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Coronita.
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September 19, 2010 at 9:08 AM #607530September 19, 2010 at 11:05 AM #606486
bearishgurl
ParticipantHaving witnessed several RE cycles in my lifetime (but none like the one we are witness to now, lol), I’m going to set my prediction here in stone.
For CA SFR’s, I believe there will be a another 20% (gradual) dip in markets where the majority of transactions are financed more than 50% LTV (read: markets where worker-bee buyers are prevalent). Markets where the typical transaction is more than 50% cash and retirement SFR/PUD markets will remain stable or +/- 10%. I predict it will be the third quarter of 2014 before all the current “shadow inventory” is resold at realistic prices and the resale market is back to “square one,” meaning a normal supply/demand market.
September 19, 2010 at 11:05 AM #606573ParticipantHaving witnessed several RE cycles in my lifetime (but none like the one we are witness to now, lol), I’m going to set my prediction here in stone.
For CA SFR’s, I believe there will be a another 20% (gradual) dip in markets where the majority of transactions are financed more than 50% LTV (read: markets where worker-bee buyers are prevalent). Markets where the typical transaction is more than 50% cash and retirement SFR/PUD markets will remain stable or +/- 10%. I predict it will be the third quarter of 2014 before all the current “shadow inventory” is resold at realistic prices and the resale market is back to “square one,” meaning a normal supply/demand market.
September 19, 2010 at 11:05 AM #607128ParticipantHaving witnessed several RE cycles in my lifetime (but none like the one we are witness to now, lol), I’m going to set my prediction here in stone.
For CA SFR’s, I believe there will be a another 20% (gradual) dip in markets where the majority of transactions are financed more than 50% LTV (read: markets where worker-bee buyers are prevalent). Markets where the typical transaction is more than 50% cash and retirement SFR/PUD markets will remain stable or +/- 10%. I predict it will be the third quarter of 2014 before all the current “shadow inventory” is resold at realistic prices and the resale market is back to “square one,” meaning a normal supply/demand market.
September 19, 2010 at 11:05 AM #607235ParticipantHaving witnessed several RE cycles in my lifetime (but none like the one we are witness to now, lol), I’m going to set my prediction here in stone.
For CA SFR’s, I believe there will be a another 20% (gradual) dip in markets where the majority of transactions are financed more than 50% LTV (read: markets where worker-bee buyers are prevalent). Markets where the typical transaction is more than 50% cash and retirement SFR/PUD markets will remain stable or +/- 10%. I predict it will be the third quarter of 2014 before all the current “shadow inventory” is resold at realistic prices and the resale market is back to “square one,” meaning a normal supply/demand market.
September 19, 2010 at 11:05 AM #607555ParticipantHaving witnessed several RE cycles in my lifetime (but none like the one we are witness to now, lol), I’m going to set my prediction here in stone.
For CA SFR’s, I believe there will be a another 20% (gradual) dip in markets where the majority of transactions are financed more than 50% LTV (read: markets where worker-bee buyers are prevalent). Markets where the typical transaction is more than 50% cash and retirement SFR/PUD markets will remain stable or +/- 10%. I predict it will be the third quarter of 2014 before all the current “shadow inventory” is resold at realistic prices and the resale market is back to “square one,” meaning a normal supply/demand market.
September 20, 2010 at 5:52 AM #606698CoronitaParticipantApparently, Ally didn’t get Well’s email…
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.
GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.
September 20, 2010 at 5:52 AM #606786CoronitaParticipantApparently, Ally didn’t get Well’s email…
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.
GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.
September 20, 2010 at 5:52 AM #607339CoronitaParticipantApparently, Ally didn’t get Well’s email…
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.
GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.
September 20, 2010 at 5:52 AM #607448CoronitaParticipantApparently, Ally didn’t get Well’s email…
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.
GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.
September 20, 2010 at 5:52 AM #607766CoronitaParticipantApparently, Ally didn’t get Well’s email…
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.
GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.
September 20, 2010 at 8:26 AM #606748permabear
Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
….
Following is a table of the affected states.[/quote]
Interestingly, California is NOT on that list…
September 20, 2010 at 8:26 AM #606836Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
….
Following is a table of the affected states.[/quote]
Interestingly, California is NOT on that list…
September 20, 2010 at 8:26 AM #607391Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
….
Following is a table of the affected states.[/quote]
Interestingly, California is NOT on that list…
September 20, 2010 at 8:26 AM #607498Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
….
Following is a table of the affected states.[/quote]
Interestingly, California is NOT on that list…
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