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HLS
ParticipantRAY,
FHA is a minor PITA. CHFA is a major PITA.
Program sounds good to some, but a real hassle to deal with and most lenders dont want to deal with the govt red tape.JP…
Cheaper homes are selling because in general people with less money are more foolish than people with more money.
Obviously it is easier to qualify for lower amount loans than higher amount loans.There are ONLY multiple offers on homes that appear to be underpriced (this week)
There are not multiple offers on most listings.The verbal blather about days on market is simply idiotic. If a house is priced right it will get offers within days, sometimes hours or minutes.
If the price is stupid(as most are) it won’t get an offer for weeks, months or maybe years while some sellers chase the market down, spending thousands a month in carry costs, because they refuse to “lose money”I have never seen so many intelligent people being dragged into making foolish decisions based on emotion. It’s nothing more than a tri-fecta of the greater fool theory, a Ponzi scheme and government intervention all intersecting. Time will tell who is right.
The reality is that the housing market has collapsed only to be offset by the govt intervention to create the illusion that the market is stable through various financing schemes combined with consumer’s desire to feel entitled to something that they cannot afford which will utlimately balance out the collapse someday in the future.
Until then it’s a game of musical chairs of people buying and selling, most with no understanding of what they are really doing.
It’s exactly like the stock market. People involved with substantial amounts of money that are really clueless about what they are doing, but following the herd and doing it anyway.
With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS
ParticipantAN is correct $697,500 for San Diego county limit for a single family home/condo.
2 to 4 unit properties have higher limits.LA-ORANGE county are $729,750 and higher for multi unit..as well as other counties.
I dont have the exact stats, but recall reading that something like 50% of recent CA purchases are FHA…it’s pathetic!
Some people are foolishly getting FHA loans when they qualify for better/cheaper financing.
Others are being pushed into FHA on the advice of a realtor/mortgage salesperson, when they should be told that they shouldn’t be buying a house.The losses from FHA may be beyond belief. They are disguising the fraud by refinancing homes without appraisals. (If they can keep a borrower paying, they don’t care how much they owe OR how upside down they are)
When 100% financing was available a few years ago via 80/20, FHA loans weren’t very popular. They have skyrocketed the past couple of years as the market has declined. It’s a recipe for disaster that the taxpayer will be picking up the tab for.
FHA is the new subprime that may implode.
ParticipantAN is correct $697,500 for San Diego county limit for a single family home/condo.
2 to 4 unit properties have higher limits.LA-ORANGE county are $729,750 and higher for multi unit..as well as other counties.
I dont have the exact stats, but recall reading that something like 50% of recent CA purchases are FHA…it’s pathetic!
Some people are foolishly getting FHA loans when they qualify for better/cheaper financing.
Others are being pushed into FHA on the advice of a realtor/mortgage salesperson, when they should be told that they shouldn’t be buying a house.The losses from FHA may be beyond belief. They are disguising the fraud by refinancing homes without appraisals. (If they can keep a borrower paying, they don’t care how much they owe OR how upside down they are)
When 100% financing was available a few years ago via 80/20, FHA loans weren’t very popular. They have skyrocketed the past couple of years as the market has declined. It’s a recipe for disaster that the taxpayer will be picking up the tab for.
FHA is the new subprime that may implode.
ParticipantAN is correct $697,500 for San Diego county limit for a single family home/condo.
2 to 4 unit properties have higher limits.LA-ORANGE county are $729,750 and higher for multi unit..as well as other counties.
I dont have the exact stats, but recall reading that something like 50% of recent CA purchases are FHA…it’s pathetic!
Some people are foolishly getting FHA loans when they qualify for better/cheaper financing.
Others are being pushed into FHA on the advice of a realtor/mortgage salesperson, when they should be told that they shouldn’t be buying a house.The losses from FHA may be beyond belief. They are disguising the fraud by refinancing homes without appraisals. (If they can keep a borrower paying, they don’t care how much they owe OR how upside down they are)
When 100% financing was available a few years ago via 80/20, FHA loans weren’t very popular. They have skyrocketed the past couple of years as the market has declined. It’s a recipe for disaster that the taxpayer will be picking up the tab for.
FHA is the new subprime that may implode.
ParticipantAN is correct $697,500 for San Diego county limit for a single family home/condo.
2 to 4 unit properties have higher limits.LA-ORANGE county are $729,750 and higher for multi unit..as well as other counties.
I dont have the exact stats, but recall reading that something like 50% of recent CA purchases are FHA…it’s pathetic!
Some people are foolishly getting FHA loans when they qualify for better/cheaper financing.
