Jeff Davi
Register reporter Jeff Collins felt like a fly on the wall. He’d been invited to interview California Real Estate Commissioner Jeff Davi at the Orange County Association of Realtors building in Laguna Hills before the commissioner met with independent brokers. Because of a scheduling conflict, however, OCAR arranged for Collins to attend a meeting between Davi and several association leaders.
As head of the California Department of Real Estate, it’s Davi’s responsibility to oversee the licensing and regulation of real estate agents and to investigate complaints. He has a staff of 340 people supervising 540,000 real estate agents, including mortgage brokers with real estate licenses.
Collins arrived with a list of questions but OCAR President Don Readinger and several OCAR leaders joined in with questions about predatory lenders who have shifted into the loan-modification business. Soon, Davi and the Realtors were talking shop as if a reporter wasn’t there. In addition to Readinger, the discussion was joined by OCAR President-elect Mary Jane Cambria and board member Paula Cosenza. Highlights of what was said follows, edited for clarity:
Us: Your caseload increased from 6,500 to more than 9,000 in the past five years. Do you feel like you have enough teeth in your enforcement?
Davi: I think we have enough teeth mainly because I want to maximize all the resources we have in the department. And I’m also a realist. Trying to get additional enforcement staff in this current scenario with the budget is unlikely.
I also want to say I got lucky or I was able to predict this, or it just worked out that way. Three years ago, we did get an augmentation, almost all on the enforcement side. I just said, look, we’ve had such a growth in agents that we’re going to need to deal with the obvious issues that will come about when they’re practicing. And if the market goes into a downturn, it’s going to be even worse.
So we have 38 new positions, and 35 all were on the enforcement side. So we got more attorneys and more enforcement staff in 2006. The good news is they’ve had two years to get up to speed, and they’re knee-deep into these cases.
Us: What has the housing downturn done to the environment in terms of violations?
Davi: It’s changed the whole landscape of our violations. We no longer spend a lot of time investigating people with (rap sheets), people who apply for a license who have convictions. That was almost negligible now. All of our investigations are transactionally related or someone broke the law, got into trouble and we’re investigating that. Like a DUI or theft, something like that.
So they’ve gone from relatively simple cases with cooperative respondents to much more complex cases with non-cooperative respondents. People who want to hide out and just keep doing what they’re doing and hopefully avoid an audit or subpoena. The cases are much longer to process, much less cooperative respondents. It’s just become more of a burden to what the staff’s doing.
Us: What kind of case are you finding?
Davi: We see a lot of misrepresentation, fraud. Somebody’s quoted loan information or given loan information, and the loan they ultimately get is nothing like that. Improper disclosure of loan requirements. Those kinds of things. We find violations where people come in and say, we will help you to avoid a foreclosure, sign over your house to me. The equity skimmer.
There’s appraiser fraud where you inflate the value and you get an appraiser in cahoots with the broker and perhaps a third party, inflate the value by $100,000, have an addendum on the side. The lender never sees that. They split the money or it goes to a third party.
They borrow people’s credit, use fake names. You bought a house, or think you bought a house and you didn’t. You’re renting it from someone who bought the house with your credit. It’s really frightening to see how many things are out there.
Don Readinger: The real bad guys, lenders, that took advantage of (people), a lot of them minorities I believe who just didn’t understand (their loans) and they weren’t told. So now, they’re not in the lending business anymore. They’re in the loan-modification business, pretending to protect (consumers’) credit. The same crooks who stole from these people, now they’re stealing from them again, saying, ‘Oh, yeah, we can modify your loan,’ all this sort of thing.
Davi: When you find someone that did that, a loan fraud (case) that’s a year old, and you’re helping (the victim), get a complaint filed. You know (those brokers will) be modifying loans a year from now, and we’ll go out and close them down. We can do that. And my guess is they’re modifying loans illegally. They’re taking advanced fees, which you cannot do. So you just lead us to where they are, file a complaint, and we’ll investigate.
Mary Jane Cambria: They’re charging anywhere from $1,500 to $5,000 to do something that we, as Realtors, are doing for free. It’s just, it’s not right.
