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OZ
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Posted: Tue Aug 21st, 2007 11:25 pm |
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Geez --who they trying to kid. They have 400 hundred people living there now and build out is 20,000 people, I think they got a way to go.
August 20, 2007
Sales slump slows Florence housing buildout
Sarah J. Boggan, Tribune
Anthem will reach 9,100 homes at buildout with more than 20,000 residents, according to the developer, Pulte Homes. Last August, Pulte officials said they expected to reach that buildout by 2016 but earlier, in May of this same year, they had forecast buildout by 2012.
The timeline has been moved back slowly and now Brandon Jones, director of operations for Pulte Homes, said “buildout depends on the market.”
“Could sales be better? Yeah, but I think we’re pleased,” Jones said. “We have over 400 people living out here.”
Company officials would not disclose sales numbers. But local real estate experts said more distant communities such as Florence and Maricopa are feeling the brunt of the slow housing market because of resale market competition.
Jones said the number of people visiting the community and going through the model homes “is not what it was, but people like the Del Webb brand and want to see what we’re doing.”
Last edited on Wed Aug 22nd, 2007 12:12 am by OZ
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Bambi
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Posted: Tue Aug 21st, 2007 11:14 pm |
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cc wrote: Bambi,
I just checked on-line and the lowest priced house by DR Horton in Magic Ranch is $116,900.00. Is another builder selling at the $105K price you mentioned?
Magic Ranch is in the Florence planning area. Maybe those folks see local control coming from Florence in the near future via annexation.
Anthem, which is inside the Florence city limits, seems to be putting up quite a few homes in the Parkside development. I know the taxes are much more in Anthem then they are in Magic Ranch.
It's DR Horton and it will be in Magic Ranch. They just have not released them yet. He's just giving us a heads-up, since our office is so close to them. If you are interested in pursuing this, give me a call or email, and I'll get you first in line. They have already built those models elsewhere. We are going to meet with them again tomorrow and find out where those models are.
Anthem is doing fantastic and the majority of the residents love it there. Taxes higher indeed, but it was all on the Public Report, even the fact the buyer is helping pay for the infrastructure in front of the subdivision, when normally, that is paid by the developer (the developer normally just pencils that into the cost of the home anyway, so you pay for it once when you buy the home, and again on your assessments...just coming from days gone by). Full disclosure on the part of Pulte. These people have bought into a lifestyle, not just a home. And, they don't mind being a part of Florence at all. In fact, most like it. Besides, they'll have their little mini city out there in Anthem before you know it. Florence moves fast and is prepared for the challenges facing them, and is hungry for the sales tax revenue.
Which leads me into this; You won't believe all the activity going on in the commercial and industrial market. Not like homes at t'all.....people are making hot purchases, and they have hot green cash to accomplish that feat. It's selling at $7 to $10. dollars a sq.ft. now, and that's very good for out this way, north to the 60. We've got Home Depots sending in LOI's (letters of intent) all over the place. Little guys; big guys; all getting ready for the population explosion out here in the very near future. All i can say is we better be ready.
once these guys start moving dirt on their commercial and industrial land they're purchasing, let's say by the time they get their A and D loans, probably next year; well that creates interest from everyone for everything, insiders, outsiders, doesn't matter; the word gets out and we're back on the fast track again........so we best be prepared as we're not equipped to handle it presently....we still have to create the Village and build the "flood gates."
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cc
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Posted: Tue Aug 21st, 2007 10:23 pm |
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Bambi,
I just checked on-line and the lowest priced house by DR Horton in Magic Ranch is $116,900.00. Is another builder selling at the $105K price you mentioned?
Magic Ranch is in the Florence planning area. Maybe those folks see local control coming from Florence in the near future via annexation.
Anthem, which is inside the Florence city limits, seems to be putting up quite a few homes in the Parkside development. I know the taxes are much more in Anthem then they are in Magic Ranch.
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Bambi
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Posted: Tue Aug 21st, 2007 09:20 pm |
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Well, I just had a good meeting with some Lenders and Homebuilders/Developers. Very informative.
Discovered that Magic Ranch is the fastest growing subdivision in the State, and 2nd in the Nation.....affordable entry level housing. Building houses starting at $105k.
Also, in all the DR Horton Subdivisions/Areas they are building in, our area out here is the only area they are still reducing prices in their Developments. Other places, i.e. Maricopa, they are beginning to raise the prices. Lack of adequate and sufficient infrastructure is a real problem out here in our area, plus the lack of industry and jobs. Those are drawing cards for people to an area.
