Posted by LynnNC on 9/17/08 12:50pm
Msg #264480

Business is slow...but, why, SO slow?

Were there that many "bad" loans that were being made when business was still reasonably good a year ago? Do lenders not have money to lend, or is it because they have no one to sell the loans to? One of the main reasons for the slowdown is that so many of the loans were piggybacks, and those aren't being made now. I would think that there are still plenty of borrowers with good credit and enough equity that they could still refi with an LTV of 80% or better.

Reply by MistarellaFL on 9/17/08 1:22pm
Msg #264484

What I am experiencing

My other avenue of revenue is delinquency interviews: making contact with brws in default.
Business is booming in that industry. 1st, 2nds and HELOC delinquencies: I see them all every single day, and the number of visits I accomplish each week seem to be growing in leaps and bounds. Many lenders are willing to re-negotiate just to get the payments coming back in.
Most hide from me...they smell me coming so it seems (yes I showered )

The folks with the great credit scores seem to be happy right where they are at.
Many already seem to have a good interest rate...why bother refinancing?
On top of it, many properties won't appraise at what they were initially appraised at..meaning they can't refi the balance of their current loans.

Reply by HrdwrkrVA on 9/17/08 1:34pm
Msg #264489

Re: What I am experiencing

Makes lots of sense, but how do get your referrals?

Reply by davidK/CA on 9/17/08 3:15pm
Msg #264499

Out here in La La Land aka California...

The SF East Bay and beyond has had 50% or more decreases in home values in just two years and it is continuing to drop each month even lower. This means that refinancing opportunities have disappeared for those properties where the loans exceed the value. With so many homes being in foreclosure and going to auction the limited number of transactions means that the notary signing agent business is drying up rapidly.

Until the real estate market turns around or the government does a real bailout instead of the phony bailout that helps practically nobody the NSA business will suffer lower fees and fewer opportunities.

And the scams will continue.

Reply by John_NorCal on 9/17/08 3:56pm
Msg #264503

Re: Home prices

Here's a link to DataQuick. They are the leading providers of information specific to the real estate industry. This page is for the SF Bay Area, other areas can be researched also.

http://dqnews.com/News/California/Bay-Area/RRBay080819.aspx

Reply by Stamper_WI on 9/17/08 4:25pm
Msg #264505

Re: Home prices

San Anselmo, Marin Co (my home town) still seems to be a hot spot. Only one sold in Aug was less than a million.

Reply by MikeC/NY on 9/17/08 8:08pm
Msg #264524

Re: Out here in La La Land aka California...

"The SF East Bay and beyond has had 50% or more decreases in home values in just two years and it is continuing to drop each month even lower."

That may be so, but keep in mind that those home prices were vastly inflated before the bubble burst. Real estate, like water, always seeks its level - the market will ALWAYS correct itself eventually, even when prices are driven up by greed and speculation. What you're seeing now is price declining to where it probably should have been had there not been a feeding frenzy....

Of the states hardest hit by the market correction (CA, FL, NV, MI), I think only MI ran into problems that were caused by economic conditions (job loss, etc). The others have self-inflicted wounds - people buying property that wasn't really worth what they were willing to pay, and with money they didn't actually have.

"Until the real estate market turns around or the government does a real bailout instead of the phony bailout that helps practically nobody the NSA business will suffer lower fees and fewer opportunities."

There's no "bail out" the government can (or should) provide to prop up inflated home prices. What would you have them do - spend your tax dollars so Joe Speculator can recover his losses on what was essentially a bad bet?

As far as a turn around is concerned - there are signs in some markets that we've already hit bottom. I know that in my part of NY we're seeing a slight uptick in purchase prices, and some properties are suddenly attracting multiple bids. There are still some areas where prices are declining slightly, but we're also starting to see some activity at the lower end of the "luxury" range ($600K-$800K). We're certainly not out of the woods yet, but it's not as dark as it was.

Reply by John_NorCal on 9/17/08 9:26pm
Msg #264531

Re: Out here in La La Land aka California...

Actually home prices in the SF Bay Area have not fallen as much, more like 17%. Where we see the drops of 41% are in the outermost communities of places like Brentwood or in Solano and Sonoma counties. These are places that are not in the San Francisco sphere of influence. Most of those losses are exacerbated by the cost of gasoline. By and large there is little public transit to job sites in the S.F. area, consequently workers find it too expensive to commute for 2 hours or so. The other factor of course is loss of jobs so that definitely has an effect. One point that you brought up is the over inflated market that we had, that is definitely spot on. I attribute that to the Dot com boom and bust. That was such a ridiculous time, there was a feeding frenzy when it came to real estate. I don't know if that had any effect in N.Y., but it was a mad house here.