Davi: It isn’t right, although there is a legal way to charge an advanced fee for a service, if certain things are taking place. … I can tell you right now, as of Monday, the department had reviewed and authorized five advanced-fee agreements in the state. That means five of these individuals have a valid advanced-fee agreement. There’s 130 in the queue asking for our blessing. So the odds of coming across someone charging an advanced fee who has an advanced-fee agreement when only five are approved, they’re not doing it right.
Us: Could the DRE have done more enforcement of mortgage brokers with real estate licenses during 2005-07, when a lot of people took out loans they couldn’t afford?
Davi: Obviously, hindsight is 20-20. It would have been great if people could have woken up three years ago and said, ‘Hey, the end is coming.’
All of us. Regulators. The economists. Everyone predicted since 2003 this real estate market can’t last this long. We’re going to have a downturn. … Now for us to recognize that the two prior decades of encouraging homeownership nationally and providing so many vehicles to put people in housing was going to be the root or the cause of this thing to blow up, when in fact the perfect storm occurred in 2005, ‘06 and ‘07, I think that’s just a little too much crystal balling and wishful thinking.
But I can say this: You’re not going to be able to talk your way out of a problem you behaved your way into. And we behaved our way into this. I say we, all of us. I blame lenders. I blame brokers. I blame regulators. And I blame Wall Street. And I also blame the federal government.
Ever since I’ve ever been active in the real estate industry, every program in the federal government was to put persons in houses — at whatever cost. To own a house. That’s the best thing you can do for them. But when you get speculators involved and when you get, you know, 125% loan-to-value loans, those kinds of things, we just pretty much let this thing get out of control. And as you know, we’re taking the pills now. I’m very concerned about where this thing is heading. I think the California real estate market is going to be fine, but how much pain are we going endure before we’re fine?
And I worry about the effect of the whole economy and what they’re doing right now. This whole discussion (in bailout talks) right now is they say it’s beyond Main Street. It really shouldn’t be, but it is.
I don’t understand how lenders can tell borrowers, ‘If you’re in trouble, you call us. (But) if you’re not in default, we won’t talk to you. Why are they doing that? I know it’s a Fannie Mae and Freddie Mac requirement, but that just seems absurd to me. Someone can see down the road: ‘I’m not going to make it. I’d like to talk to you about this. I’d like to work it out.’ The last thing you need is to take that property back and have a foreclosure. The cost to that lender is 10 times if they could work this thing out now. But they don’t.
In this current situation, I think there are over 650 houses a day in California that are being foreclosed upon. That’s a lot of houses. These lenders don’t need them. There are over 200,000 (bank owned) properties on the books right now, in California. Fifty percent of the properties sold in California right now are (bank owned) properties. These stats are startling. And they’re going to keep going up. And it’s like, you guys need to realize what you’re doing. They should work out modification agreements.
Paula Cosenza: They don’t respond. You can’t even get through the quagmire of the phone system. … I’ve heard people say, ‘Give me a (promisary) note. Give me a note. I’ll pay that money back.’
Cambria: They’re not cooperating. They’re just not cooperating.
Davi: Let’s not paint them all with this broad brush, but you are right. The majority of them are doing that. It seems like that’s the prevalence. I think it’s because there are so many. There are workouts being done, but they’re in the hundreds, and we need workouts in the thousands. And that’s the problem.
See what other insiders have told Insider Q&A in recent weeks …
- Blame greed, Insider Q&A is told
- SoCal bottom ‘not near,’ Insider Q&A told
- Housing’s revival to be ’slow and steady,’ PWAR’s Robertson says
- Luxury broker says affluent homebuyers eye Surf City
- Homesellers ‘not shy’ to fire agents, J.D.Power says
- USC professors says housing recovery likely in ‘10
- CPA details tax twists in housing bailout bill
- Insider Q&A hears Fed will ’sit tight’ on rates
- Agent thinks Coto de Caza housing ‘down significantly’
- RadarLogic CEO says inventory a ‘wild card’ for home market
- O.C. rents to be ’stagnant’ for a year, investor says
- Real estate attorney says O.C. office market nears bottom
- Investor says homebuying slump boosts ‘affordable’ rentals
- Century 21 boss sees ‘tremendous’ opportunities
- Pepperdine prof thinks O.C. housing ‘very precarious’
- CEO Rodgers of Prudential California expects ‘09 turnaround
- Meisenbach of Lee & Associates says building sellers unrealistic
- Foremost’s Cameron sees housing comeback in ‘10
- First Team’s Merage thinks it’s 5 years to next peak
I like how AIG is at the St. Regis in DP right now spending hundreds of thousands of tax payer dollars. 60 + rooms and a huge party tonight. We should all be able to attend since we paid for it! Lets all go to the presidential suit and order room service or maybe a round of golf. That’s the least they can do for our tax dollars hard at work.
