Posted by Tish/CA on 8/18/10 2:09pm
Msg #349487

Home refinancing demand hits 15-month high

This could mean we're all gonna be very busy in the coming weeks. Fingers crossed.

http://www.msnbc.msn.com/id/38752544/ns/business-real_estate/

Reply by MW/VA on 8/18/10 2:16pm
Msg #349491

I would hope so. I have a friend who is refi'ing. 4% for 15 years or 4.25% for 20 years.
What incredible rates!

Reply by Glenn Strickler on 8/18/10 3:06pm
Msg #349500

but

the last paragraph of article:

________________________________________________________________________________________________

Thomas Meyer, CEO of J.I. Kislak Mortgage in Miami Lakes, Florida, said people in Florida, and other hard-hit housing markets, are finding it difficult to refinance because of appraisals coming in significantly below their current mortgage amount.
_________________________________________________________________________________________________


It will depend on the area. Right now 70% of the home mortgages in my area are underwater .... Most of what I am doing are repo sales. I have also done a few reverse mortgages for seniors who had their homes paid off and want some extra cash each month.

Reply by Stamper_WI on 8/18/10 3:27pm
Msg #349504

Re: but

Michael Gross also is recommending refinancinf all higher rate mortgages to keep foreclosures down
Mon! What a boon that would be!
http://www.huffingtonpost.com/2010/08/17/bill-gross-mortgage-refi-_n_685228.html

Reply by Tish/CA on 8/18/10 5:10pm
Msg #349514

Re: but

It's a numbers game...the more apps the more chances for us to increase business.

Reply by Blueink_TN on 8/18/10 5:34pm
Msg #349520

Check your toner & paper supply!

You should see it starting to get busy by the end of this month. Some of the lenders are so slammed it's taking 4 to 6 weeks to close instead of the normal 2 to 3 weeks, they're even worsening the rates to attempt to slow things down a bit. This next couple of months should be interesting. I'm lovin' it - turned in 6 loans since 8-1!!

Reply by Susan Fischer on 8/18/10 9:17pm
Msg #349542

Roger that, Woman. All stocked up. Congrats! n/m

Reply by Linda_H/FL on 8/18/10 5:36pm
Msg #349521

I just got my tax notice yesterday

My fair market value has dropped about $8k from last year

Now I know taxes are a whole different thing from market but my understanding is in my area these notices are pretty close to spot on - considering we bought for $215K in 2006, sunk about $70k in improvements and expansions into it and we're now down to $166K...oof

I did a REO cash purhase this morning for property in Ohio - 3BR, 1BA home - 1800 something square feet on just over half an acre - $29K...

Reply by MW/VA on 8/18/10 6:35pm
Msg #349526

I've heard of condos in FL going for the price of a car. I

did a refi for a gal last week. She was telling me that a friend of her's had a condo in FL, owed about $125K on it. They were now going for $15K. She walked away & let it go back to the bank. It's a real dilemna in some markets.

Reply by Linda_H/FL on 8/18/10 8:01pm
Msg #349531

All I can say is it's a good thing we're not thinking

of selling...we'd take a horrendous bath if we had to sell right now....it's gonna be our kids' problem...

Reply by Claudine Osborne on 8/18/10 8:38pm
Msg #349535

Re: All I can say is it's a good thing we're not thinking

I assisted with a cash purchase last month..the buyers paying $500.00 for a home that needed a lot of rehab..and closing costs were $1,500!! This home is in a bad part of town in Cleveland, Ohio. But the buyers are investors.

Reply by Linda_H/FL on 8/18/10 8:43pm
Msg #349536

Re: All I can say is it's a good thing we're not thinking

This one today was for property in Warren, OH...

Some interior cleanup required..but hardwood floor throughout...

Reply by Claudine Osborne on 8/18/10 8:48pm
Msg #349538

Re: All I can say is it's a good thing we're not thinking

Warren is just a little east of me, a hard hit area with job looses etc.

I am looking forward to the mini boom..bring it on! Vacationing Sept 1st and looking forward to it!

Reply by cadmonkey/CA on 8/19/10 1:36am
Msg #349560

It's the calm before the storm, get ready! ... n/m