Posted by Bravo on 3/30/10 6:30pm
Msg #329706
lack of work
Any one else out there experiencing a lack of work? My phone is still working, etc. so any insight as to what is happening?
| Reply by Philip Johnson on 3/30/10 6:44pm
Msg #329709
I'd venture
There's a good chance your neighbors:
1. are un or underemployed
2. their house is worth a third less then when they bought it two years ago
3. are scared to death of doing any financial activity, even if it may benefit them due to uncertainty
Also:
4. lending standards are tighter
5. there are more part timers doing this now to supplement their income increasing the competition
6. here even the UPS store is bargaining on their fees to snag an extra dollar or two draining the non-loan market
| Reply by JanetK_CA on 3/30/10 8:31pm
Msg #329731
Re: I'd venture
All good points. Add to that, that the Federal Reserve's Mortgage Backed Securities (MBS) purchase program comes to an end on March 31 and the Home Buyer Tax Credit program expires (unless extended) on April 30th. Then consider all the people who have already refinanced over the last several years and locked in a very low interest rate who now have no incentive to refi again as long as they stay in their home, if they're able to afford the payments.
This should be no surprise to anyone who has been watching the market - and was predictable at least two years ago. I remember posting some warnings about this back then, but some just dismissed it as being negative. There's a big difference between describing a situation and one's attitude about it. Whether something is negative or positive has everything to do with how a person decides to react to the facts, not the facts themselves.
And this is why so many of us just shake our heads and try to "enlighten" new people who are ready to charge into doing loan signings now. (Of course, with those comments, too, it's all in how you say it...  )
| Reply by jba/fl on 3/31/10 1:01am
Msg #329749
Re: I'd venture
"I remember posting some warnings about this back then, but some just dismissed it as being negative."
I know I posted and commented during the past 2 years that there were indicators of drastic market change, interest rate change upwards and other items, and getting the brush off as well: "that won't happen" was a response that made me see that there are dreamers here too. Always the bright side. Almost like that other saying we hear so much: Why can't we just be nice.
Truth, progress, bad news: all hard to take; denial is so much easier. Not to be confused though with ignoring but it sometimes is.
Yes, it is all in how you say it. And more about what you do with the information you hear, the attitude (sure wish we had a 'bold' feature here) in how we act.
"It's an ill wind that blows no good." John Heywood (c.1497-1580)
http://tinyurl.com/yg3wd42
| Reply by JanetK_CA on 3/31/10 6:47pm
Msg #329855
Re: I'd venture
Love the quote - and so very apt here. After rereading this, it occurs to me that even more important than how one says something is how other people choose to interpret it - and we have no control over that except within ourselves. But you nailed it with this statement:
"And more about what you do with the information you hear, the attitude (sure wish we had a 'bold' feature here) in how we act." The operative word here, of course, is ACT...
| Reply by BossLadyMD on 3/30/10 8:14pm
Msg #329730
jan & feb were dreadful..
march has been much, much better for me...hang in there...
| Reply by CF on 3/31/10 7:41am
Msg #329761
As much as agree with all that is stated...one more thing
to look at is all the loans that have been, recently, refinanced with borrowers paying PMI. Yes, they have a good rate but I am certain that they will refinance again to get out of the PMI in the next 1-2 years to come. Additionally, I think there may have been some programs that are set to expire or have expired; and I am seeing more loans with PMI come through this last month than before.
Also, there is a new bill set to be passed (I have no idea what it is called...I saw a brief blurb on CNN) that is going to reduce principle balances. This should/ will cause more work for us. I have no idea if it will be like a mod package....but there are MANY people in my area that will qualify for this once it is up and running.
Times will never be like they were before....that is correct!!!! For some there will still be work...it is a matter of how much you need to earn off it.
| Reply by Lita on 3/31/10 7:46pm
Msg #329865
Re: As much as agree with all that is stated...one more thing
I'm in CA Feb tied one of my best months in the last 4 yrs and March tripled it. Still need to double that to get by but it's a positive sign and hope it continues.
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