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VVance
2522 Posts |
 Posted - 05/21/2008 : 1:15:46 PM
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Dow off 227.
AP
Fed sees slower growth, higher unemployment in '08
Wednesday May 21, 3:24 pm ET
By Jeannine Aversa, AP Economics Writer
Fed sees slower growth, higher unemployment this year; but probably not more rate cuts
WASHINGTON (AP) -- The Federal Reserve on Wednesday sharply lowered its projection for economic growth this year, citing blows from the housing and credit debacles along with zooming energy prices. It also expects higher unemployment and inflation.
http://biz.yahoo.com/ap/080521/fed_economy.html |
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propertylender.c
1341 Posts |
Posted - 05/21/2008 : 6:40:31 PM
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Unfortunately, I have said this before and I will say it again:
We are just getting started. |
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aspiring1
1340 Posts |
Posted - 05/21/2008 : 6:46:51 PM
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As long as the media constantly focuses on the negative and headlines that regularly; yes - the worst will remain in front of us. I say don't focus on the negatives, it will drive you crazy. Concentrate on the positive and your actions will reflect your thought.
If nothing else comes of it, isn't your life happier in a more positive state of mind regardless of your circumstances?
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benjamin
2856 Posts |
Posted - 05/21/2008 : 6:47:05 PM
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| A year ago they said the problem was contained to subprime. |
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propertylender.c
1341 Posts |
Posted - 05/21/2008 : 6:49:47 PM
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quote:
Originally posted by benjamin
A year ago they said the problem was contained to subprime.
Did they lie? (LOL) |
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propertylender.c
1341 Posts |
Posted - 05/21/2008 : 6:59:57 PM
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Further, I wish the government would stop talking about bailouts.
This only encourages homeowners not to pay their mortgage and hope for some sort of a reduction in interest rate or principal.
Who would want to loan in an environment where the government is threatening banks constantly to do something everytime there is an article about a foreclosure? |
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homebroker@sbcgl
3871 Posts |
Posted - 05/21/2008 : 7:16:18 PM
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Our local paper had 3 pages of Trustee sale notices in Dec, went up to 6 then to 8 now we are at 10 pages of small text Trustee sale notices. This is getting worse and worse, I see no positive signs as of yet, only signs of a worsening market.
quote:
Originally posted by propertylender.com
Unfortunately, I have said this before and I will say it again:
We are just getting started.
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Scrooge McDuck
9824 Posts |
Posted - 05/21/2008 : 7:18:15 PM
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| the bottom is here! |
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homebroker@sbcgl
3871 Posts |
Posted - 05/21/2008 : 7:22:12 PM
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What signs do you see to make you come to that conclusion? The Option ARM have not even started their recast yet. Not to disagree, but if you see some signes to reflect the market is in fact at the bottom, please do share them with all of us.
quote:
Originally posted by Scrooge McDuck
the bottom is here!
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Scrooge McDuck
9824 Posts |
Posted - 05/21/2008 : 7:28:26 PM
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| when it was peakaing, all you could read about was how great everything was. when its bottoming, all you can read about is how horrible everything is. itll be a bottom for a bit still. most people that i trust in the predictions market have all said that this stage of the pendulum swing will last til sept of this year. first time i read sept 08 as the date that this phase will last to was probably 3 years ago. |
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1stintegritymort
1298 Posts |
Posted - 05/21/2008 : 7:33:29 PM
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quote:
Originally posted by homebroker@sbcglobal.net
Our local paper had 3 pages of Trustee sale notices in Dec, went up to 6 then to 8 now we are at 10 pages of small text Trustee sale notices. This is getting worse and worse, I see no positive signs as of yet, only signs of a worsening market.
quote:
Originally posted by propertylender.com
Unfortunately, I have said this before and I will say it again:
We are just getting started.
ofcourse you are going to think that. you are in cali right? florida and arizona are in the same boat. i dont think it will get better there until prices fall further. its still overpriced. your state's median home price is over twice the entire country. there will come a point where prices drop so much that the renters will come out of their cave and start buying again. the buyers on the sideline all want the best deal possible. if they think prices are going down more this year and next year, they will wait for it go down even more. the only way to keep the prices from falling further is to keep these people in their home. short sales, REO's and foreclosures are killing the market. just say that there was a bailout that hypothetically halted all foreclosures. you wont have the homeowner who makes their payment on time list their home at 300k only to have a house down the street sell for 250k or lower. when that homeowner loses their home, there is no way to get the 300k. with the foreclosure more than likely comes a BK. forget who's fault it is. so its either lose 50k in your home and let the market take its course or go with the bail out where millions of families will get to keep their home and you get to maintain your home's value from dropping further? this is in my opinion will be a big factor in the presidential election. the democrats are for it and the republicans are against it. where do you stand? |
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hherrm
1407 Posts |
Posted - 05/21/2008 : 9:16:20 PM
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quote:
Originally posted by propertylender.com
Further, I wish the government would stop talking about bailouts.