Reply by MikeC/NY on 9/18/08 7:40pm
Msg #264703

Re: Out here in La La Land aka California...

"That was such a ridiculous time, there was a feeding frenzy when it came to real estate. I don't know if that had any effect in N.Y., but it was a mad house here."

It was never that bad here, but there was a period of time where an untrained monkey could sell real estate. All you had to do was stick your head out the door and whisper that the house was for sale, and the buyers would come running.

Reply by John_NorCal on 9/17/08 9:26pm
Msg #264532

Re: Out here in La La Land aka California...

Actually home prices in the SF Bay Area have not fallen as much, more like 17%. Where we see the drops of 41% are in the outermost communities of places like Brentwood or in Solano and Sonoma counties. These are places that are not in the San Francisco sphere of influence. Most of those losses are exacerbated by the cost of gasoline. By and large there is little public transit to job sites in the S.F. area, consequently workers find it too expensive to commute for 2 hours or so. The other factor of course is loss of jobs so that definitely has an effect. One point that you brought up is the over inflated market that we had, that is definitely spot on. I attribute that to the Dot com boom and bust. That was such a ridiculous time, there was a feeding frenzy when it came to real estate. I don't know if that had any effect in N.Y., but it was a mad house here.

Reply by John_NorCal on 9/17/08 9:26pm
Msg #264533

Re: Out here in La La Land aka California...

Actually home prices in the SF Bay Area have not fallen as much, more like 17%. Where we see the drops of 41% are in the outermost communities of places like Brentwood or in Solano and Sonoma counties. These are places that are not in the San Francisco sphere of influence. Most of those losses are exacerbated by the cost of gasoline. By and large there is little public transit to job sites in the S.F. area, consequently workers find it too expensive to commute for 2 hours or so. The other factor of course is loss of jobs so that definitely has an effect. One point that you brought up is the over inflated market that we had, that is definitely spot on. I attribute that to the Dot com boom and bust. That was such a ridiculous time, there was a feeding frenzy when it came to real estate. I don't know if that had any effect in N.Y., but it was a mad house here.

Reply by sue_pa on 9/18/08 9:10am
Msg #264563

Re: Out here in La La Land aka California...

... I know that in my part of NY we're seeing a slight uptick in purchase prices, and some properties are suddenly attracting multiple bids. ...

I've got a sister in Orange County who had her home listed. She's waiting for an 'uptick'. She won't sell (doesn't have to sell) unless she gets her price - I think $499,000. No activity at all in her area in that price range. Of course, she relocated to the area and bought a few years ago when prices were at the top. Her realtor says realistically she's going to be waiting a year. Her listing ran out the end of August and I believe she's going to wait another 18-24 months to relist - of course the realtor knows she'd sell if the price is right before then.

Reply by MikeC/NY on 9/18/08 8:13pm
Msg #264708

Re: Out here in La La Land aka California...

I don't know Orange county at all, so I have no idea how off-base her price is. I'm not surprised that the Realtor told her it could take a year, although even that might be overly optimistic. I'm in Suffolk, and even though we're starting to see some movement we currently have 17 months of supply.

There's always a chance that some low-flying angel will offer her what she's asking, but it better be a cash deal because it probably won't appraise for that much...

Reply by BrendaTx on 9/17/08 7:58pm
Msg #264523

Re: What I am experiencing

**Many already seem to have a good interest rate...why bother refinancing?
On top of it, many properties won't appraise at what they were initially appraised at..meaning they can't refi the balance of their current loans.**

This is what I've always said had to eventually come.

The need for our product always was, and is, a finite amount...an amount that would eventually be satisfied for a long period-- and not only that, but there's a finite amount of need in an ever-increasing amount of providers of the product.

Reply by Carol Mehmood on 9/18/08 9:43am
Msg #264565

Re: What I am experiencing

I live in Virginia and am interested in this interview revenue. Could you please any more info about this type?

Reply by BrendaTx on 9/18/08 9:59am
Msg #264571

Re: What I am experiencing

Google is your friend - use the search engine and type in: DELINQUENCY INTERVIEWS.

Reply by LynnNC on 9/17/08 4:34pm
Msg #264506

In NC...

...home appreciation has not been as great in other states and generally, there has not been a drop in values. Here, in Raleigh, homes have appreciated at about 5% annually for several years. An exception would be in new developments where builders have had to lower prices to move the houses, which would affect the prices of homes purchased in earlier phases.