They all feel that the economy out here, and elsewhere, will come back better by the last quarter of 08. Interest rates will probably go up before they go down, even with the prime rate reduction. Now that could change if the Feds get real aggressive in cutting those rates, so that their cuts and efforts effect the Federal Fund Rate, which could then lower our interest rates.
They are still speculating but using good resources to formulate their speculations. And maintain that those who say it will take 5 years of recovery, are way off base.
Remember that if you walk or are foreclosed upon, that it will be two years before you will be able to qualify at a decent interest rate, so try hard to maintain.
Last edited on Tue Aug 21st, 2007 09:24 pm by Bambi
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Bambi
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Posted: Tue Aug 21st, 2007 09:10 pm |
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gk wrote: We're number 7
http://www.forbes.com/2007/08/16/homes-prices-housing-forbeslife-cx_mw_0816worstrealestate_slide_2.html
#6
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gk
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Posted: Sun Aug 19th, 2007 08:42 pm |
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We're number 7
http://www.forbes.com/2007/08/16/homes-prices-housing-forbeslife-cx_mw_0816worstrealestate_slide_2.html
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Bambi
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Posted: Sun Aug 19th, 2007 01:37 pm |
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Well, it looks like the Feds have removed their bias that inflation was our greatest economic threat.....and have switched it to growth instead, where it's been all along. They missed their mark, once again, under crisis, which is what they were created for in the first place.
Now, like they did after the events of 9-11, start aggressively reducing those rates at each of your three remaining meetings this year. Now, that will present an opportunity for the Real Estate Market to rebound and recover from this downhill ride we're on.
Boy, that will take the wind out of the sales of all those soothsayers out there that were trying to predict the outcome of this crunch we're in. You just don't know and to predict is to guess. Hang in there till the market gets better? Well, hopefully, it's on it's way. Those home prices will start rising again, as that reduction in rates, will trigger a wave of applications, and will also send a signal to the homebuilders, that with that lower rate, they can now pump more profit into their homes; supply and demand will govern that move, not the Feds. Now, that's history talking, not a crystal ball.
It's still Showtime.
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Bambi
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Posted: Sat Aug 18th, 2007 08:38 pm |
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gk wrote: Panic on Wall Street
You've heard about the home-loan bust, but do you know your derivatives from your tranches? Read Salon's easy guide to understanding the current market freakout.
http://www.salon.com/tech/feature/2007/08/17/wall_street_panic/
Get rid of the Federal Reserve. They encourage Wall Street to make those bets and manipulate the Market. Who needs them?
Obfuscation: Evasive, unclear and confusing.
quotes from that informative article....
.....if you're looking for something that Government can do to help solve this problem.......call for greater transparency. I don't think that has ever occured. Always coverups.
....the same games that Wall Street played with the subprime mortgages, are likely being played in every sector of the economy. Place your bets.
....the subprime market just ripped open the window. It's Showtime.
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gk
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Posted: Sat Aug 18th, 2007 07:23 pm |
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Panic on Wall Street
You've heard about the home-loan bust, but do you know your derivatives from your tranches? Read Salon's easy guide to understanding the current market freakout.
http://www.salon.com/tech/feature/2007/08/17/wall_street_panic/
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kristimomof2
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Posted: Sat Aug 18th, 2007 04:36 pm |
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Well, this is going to weed out all the lenders that did a disservice to their customers and gave them loans they really should not have been approved for. Those lenders who you thought did not give you the best deals on loans who were honest will still be left standing when this is over.
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OZ
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Posted: Fri Aug 17th, 2007 11:51 pm |
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Californians rush to pull money from Countrywide Bank
Parent of home loan company assures that bank is stable
By E. Scott Reckard and Annette Haddad
LA Times
Published on: 08/17/07
LOS ANGELES — Anxious customers jammed the phone lines and Web site of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.
The mortgage lender said it would further tighten its loan standards and make fewer large mortgages. Those moves could make it harder to get a home loan and further depress the housing market.
The rush to withdraw money — by depositors that included a former Los Angeles Kings star hockey player and an executive of a rival home-loan company — came a day after fears arose that Countrywide Financial could file for bankruptcy protection because of a worsening credit crunch stemming from the sub-prime mortgage meltdown.
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Bambi
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Posted: Fri Aug 17th, 2007 10:53 pm |
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Well, maybe McCain had some influence on the Feds. since they lowered the prime rate to 5.75% (1/2%). Now, that is what the Feds charge the banks, not what the banks charge us. And rumor has it that it will happen again real soon.