Others are being pushed into FHA on the advice of a realtor/mortgage salesperson, when they should be told that they shouldn’t be buying a house.The losses from FHA may be beyond belief. They are disguising the fraud by refinancing homes without appraisals. (If they can keep a borrower paying, they don’t care how much they owe OR how upside down they are)
When 100% financing was available a few years ago via 80/20, FHA loans weren’t very popular. They have skyrocketed the past couple of years as the market has declined. It’s a recipe for disaster that the taxpayer will be picking up the tab for.
FHA is the new subprime that may implode.
ParticipantAN is correct $697,500 for San Diego county limit for a single family home/condo.
2 to 4 unit properties have higher limits.LA-ORANGE county are $729,750 and higher for multi unit..as well as other counties.
I dont have the exact stats, but recall reading that something like 50% of recent CA purchases are FHA…it’s pathetic!
Some people are foolishly getting FHA loans when they qualify for better/cheaper financing.
Others are being pushed into FHA on the advice of a realtor/mortgage salesperson, when they should be told that they shouldn’t be buying a house.The losses from FHA may be beyond belief. They are disguising the fraud by refinancing homes without appraisals. (If they can keep a borrower paying, they don’t care how much they owe OR how upside down they are)
When 100% financing was available a few years ago via 80/20, FHA loans weren’t very popular. They have skyrocketed the past couple of years as the market has declined. It’s a recipe for disaster that the taxpayer will be picking up the tab for.
FHA is the new subprime that may implode.
Participant“new Notices of Trustee Sale minus those sales that have cancelled or sold – rose to a record level of 124,874, nearly double the levels
reached during the foreclosure peak last year”
************************************I’m not defending the headline, but based on statewide numbers and delays caused by the moratorium, there seems to be a disconnect between what should go to FC and what is actually getting there. Somebody has to track it, and I think that they do a fair job…
Participant“new Notices of Trustee Sale minus those sales that have cancelled or sold – rose to a record level of 124,874, nearly double the levels
reached during the foreclosure peak last year”
************************************I’m not defending the headline, but based on statewide numbers and delays caused by the moratorium, there seems to be a disconnect between what should go to FC and what is actually getting there. Somebody has to track it, and I think that they do a fair job…
Participant“new Notices of Trustee Sale minus those sales that have cancelled or sold – rose to a record level of 124,874, nearly double the levels
reached during the foreclosure peak last year”
************************************I’m not defending the headline, but based on statewide numbers and delays caused by the moratorium, there seems to be a disconnect between what should go to FC and what is actually getting there. Somebody has to track it, and I think that they do a fair job…
Participant“new Notices of Trustee Sale minus those sales that have cancelled or sold – rose to a record level of 124,874, nearly double the levels
reached during the foreclosure peak last year”
************************************I’m not defending the headline, but based on statewide numbers and delays caused by the moratorium, there seems to be a disconnect between what should go to FC and what is actually getting there. Somebody has to track it, and I think that they do a fair job…
Participant“new Notices of Trustee Sale minus those sales that have cancelled or sold – rose to a record level of 124,874, nearly double the levels
reached during the foreclosure peak last year”
************************************I’m not defending the headline, but based on statewide numbers and delays caused by the moratorium, there seems to be a disconnect between what should go to FC and what is actually getting there. Somebody has to track it, and I think that they do a fair job…
ParticipantPert..
See links below.. plenty of others avaialble.These overpaid people have been influenced by lobbyists and been financially rewarded for their decisions.
There is plenty of information available on each of these people and their lack of ethics.
Oversight committees provide no oversight.
Ethics committees have no ethics.
We have some of the best people in govt that money can buy!http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
Barney Frank and Chuck Schumer’s Role in the Fannie Mae Failure
ParticipantPert..
See links below.. plenty of others avaialble.These overpaid people have been influenced by lobbyists and been financially rewarded for their decisions.
There is plenty of information available on each of these people and their lack of ethics.
Oversight committees provide no oversight.
Ethics committees have no ethics.
We have some of the best people in govt that money can buy!http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
Barney Frank and Chuck Schumer’s Role in the Fannie Mae Failure
ParticipantPert..
See links below.. plenty of others avaialble.These overpaid people have been influenced by lobbyists and been financially rewarded for their decisions.
There is plenty of information available on each of these people and their lack of ethics.
Oversight committees provide no oversight.
Ethics committees have no ethics.
We have some of the best people in govt that money can buy!http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
Barney Frank and Chuck Schumer’s Role in the Fannie Mae Failure
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