgage payment, or because they can! Perhaps this temporary uptick in spending while short lived has convinced your customers to buy more of your services (socratt).
Banks are still tightening credit, velocity of money is still dropping and housing is still overpriced in most of San Diego. However none of these things have stopped people from feeling optimistic.
JTR asked me to stop posting on his blog when I said, he was selling optimism. SDR thinks that the RE market is on fire right now. That implies there are a lot of people who are optimistic about the future and enough of them have money to spend.
In the end the overwhelming nature of the looming debt default will swamp the current optimism. Whether its a few months or a year, I don’t know. I do know that none of the symptoms I would look for to mark that point have occurred.
Its ok to feel good today! Just keep an eye open for tomorrow and don’t make any long term debt commitments, because the govt can’t hold interest rates low forever. Ultimately risk must be rewarded. These last few years it has not.
Josh
April 19, 2009 at 10:48 AM #384228barnaby33ParticipantNothing goes down in a straight line. Human beings need optimism, even when its unfounded.
You can basically say we haven’t hit bottom because nobody in power has admitted what the problem is. Essentially the hard choices are being put off yet again, in terms of reigning in spending. Perhaps people are eating out because they aren’t making a mortgage payment, or because they can! Perhaps this temporary uptick in spending while short lived has convinced your customers to buy more of your services (socratt).
Banks are still tightening credit, velocity of money is still dropping and housing is still overpriced in most of San Diego. However none of these things have stopped people from feeling optimistic.
JTR asked me to stop posting on his blog when I said, he was selling optimism. SDR thinks that the RE market is on fire right now. That implies there are a lot of people who are optimistic about the future and enough of them have money to spend.
In the end the overwhelming nature of the looming debt default will swamp the current optimism. Whether its a few months or a year, I don’t know. I do know that none of the symptoms I would look for to mark that point have occurred.
Its ok to feel good today! Just keep an eye open for tomorrow and don’t make any long term debt commitments, because the govt can’t hold interest rates low forever. Ultimately risk must be rewarded. These last few years it has not.
Josh
April 19, 2009 at 10:48 AM #384425barnaby33ParticipantNothing goes down in a straight line. Human beings need optimism, even when its unfounded.
You can basically say we haven’t hit bottom because nobody in power has admitted what the problem is. Essentially the hard choices are being put off yet again, in terms of reigning in spending. Perhaps people are eating out because they aren’t making a mortgage payment, or because they can! Perhaps this temporary uptick in spending while short lived has convinced your customers to buy more of your services (socratt).
Banks are still tightening credit, velocity of money is still dropping and housing is still overpriced in most of San Diego. However none of these things have stopped people from feeling optimistic.
JTR asked me to stop posting on his blog when I said, he was selling optimism. SDR thinks that the RE market is on fire right now. That implies there are a lot of people who are optimistic about the future and enough of them have money to spend.
In the end the overwhelming nature of the looming debt default will swamp the current optimism. Whether its a few months or a year, I don’t know. I do know that none of the symptoms I would look for to mark that point have occurred.
Its ok to feel good today! Just keep an eye open for tomorrow and don’t make any long term debt commitments, because the govt can’t hold interest rates low forever. Ultimately risk must be rewarded. These last few years it has not.
Josh
April 19, 2009 at 10:48 AM #384471barnaby33ParticipantNothing goes down in a straight line. Human beings need optimism, even when its unfounded.
You can basically say we haven’t hit bottom because nobody in power has admitted what the problem is. Essentially the hard choices are being put off yet again, in terms of reigning in spending. Perhaps people are eating out because they aren’t making a mortgage payment, or because they can! Perhaps this temporary uptick in spending while short lived has convinced your customers to buy more of your services (socratt).
Banks are still tightening credit, velocity of money is still dropping and housing is still overpriced in most of San Diego. However none of these things have stopped people from feeling optimistic.
JTR asked me to stop posting on his blog when I said, he was selling optimism. SDR thinks that the RE market is on fire right now. That implies there are a lot of people who are optimistic about the future and enough of them have money to spend.
In the end the overwhelming nature of the looming debt default will swamp the current optimism. Whether its a few months or a year, I don’t know. I do know that none of the symptoms I would look for to mark that point have occurred.
Its ok to feel good today! Just keep an eye open for tomorrow and don’t make any long term debt commitments, because the govt can’t hold interest rates low forever. Ultimately risk must be rewarded. These last few years it has not.
Josh
April 19, 2009 at 10:48 AM #384607barnaby33ParticipantNothing goes down in a straight line. Human beings need optimism, even when its unfounded.
You can basically say we haven’t hit bottom because nobody in power has admitted what the problem is. Essentially the hard choices are being put off yet again, in terms of reigning in spending. Perhaps people are eating out because they aren’t making a mortgage payment, or because they can! Perhaps this temporary uptick in spending while short lived has convinced your customers to buy more of your services (socratt).
Banks are still tightening credit, velocity of money is still dropping and housing is still overpriced in most of San Diego. However none of these things have stopped people from feeling optimistic.
JTR asked me to stop posting on his blog when I said, he was selling optimism. SDR thinks that the RE market is on fire right now. That implies there are a lot of people who are optimistic about the future and enough of them have money to spend.
In the end the overwhelming nature of the looming debt default will swamp the current optimism. Whether its a few months or a year, I don’t know. I do know that none of the symptoms I would look for to mark that point have occurred.
Its ok to feel good today! Just keep an eye open for tomorrow and don’t make any long term debt commitments, because the govt can’t hold interest rates low forever. Ultimately risk must be rewarded. These last few years it has not.
Josh
April 19, 2009 at 10:50 AM #383967urbanrealtorParticipantFair enough SD>
However, I am up close and personal with lots of REOs in my neighborhood.I would say 9 times out of 10 the properties are trashed out and re-keyed within 2 weeks.
Usually they are back on the market within 2 weeks after that.
There are exceptions but they are rare.
I live in an area with LOTS of reos.
To me this delay can be accounted for just by administrative process.
Are you seeing something different?
April 19, 2009 at 10:50 AM #384233urbanrealtorParticipantFair enough SD>
However, I am up close and personal with lots of REOs in my neighborhood.I would say 9 times out of 10 the properties are trashed out and re-keyed within 2 weeks.
Usually they are back on the market within 2 weeks after that.
There are exceptions but they are rare.
I live in an area with LOTS of reos.
To me this delay can be accounted for just by administrative process.
Are you seeing something different?
April 19, 2009 at 10:50 AM #384430urbanrealtorParticipantFair enough SD>
However, I am up close and personal with lots of REOs in my neighborhood.I would say 9 times out of 10 the properties are trashed out and re-keyed within 2 weeks.
Usually they are back on the market within 2 weeks after that.
There are exceptions but they are rare.
I live in an area with LOTS of reos.
To me this delay can be accounted for just by administrative process.
Are you seeing something different?
April 19, 2009 at 10:50 AM #384476urbanrealtorParticipantFair enough SD>
However, I am up close and personal with lots of REOs in my neighborhood.I would say 9 times out of 10 the properties are trashed out and re-keyed within 2 weeks.
Usually they are back on the market within 2 weeks after that.
There are exceptions but they are rare.
I live in an area with LOTS of reos.
To me this delay can be accounted for just by administrative process.
Are you seeing something different?
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