That makes more people eligible to buy a home, but the qualifying guidelines will still be tuff. no subprimes, and if bad credit, wait and repair it, as you won't get in under these new guidelines. You can get a cosigner with excellent credit which may help.
It's not over yet. Let's think positive and recharge our hearts and minds so we can get our confidence back, cuz that's what it's all about.....consumer confidence.
Last edited on Fri Aug 17th, 2007 10:54 pm by Bambi
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Bambi
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Posted: Fri Aug 17th, 2007 01:41 pm |
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Southwest Mortgage, a huge lender, shut their doors this morning without any notice. Any loans in their pipeline will NOT be funded. So, if your loan broker has submited a loan to them, best look elsewhere.
Jumbo Loans? That's over $417k. If you want one, you will have to search for it. And once found, better lock it in as the interest rate on those babies is going up daily....last call was 8%.
The days of 100% financing are gone.
Out of 100% listed enventory in just the East Valley, 91% is still unsold, and 9% has sold within the last 30 days.
The Feds are still set on holding steady, even though John McCain suggested they lower the interest rate by 1/2%. No can do Mr. Candidate.
It ain't over yet. Hang in there though. The strong will survive this.
Last edited on Fri Aug 17th, 2007 02:51 pm by Bambi
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Bambi
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Posted: Sat Aug 11th, 2007 12:00 am |
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In most cases, where these loans were taken out between 2005 and 2007, there are no proceeds/equity, as most of these people were allowed "in" with very little down, and didn't have time to build up any equity. The loan amount is higher than the market value. I have two homes I helped purchase for my kids, that fall into that category...one in SanTanHeights and one in Johnson Ranch. I don't have subprimes on them, but I put $50k down on each of them. The $50k is history. The loan amount I have is the same as todays Market value. But I requested no escalation in the interest rate, no prepayment penalty and to have it all due and payable in five years, but amortorized over 30 years to keep the payment low....I still have three years to go, then the kids can refinance it and get their own loan. If you don't read the lenders loan papers he prepares, you won't "catch" those little clauses that call for interest rate escalations or huge prepayment penalties, which most, if not all, of these subprimes have. A trap.
I recommend to everyone that they bring their informed realtor with them when they go to buy a house in a new home subdivision, as the on site realtor works for the Builder/Developer....not for the buyer. You need to understand what you're signing.
Caveat emptor.
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Ted
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Posted: Fri Aug 10th, 2007 09:41 pm |
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What many don't realize is that in the case of a short sale, the difference between the loan amount and the sale amount is considered a capital gain. so some are very surprised to see a large tax bill at the end of the year.
So it works better for a bank, but not always better for the home owner.
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History_101
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Posted: Fri Aug 10th, 2007 05:46 pm |
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| A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
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OZ
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Posted: Fri Aug 10th, 2007 05:18 pm |
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Bambi,
What is a short sale? I have been seeing that more in home listings and don't understand what it fully means.
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Bambi
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Posted: Fri Aug 10th, 2007 03:59 pm |
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According to the New York Times, hundreds of billions in adjustable rate loans will reset to higher rates in the next 12 to 18 months. By the end of March, one in 5 subprime home loans were either past due or in foreclosure.
Some of the homes we are listing are in foreclosure already, looking for "short" sales. Now, some of these homeowners tried to work with their lenders by asking them for help. The lender's answer has been, " not until your are 60 days in the arrears do you need to talk to us about help." Well, that arrogant attitude is no longer on the table. Some of those same lenders are now calling back these people, and offering to help them. Now, what I suggest to these homeowners is to be as tough as possible with them. Tell them you'll walk before the 60 days if they don't get help now. They planned on walking anyway, if they couldn't sell it. And if they walk, then their credit is ruined for the next few years, preventing them from buying another home, which will drag down the homebuilding and mortgage industrys once again, absent of qualified buyers for their product. Oh what a vicious circle we're in.
Tell them that you have a suggestion on what will keep this action from snowballing any further......keep the existing interest rate in place.....don't escalate the rate/payment. this is where the biggest argument is. Those who entered at 6% are seeing their interest rate climb to 10%....which at this point and time, is impossible as the equity has been lost, and so has their plans to refinance that loan to keep from paying the 10%. This 10% was a promise to the hedge fund holders because they were willing to take on such a risky venture. Well, times have changed, and they may not be able to get that 10%....something is better than nothing, and possiblly these investors are finally coming to realize this and keep it at the 6% till the market improves.