QUESTION…
If I filled out an application with a lender stating my income to be $4000 a month and the application came back a few days later all typed needing only my signatures, but the amount of my income was significantly increased by the lender to $11,000 a month, would that constitute fraud? If so, who should I contact?
Helen, if you are a clueless midwesterner who listens to Hannity I can see how you might think that yahoo editorial is true, but those of us who were actually in the market out here know that blaming the CRA and minorities for this is incorrect.
Instead of a fly on the wall, what about a fly circling a piece of goggie doo doo.
Or how about that Monkey see no evil, Monkey hear no evil, etc. etc.
Everybody was in this for themselves, the commisioner knew all this stuff was going on(liar loans and those exotic loans, etc) its just that the enforcement of his duties, given the amount of loans that were fraudentlent, meant that the state would loss out on billions of doallars in loss real estate transactions,and the taxes and short term benfits of this scheme.
Of course it is fraud. It would be the responsibility of the Realtor, broker, lender, appraiser and yes the future owner to be sure they could repay the loan. Loosening of standards isnt a problem in itself. I have many friends who took advantage of these loans and are still in their homes, because they can afford it. If these standards had not changed, they would not be in a home today.
Greed took over, and people lied and took advantage of the system….now we are paying for it.
Question, the fact that YOU signed it after seeing the change makes you partly resonsible.
The lender is at fault, too, but I would want to think on it a bit for calling attention to this.
Q- did you sign it and return it?
—In this current situation, I think there are over 650 houses a day in California that are being foreclosed upon. That’s a lot of houses. These lenders don’t need them. There are over 200,000 (bank owned) properties on the books right now, in California. Fifty percent of the properties sold in California right now are (bank owned) properties. These stats are startling. And they’re going to keep going up. And it’s like, you guys need to realize what you’re doing. They should work out modification agreements.—
Exactly what I have been saying for quite some time now…they have to work out these mods…it is essential for the overall health of our economy.
It is amazing how many people jumped on the bandwagon and lied to get a biggerhouse that now they can’t afford. The real scamsters made out like the bandits that they are as well.
Eventualy, this will all settle down and we will return to decent standards of conduct, but it will be too late. The federal debt will be 12 trillion, our personal debts will be another ten trillion.
People want a bailout, but they just don’t know what to ask for.
Obi Ben Bernanke knows what they need, though.
If they can’t afford the house they bought, they need to move, sell, whatever. It seems like everyone in this country who makes a mistake blames others, and wants compensation. What happened to learning from mistakes and being held accountable? Because you eat too many big macs and get fat shouldn’t give you the green light to sue Mcdonalds. just because you bought a house you KNOW you couldn’t afford doesn’t give you the right to make others pay for it, and think you will refinance so you can afford it. OC is the epicenter of the biggest fraud in this countries history- the real estate bubble. All of OC, SA, GG, CDM, NB, all of OC is to blame. Your stucco house 6 inches from your neighbor isn’t worth 1.5 million, don’t you guys see that?
All of the beach communities will fall, it’s just taking time- but fall they will, hard.
off my soapbox now…. no bailouts…, where my sign?
mom,
you and rants should meet and form the communist party of america.
money pit, what does ben suggest?
Honky:
I’ll take your comment as total stupidity since obviously communism is the total opposite of a free market, in which you take risks- sometimes you win, sometimes you lose…in which I am all for.
Mom,
The banks and Wall St. made this possible by selling and packaging these loans in gargantuan amounts.