Reply by NCLisa on 9/17/08 10:13pm
Msg #264537

Re: In NC...

I keep hearing "100 families move into the Triangle every day". They don't know what they are talking about. Builders I used to work with are filing bankruptcy, the large builders aren't selling homes the way they used to. The developments that were supposed to break ground this year and next, have been halted. The subdivision my mother lives in has had 12 houses sell in 2008 compared to 52 in 2007. Houses normally sell in an average of 40 days, several have now been on the market for over 120 days, a couple for over 250. The average sales price is 1.7% below asking, now it is 8.3% below asking. I know of 7 real estate attorneys in Raleigh/Durham that have closed their doors. We've been lucky so far, not as bad as the rest of the country, but we haven't hit bottom that is about 6 months out.

Reply by MW/VA on 9/17/08 4:41pm
Msg #264507

It seems that the "bailouts" aren't over yet. The economy is in the pits & money (especially mortgage loans) is really tight. Everything I've seen in the last couple of months is FHA.
The one that gets me is that someone is marketing some "VA streamline refinances" that are a real rip-off. It appears that the crooks are still in business & don't even fear working the government-backed side of loans.

Reply by Melissa Liberty on 9/17/08 9:52pm
Msg #264536

Just my 2 cents..My husband is a bank repo real estate agent and last year he was getting maybe..3-5 houses in a two week period from various banks to list...now he is getting about 7-10 a week! This thing is no where NEAR the bottom for us in Southern California. Realistically we probably have until next summer before this turns around..In the mean time, I have my clients that I stick to like glue and I also started back up my loan signing certification courses at a couple of local community centers..People STILL think that they are gonna make $100,000 a year being a notary! Oh well, gotta thank the good ole' NNA for that fabulous commercial. Kick started my classes that’s for sure! (At least they're good for something???)

Reply by jba/fl on 9/17/08 10:40pm
Msg #264540

Newer business oppor. for you -on the coattails of XYZ

"I also started back up my loan signing certification courses at a couple of local community centers..People STILL think that they are gonna make $100,000 a year being a notary! Oh well, gotta thank the good ole' NNA for that fabulous commercial. Kick started my classes that’s for sure!"

Capitalism at it's best. Your mother must be so proud of you.

Reply by CaliNotary on 9/18/08 2:58am
Msg #264544

That is pretty repulsive, isn't it?

Since I can't make any money off of actual loan signings, instead I'll make my money off of the suckers who are too stupid to know there's no money to be made doing actual loan signings anymore.

Reply by BrendaTx on 9/18/08 6:53am
Msg #264548

Re: That is pretty repulsive, isn't it?

While it's repulsive, at least it's almost honest. She's practically admitting it is a scam.

Reply by NCLisa on 9/18/08 8:39am
Msg #264558

But if these people are too stupid to realize that

we are in a mortgage crisis, that banks are going out of business, and there is very little NSA business, and really are gullible enough to believe the NNA hype, they probably deserve to lose some of that cash! I sure research a business venture before I jump in! They are going to take the classes from someone.

Reply by BrendaTx on 9/18/08 5:26am
Msg #264545

Wow. n/m

Reply by Becca_FL on 9/18/08 11:58am
Msg #264595

OMG! She admits she's a ripoff and brags about it? Karma n/m

Reply by BobbiCT on 9/18/08 7:05am
Msg #264549

Return to pre-bubble normalcy ...

Back to when HOMEowners, not investors, used their homes as a savings vehicle, not as an ATM.

I believe the current statistic is that at least 95% of HOMEowners are making their mortgage payments. Like me, an old dinosaur, I have a mortgage at a low interest rate that I can afford to make monthly payments on with a good LTV on my HOME. I have no emergency need to strip my HOME of its equity and pay all those closing costs. With continued frugality and good fortune, I plan to LIVE in my home for quite a few years, making the traditional repairs to keep it well maintained. It isn't the best HOUSE that I can afford; however, it is my HOME and I don't intent to lose it for a flashy new car, European vacation, or investments in the stock market. I co-signed my children's student loans; I didn't secure them with my home.

Like many, I'd rather "stand pat" as in the traditional, moldy oldy days when the average HOMEowner refinanced or moved every seven years. Not a slam at those who got stuck in bad mortgage through bad circumstances, but I have no sympathy for the single woman recently on TV who bought a $750,000 house she couldn't afford on a $137,000 per year because "the payments were interest only and I figured I could sell it at a profit in 3 years."