It's the arrogance that needs to go. Come down to our level lender; recognize there is a huge problem if you raise those rates, and that your total investment will be lost, as most of those mortgages far exceed the market price of the home now.
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Bambi
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Posted: Fri Jul 27th, 2007 01:51 pm |
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Update from a Lender.....The stock market has seen several days of big drops and, this time, the money being taken out of the stock market is being put into "our" bond market rather that overseaas. This causes the mortgage reates to go down accordingly.
So, if you see rates turning around and going down, this might be the reason.
Stay positive.
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Bambi
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Posted: Thu Jul 26th, 2007 08:22 pm |
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| Good Resource: http://www.thehousingbubble.com
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Bambi
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Posted: Thu Jul 26th, 2007 02:19 pm |
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Another News Flash:
SB 1062, signed into Law by Governor Napolitano on May 24, 2007, denies an HOA the authority to prohibit the indoor or outdoor display of a "For Sale" sign and a sign rider. The passage of this Bill supports private property rights as well as property owners' ability to market and sell their properties in Arizona.
We, the homeowners, are now allowed the same free and equitable marketing practices enjoyed by the Homebuilder when selling their property. They are allowed signs everywhere, but when they wrote the CCR's for the HOA, which they control in the beginning, they removed the competition of the little guy to compete with them, by forbiding their use of forsale signs.
One of the freedoms that we have, as Americans and as property owners in Arizona, is the ability to buy and sell real property. The right of property ownership ensures the protection of personal property rights. Everyone has the right to own property and no one shall be arbitrarily deprived of his or her property.
Thank your Realtor Association for lobbying hard for this Legislation. I thank them. Thanks for taking the power away from the huge Corporation and placing it back in the little guy's hand.
So move over Pulte. Those of you living in Solera. Start your engines. Put up your forsale signs in there. That homebuilder no longer controls your destiny.
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mobred
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Posted: Mon Jul 23rd, 2007 06:33 pm |
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Wow Bambi!!  that sounds like really good news. Maybe other subdivisions will want to or be forced to follow suit by providing more community centers and other amennities for current or future subdivisions.
Cool stuff.
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Bambi
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Posted: Mon Jul 23rd, 2007 04:02 pm |
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Good morning Mobred.
Regarding Anthem. Haven't heard any negative about the quality of construction. When they had their huge open house and fun day with the water slide, hundreds people showed up. Since that time, they have been selling homes like hot cakes. Prior to the Water Slide event, they weren't writing any sales to amount to anything. It was the Water and community fun that brought the people and convinced them to buy there and now they are swamped.
Other HOA's out here are looking at building community centers also within their platted subdivisions. San Tan Heights is a good example. They have hired a new HOA Company and that is what they have put on the table....building a community center for their own people and children. Good idea. Must do to compete with Anthem, as SanTanHeights has another 3000 homes yet to be built (approx.). They need a gimmick to attract future buyers and to compete. But the best part is that the Home owners association is taking on the responsibility of providing for their community/Assoc. what a city/local govt. might normally provide......entertainment for families in the form of activity centers. The fees will not change. Something other than just ticketing people for not meeting standards of upkeep and maintenance.
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mobred
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Posted: Fri Jul 20th, 2007 11:47 pm |
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Bambi-
I had wondered about Anthem over there. I haven't been over in a bit. Has anyone said anything about the quality of house construction there? I know the Anthem near Scottsdale had a few gliches. Although on the outside it looks quite nice.
I think though if they kept the Anthem ammenities open to outsiders they would get more traffic and more opportunity to sell. Then when they sell out they could just limit it for the residents again.
Last edited on Fri Jul 20th, 2007 11:48 pm by mobred
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Bambi
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Posted: Wed Jun 20th, 2007 12:42 pm |
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Well, according to the Az. Regional MLS Service for Realtors, home sales this year for the month of Jan. were 4,389. Feb. was 4,958. Mar., 5,990. Apr., 5,535 and May., 5795.
Now, let's look at the history for May.
2001: 6244 sales
2002: 6783
2003: 7468
2004: 9019
2005: 9890
2006: 7573
2007: 5795
Keep an eye on the Stats.
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Bambi
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Posted: Sat Jun 9th, 2007 02:39 pm |
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Well, let's see. How bad are we off today?
According to Sterling Mortgage's insiders: We had one of the largest interest rate increases yesterday, in many years and this was without the Feds raising rates. I'll try to explain.
We are in a Global Economy, as most of you know. Our Stock Market has been going crazy, increasing steadily, and then all of a sudden the European Government, like our Fed Board, increased their interest rate to help curb their inflation.