He who controls the money has the obligation to ensure that his money is being used wisely. If you have $150,000 in Indymac in one account for one person, and the bank goes down, you are to blame as YOU controlled the money. All you had to do to protect yourself is to open another account. $50,000 for 30 minutes. Now that is a job worth $100,000/hour.
These lenders were just greedy, leveraged themselves to oblivion and began robbing peter to pay paul. This falls squarely on their shoulders.
They need to work out principal reductions for their homeowners…otherwise, they will add to the inventory of homes they cannot sell. Notice how CC companies want to settle debt with consumers? Banks will be doing this shortly. They have to. It has come down to this reality in their world.
Mulliganville Says:
September 27th, 2008 at 12:35 pm
—In this current situation, I think there are over 650 houses a day in California that are being foreclosed upon. That’s a lot of houses. These lenders don’t need them. There are over 200,000 (bank owned) properties on the books right now, in California. Fifty percent of the properties sold in California right now are (bank owned) properties. These stats are startling. And they’re going to keep going up. And it’s like, you guys need to realize what you’re doing. They should work out modification agreements.—
Exactly what I have been saying for quite some time now…they have to work out these mods…it is essential for the overall health of our economy.
MULLIGANHEAD,
The reason banks would rather foreclose now vs modify is because of past experiences with people living on the edge. Most ‘work-outs’ go into default within 12 months. Therefore, a re-do only postpones the inevitable.
If this was not true, ‘work-outs’ would be the standard.
Savvy?
The work outs will only work if they reduce principal and rate. The banks fight tooth and nail to not touch principal write downs but they end up prolonging the actual forcloser. Unless the banks are willing to cut principal and rate they are just making the economy drag further. Think about the people who are at 55% DTI (most of the option arm people and ALT-A will probably in that higher range) they have such a higher percentage chance of defaulting again then someone qualifying based on todays guidelines. They will not have enough money to contribute to the economy becuase they have so little left after housing costs. Write down the pricipal and rate only on the homes that can qualify by todays guidelines and let the rest fall. That’s what I would like to see banks do.
DRE is the other one if they are licensed by the DRE. Most lenders/brokers have both licenses in CA
Quintuple bogey: They have never been here before…they have no idea what to do. If they want to get out of this mess, they will have to not only modify terms, but loan amounts.
mom, i totally agree. the very profound problem you have is that the debt is insurmountable in most cases. the person who lied on the app cant cash flow the new, modified loan either.
this problem is big and you are right it will flow through to all but the guys at the top. it doesnt mean that all will lose their house, just maybe that many will not move for a long time because they will be unwilling to move based on prices.
i like your soapbox and would like to join you on it, its just not realistic i fear.
King Report Bailout Plan
Premises:
The US credit system is broken.
The Paulsen-Bernanke Bailout Plan does not insure that those banks and brokers that receive bailout aid will increase lending. The reality is the market is hoarding liquidity and these banks are likely to do the same. More importantly consumer lending has been a small, often insignificant part of their business. They made money by trading and through securitization of debt.
It is necessary to create a new system parallel with the existing dysfunctional system in order to mitigate the inevitable economic and financial damage and to facilitate, as seamless as possible, the transition to a functioning financial system or new model of credit and banking.
The Wall Street model, securitization and extreme leverage, is obsolete.
US financial institutions need to recapitalize.
Hank and Ben assert that it is paramount to keep credit flowing to consumers; the bail out is a necessary adjunct.
Paulsen and Hank’s bailout plan is tantamount to bailing out Univac, Digital Equipment, etc, in the eighties, which would’ve retarded the development of Dell, Microsoft, Intel and other nascent technology companies.
It’s wasteful & foolish to put more money in an obsolete non-functioning system
Big banks and brokers made most of their earnings over the past several years in trading, not consumer lending. And now their derivatives are THE problem
If you want to get money to the consumer: the less middlemen, the better.
Decentralization of liquidity, lending and risk is necessary to refurbish the financial system. The illiquidity of a few large banks is collapsing the system.
Basics of the King Report Bailout Plan
Directly recapitalize banks by the US government allocating $500B into a plan for community-type banks to increase their capital in partnership with the government.
The government would match existing or some percentage of existing bank capital. If it would be better, a separate bank could be created. Place a limit of say $1B per bank.