This only encourages homeowners not to pay their mortgage and hope for some sort of a reduction in interest rate or principal.
Who would want to loan in an environment where the government is threatening banks constantly to do something everytime there is an article about a foreclosure?
I just had a homeowner that tried to refinance out of his recast. He had a bad divorce over a year ago and got behind 2X30 in 2006. He has been current since then. His score is 525 because some collections from that time are getting resold on a 3 month basis.
I could not help him, but told him to contact the servicer of his mortgage to maybe get at least a freeze on the interest. He is due to adjust for the second time next month.
He was told to not make a payment for the next 2 months and then they would consider helping him.
Here we have a homeowner that is trying to get over a bad situation in his life and the only way he can get help is by screwing up his credit for the next few years.
What is wrong with this picture?
I don't think it is most homeowners that are trying to take advantage of this situation, I think the whole system is screwed up |
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homebroker@sbcgl
3871 Posts |
Posted - 05/21/2008 : 10:59:58 PM
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let the market adjust itself, the governemnt has proven time and time again their involvement in anything makes situations only worse. The people may lose their homes, but like you said the lower prices will lead to a healty economy. A bail out will only artificially help at the expense of the taxpayers. Against it 100%!
quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by homebroker@sbcglobal.net
Our local paper had 3 pages of Trustee sale notices in Dec, went up to 6 then to 8 now we are at 10 pages of small text Trustee sale notices. This is getting worse and worse, I see no positive signs as of yet, only signs of a worsening market.
quote:
Originally posted by propertylender.com
Unfortunately, I have said this before and I will say it again:
We are just getting started.
ofcourse you are going to think that. you are in cali right? florida and arizona are in the same boat. i dont think it will get better there until prices fall further. its still overpriced. your state's median home price is over twice the entire country. there will come a point where prices drop so much that the renters will come out of their cave and start buying again. the buyers on the sideline all want the best deal possible. if they think prices are going down more this year and next year, they will wait for it go down even more. the only way to keep the prices from falling further is to keep these people in their home. short sales, REO's and foreclosures are killing the market. just say that there was a bailout that hypothetically halted all foreclosures. you wont have the homeowner who makes their payment on time list their home at 300k only to have a house down the street sell for 250k or lower. when that homeowner loses their home, there is no way to get the 300k. with the foreclosure more than likely comes a BK. forget who's fault it is. so its either lose 50k in your home and let the market take its course or go with the bail out where millions of families will get to keep their home and you get to maintain your home's value from dropping further? this is in my opinion will be a big factor in the presidential election. the democrats are for it and the republicans are against it. where do you stand?
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BankNegotiator
172 Posts |
Posted - 05/22/2008 : 06:47:25 AM
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The wost is yet to come. The Alt-A Crisis is about to hit at the end of this summer/early fall and wash through over the next two years.
Get the truth - Watch this video to see full numbers: http://twurl.nl/acc2oo |
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cvm2
242 Posts |
Posted - 05/22/2008 : 07:16:23 AM
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| my app flow has doubled in the past month. people are trying to buy |
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ppulatie
2278 Posts |
Posted - 05/22/2008 : 07:33:32 AM
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In this city of 100k people, 31k total residences, we see 300 defaults per month, 1% of the total residences, and 90% end up as REO's.
I had my first client go into default last week. It was a rental property that they are underwater on by about 80k. They just decided to let it go. It did not matter to them any longer since they lost their real home in January. It was a home I refused to help them buy because they wanted 100% financing, stated income, and I knew that it was a tcking time bomb. But they found someone else to do it.
quote:
Originally posted by homebroker@sbcglobal.net
Our local paper had 3 pages of Trustee sale notices in Dec, went up to 6 then to 8 now we are at 10 pages of small text Trustee sale notices. This is getting worse and worse, I see no positive signs as of yet, only signs of a worsening market.
quote:
Originally posted by propertylender.com
Unfortunately, I have said this before and I will say it again:
We are just getting started.
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