So, those in the "know", the large institutional investors, decide that Our Stock Market is over priced, which it is, and they are going to pull their money out. This is not unusual, they do it all the time. However, normally that money goes into our bond market and the result is that our interest rates go down, not up. But, this time they decided to take advantage of the increased interest rate they can get in Europe and that is where they put their money. In the European's bond market.
The result is that our government, who sells our bonds, has to increase the bond yields to entice more money into our bonds. When the yeild on our bonds go up, so do the interest rates. OUCH!!!!!
Look at the rates this morning: YES: most of them went up about 0.500%. That is HUGE ! Let's hope this settles and comes back DOWN to earth very soon. We can't stand much more of this in our housing market.....we need relief.
6.65% for a 30 yr. fixed conventional mortgage today. Was only 6.25% a couple of days ago. Getting harder to qualify, which means fewer sales. This is when the Builders start "buying down" the interest rate for the buyers, which throws the resale market out of the competition.
Now; this is Corporate Amercia at work. First we outsource to another country and diminish our job oppportunities, then we hike the rates up because the same investors are taking their money to that "other" country. Hey; they're doing great over there now, using our money. And we are floundering.
Last edited on Sat Jun 9th, 2007 02:39 pm by Bambi
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Bambi
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Posted: Tue May 15th, 2007 09:23 pm |
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Went to Anthem yesterday to show a client a house. Their prices have rolled back quite a bit. Big two story, 4 bdrm. for $199k with a $10,000. incentive on top of that. They are "hurting." I also asked them how their big water splash day went, with all those people that showed up and all that food they cooked and gave away. I then proceeded to ask: "How many homes did you sell as a result of your big event?" She said....none.
oh boy....it's still slow.
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Bambi
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Posted: Tue May 15th, 2007 04:30 pm |
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News today from the Mortgage companies......
Rates are feeling an upward pressure as the stock market continues to rise.
If your thinking about buying, now may be the time before those rates go up.
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Bambi
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Posted: Mon Apr 9th, 2007 06:50 pm |
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| Total MLS Inventory has now reached 50,000. Let's get some of those houses sold.
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Bambi
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Posted: Tue Mar 27th, 2007 01:14 am |
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Well, I was just sent some good information from Equity Title Agency, by escrow officer named Troy.
According to their sources, The MLS Inventory Data for all dwelling types of homes, Valley Wide, as of 3/25/07 is as follows:
Total MLS Inventory: 49,528 Total unsold homes: 43,984 (89%) Total sold in the last 30 days: 5,544 (11%).
Number of these homes sold in January of 07: 4380 sold in Feb. of 07: 4981 Biggest month/year for home sales in last 4 years? June, 2005: 10,252 homes sold that month.
Now let's separate it and venture over to the East Valley Stats, as of 3/25/07.
Total MLS Inventory in the East Valley: 17,083, of which 14,963 (88%) of the homes still remain unsold. There have been 2,120 homes that have sold in the last 30 days.
Queen Creek listings, which are the MLS listings that are in the 85242 zip code, which includes the Johnson Ranch area, account for 1,899 of the total active homes on the market in the East Valley and 152 of total sales.
This does not include the New Home Builders Inventory, unless they have listed them in MLS, but most don't.
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Bambi
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Posted: Mon Mar 26th, 2007 10:58 pm |
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Thank you for those kind words.
I am committed to deepening my love of wisdom, which at this age, is ceaseless. I try to live the examined life that Socrates speaks about....living a life that nurtures the soul In fact, he stated that "an unexamined life is not worth living."
If I can inspire and assist in guiding people to greater understanding of our issues and problems, then maybe, just maybe, someone out there will be smart enough; experienced enough and wise enough to find the appropriate solutions.
I love the San Tans, inspite of man's interference.
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mobred
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Posted: Mon Mar 26th, 2007 03:18 pm |
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You're awesome Bambi! You are who you hang with. Positive brings positive.
Thanks for the inspiring words. O.K. I'm gonna go an climb a mountain now!  Well maybe a small hill but now that I'm so motivated... I gotta do something LOL! 
Last edited on Mon Mar 26th, 2007 03:19 pm by mobred
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SHAFT
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Posted: Sun Mar 25th, 2007 03:24 am |
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| Bambi - you are an asset to this forum and to our community. Thank you for you great advice, insight into local news and great attitude. Keep up the good work!