Reply by Julie/MI on 9/18/08 7:21am
Msg #264551

Re: Return to pre-bubble normalcy ...

You said it perfectly, Bobbi.

All those advertisements about consolidating credit card debt into one payment that was now tax deductable.....then they ran the cards up again by too much consumering........inflated appraisals + no doc loans + tapping the equity + greenspan lowering interest rates = disaster

Reply by Lee/AR on 9/18/08 7:42am
Msg #264553

Re: Return to pre-bubble normalcy ...

And, like the Baby Boom... will most likely never happen again.

Reply by sue_pa on 9/18/08 8:58am
Msg #264562

Re: Return to pre-bubble normalcy ...

... have no sympathy for the single woman recently on TV who bought a $750,000 house she couldn't afford on a $137,000 per year because "the payments were interest only and I figured I could sell it at a profit in 3 years."...

Exactly. I cannot count the loans where the borrowers said they would be refinancing their adjustables/interest only/negative amort with 2/3/5 years. Why in the world should the government (meaning the rest of us) bail these people out. They made a financial decision and it didn't work out for them - turned out to be poor decisions. I have made PLENTY of poor financial decisions in my lifetime and no one bailed me out (well my parents did one time but I paid them back !). An article in this week's Sunday paper said that my county has finally 'caught up' to the rest of the nation - sales were down for the first time in ??? (I forget and I'm not getting the paper out of the trash). Days on the market rose and median price dropped slightly. BUT, we never did have the overinflation like Mike above said happened in other areas. When I watch Property Ladder, etc., on television and I see the way those people in CA adjusted their home flips by $100,000 or more thousand by going over their budgets, I'd just sit here in amazement. In my area, you can still purchase a decent semi-detached home in a nice neighborhood for +/-$100,000. A nice detached 3 bedroom home in a nice neighborhood easily can be found for under $200,000. A LOT of people still have tremendous amounts of equity. I do loans every week where debt consolidation and cash out are the reasons.

Reply by jba/fl on 9/18/08 9:57am
Msg #264570

Re: Return to pre-bubble normalcy ...

Amen BobbiiCT, amen.

I have always wanted my payments and expenses low so that I could quit my job if it was horrible, save for vacation, and take care of my kids. It didn't have to be anything extraordinary, but functional. It killed me to have to refi in 05 after the hurricanes, and now I feel stuck for another 10 years. Got only what I needed to maintain cushion of ease - the rest is just fluff, and the only fluff I want is in my pillow.

Reply by Melissa Liberty on 9/18/08 11:46am
Msg #264590

Re: Return to pre-bubble normalcy ...

lmao!..I just saw what was responded to my post..Don't hate on me because I am still prospering in a world where people are writing posts saying "This business is TOAST" ...Be honest..You'r just mad you hadn’t thought of it yourself! Oh waaahhh I'm a capitalist ..maybe..but I know I'm not BROKE… !Smooches

Reply by jba/fl on 9/18/08 12:21pm
Msg #264603

Re: Return to pre-bubble normalcy ...

"You'r just mad you hadn’t thought of it yourself! Oh waaahhh I'm a capitalist ..maybe..but I know I'm not BROKE…"

So you're slimy rich - whoopie! From your photo you are also pretty. Remember, pretty is as pretty does. Flowers fade and shrivel up; souls do the same. Some have ethics, integrity and a sense of responsibility to those they encounter.

May you be smart enough to know what you are doing as like attracts like and you will be dealing with sharks as well.

Kiss, kiss! to you as well. Isn't that what Judas did? or do you know that story?

Reply by BrendaTx on 9/18/08 12:44pm
Msg #264607

Re: Return to pre-bubble normalcy ...

No...I have been asked to shill for classes and to teach, but it seemed wrong to teach people a field that would soon be crushed. In fact, I think the feds frown on that. I posted links relating to this a long time ago. It will eventually come home to roost...what goes around comes around.

Reply by CaliNotary on 9/18/08 12:52pm
Msg #264609

Re: Return to pre-bubble normalcy ...

I'm not broke either, but I found another source of income that lets me look at myself in the mirror in the morning and know that I'm not ripping people off.

There are plenty of ways to make money if ethics aren't an issue - used car dealer, miracle weight loss pill salesman, defense attorney, signing agent teacher. For some of us there are more motivating factors in life than money, how sad for you that that's obviously not the case in yours.

Reply by Frank Carpentier on 9/21/08 5:51pm
Msg #264928

With decreasing home values the amount of equity many homeowners have has significantly decreased and thus, less Refi's. I think it will be quite a while until we get anywhere near back to where it was.