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Lovethisarea
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Posted: Wed Mar 21st, 2007 02:48 am |
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Bambi wrote: As a resident realtor in our area, I would like to announce that our phone is beginning to ring more often in the last three weeks, and more realtors are showing our properties, and we have put two homes under contract in that time.
Now to us, that is a good sign that interest is beginning to rise again out here. We are receiving more calls on our Ourqueencreek website, and have placed a home under contract over there on Cardinal....full price offer, but still below the earlier market prices. Just be sure your home is priced at todays market.
That gives us hope and I would like to share that hope with those of you that have been despondent about the market.....it may be a long climb, but we're climbing. Try to stay positive and emit positive vibes, as what you give out will come back at you....good and bad. Treat others the way you want to be treated. Think positive thoughts.....in your mind's "eye", think that you will sell your home, and soon. Don't think anything negative about it while you entertain those positive thoughts. Don't allow anyone else to bring in any negative, doubting thoughts either. Keep that Positive Aura around you while you surround yourself with positive people to go with it, 24/7....all kinds of positive things will happen to you...they say you are what you eat. Well, you are who you "hang" with too....
Thank You for posting this! It would be nice to hear more positive things in this world and I am sure what you said will make many people happy (you should post it other places too  ). I am not looking to sell my home, in fact my family is moving here, but positive things like this means that I will have to defend my area (that I love ALOT) less and that is what makes me happy ! Thanks Bambi!
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QCVillager
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Posted: Tue Mar 20th, 2007 07:21 pm |
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Just be sure your home is priced at todays market.
Try to stay positive and emit positive vibes, as what you give out will come back at you....good and bad. Treat others the way you want to be treated. Think positive thoughts.....in your mind's "eye", think that you will sell your home, and soon. Don't think anything negative about it while you entertain those positive thoughts. Don't allow anyone else to bring in any negative, doubting thoughts either. Keep that Positive Aura around you while you surround yourself with positive people to go with it, 24/7....all kinds of positive things will happen to you...they say you are what you eat. Well, you are who you "hang" with too....
sage advice!
Last edited on Tue Mar 20th, 2007 07:21 pm by QCVillager
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Bambi
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Posted: Tue Mar 20th, 2007 03:31 pm |
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As a resident realtor in our area, I would like to announce that our phone is beginning to ring more often in the last three weeks, and more realtors are showing our properties, and we have put two homes under contract in that time.
Now to us, that is a good sign that interest is beginning to rise again out here. We are receiving more calls on our Ourqueencreek website, and have placed a home under contract over there on Cardinal....full price offer, but still below the earlier market prices. Just be sure your home is priced at todays market.
That gives us hope and I would like to share that hope with those of you that have been despondent about the market.....it may be a long climb, but we're climbing. Try to stay positive and emit positive vibes, as what you give out will come back at you....good and bad. Treat others the way you want to be treated. Think positive thoughts.....in your mind's "eye", think that you will sell your home, and soon. Don't think anything negative about it while you entertain those positive thoughts. Don't allow anyone else to bring in any negative, doubting thoughts either. Keep that Positive Aura around you while you surround yourself with positive people to go with it, 24/7....all kinds of positive things will happen to you...they say you are what you eat. Well, you are who you "hang" with too....
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Bambi
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Posted: Sun Mar 18th, 2007 05:32 pm |
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Subprime meltdown: a "subprime" home loan is a loan where the client has some significant credit issues. Since they are so risky for the lender, they usually have higher interest rates and significant preparyment penalties. The homeowners are finding they are unable to keep up with the dramatic increase in payment.
So the subprime homeowner is stuck....and many of these homes are falling into foreclosure. What's the end result? Besides the foreclosures, lending standards across the board are tightening up. no more 100% loans for us....more like 85/15.
Now, how does this impact us? As these lenders have to absorb the cost of the loans that went belly up, combined with the cost of increased compliance and accountability standards, many are starting to close their doors, leaving "choices" to a minimum.....others are requiring tougher standards which translates into fewer loans which translates into fewer home sales.
So far, it's only been a moderate impact. As a rule, weaker than expected economic data is good for rates, while positive data causes rates to rise....but that is only the short term analysis. Rates aren't too bad right now for those who can qualify, but that's because the stock market has been taking a beating, causing money to flow into Bonds, which benefit home loan rates. Read what the Feds say.....people are spending; buying homes, clothes, cars, too happy.....let's raise the interest rates and show them what a "real downer" is like....."and dats the name of dat tune" ....just another Bushism.
another quick question: Has anyone seen the movie "300" yet? What's your take?
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