This would create $5 trillion of credit at conservative 10 to 1 leverage. This is more than the entire private mortgage market. It is a much better use of capital instead of absorbing $700B of losses with no means to discern resultant credit creation.
Give the banks a tax rate of 15% on consumer and commercial lending for 5 years and the right to buy out the government share of the operation at some premium.
Only banks that meet some metric, like a Texas Ratio of 50, are eligible.
To help the big banks, allow them to create a consumer & commercial lending facility with the 15% tax rate benefit. This should entice private equity and sovereign funds as well as Wall Street remuneration that was garnered over the past decade or so.
Prohibit trading, especially derivatives, in consumer & Commercial lending operations. However pure hedging would be allowed.
Immediately increase FDIC-insured bank deposits and money funds to $1 million per eligible account.
Further considerations:
Foreign banks in the US could be included if they have respective funding from their government.
The real estate problem is due to the fact that American incomes do NOT support current prices. Easy credit allowed them to purchase homes they couldn’t afford.
Any solution to clear the real estate market must entail hiking income, which is very difficult, or allowing prices to drop to levels that the average American can support. This helps average Americans, not the big banks and investors stuck with overpriced mortgages.
No bailout for the imprudent and reckless but a means to directly help Americans and procure capital from private and sovereign sources because a new financial system must be implemented.
This is not likely to be the final model but it is a stop-gap measure that will resonate with average Americans. It’s a way to connect with Middle America because it benefits them directly and is not an exclusive Wall Street bailout.
The cause of our current financial morass is Big Government + Big Business = Crony Capitalism + Funny Money = concentration of wealth and risk + declining US living standards.
The solution is decentralization of the financial system, like the tech industry, which will lower systemic risk, foster competition and yield better ideas, services and companies.
Sen. William Proxmire to Alan Greenspan at Al’s confirmation hearing: “[Y]ou think, if we erected Chinese walls, you can still merge banking and commerce. And that shocks this Senator, and I think it should shock many others. You, in my judgment, favor an increased concentration of banking…
[Y]ou can’t have competition without having a large number of banks, as many banks as possible competing in every banking market. Do you have a conviction that regulators, no matter how able, cannot do the job as effectively and efficiently as competition? I hope as chairman you can show us this…
It seems to me that banking in this country and finance in this country is likely to move very sharply… in the direction of concentration….I think most senators, if they thought very long about it, might be very concerned too. And I think the American people would be concerned too.
banks don’t want to negotiate with a dead beat
it’s better to foreclose now when prices are still inflated
you cut a deal with some dead beat who can’t commit to an obligation
then when prices fall some more, the dead beat defaults anyway
and the banks are left holding an even bigger bag
!!!!! —– THE ABOVE POST IS GENIOUS —– !!!!!
Read the news, concentration of banks, concentration of government dollars, concentration, concentration. The powers that be want the money, business, political and military powers in the hands of a few people. The results will then rest on their whims.
GET INVOLVED.
McCain mentioned in his speach that he wants the money to go to only 3 core areas: Military, Veterans and ‘a few other vague buckets’. The basics of that are that money is being pulled from the general and concentrated into the hands of the few so that they society will have 2 options: abide by their rules or A-N-A-R-C-H-Y. What do you wish for?
OBAMA is simply a democrat and the definition of a democrat is someone that says anything to get elected and does nothing but raise taxes for comletely worthless programs for people that do not deserve anything more than a size 12 shoe in their backsides.
mav, they will foreclose on some but stave off FC for some homeowners by the mod…there is no objective solution. Last year at this time they did not want to touch shorts. Now look at them work those short deals…next year, they will be saying we should have been more proactive with some of our homeowners. It is part of the solution…not an objective one.
working shorts makes sense, there are still ready and willing knife catchers
working mods will cost banks more money in the long run, you never negotiate with a terrorist in a hostage situation… you go in and kick @$$
it’s time to clean up the trash
banks don’t want to do business with people who think contract obligations are flexible
with all the 80/20 no money down loans in the OC…. banks who hold first liens can get back most of their money by foreclosing
the banks who were smart made sure another bank took on the 2nd lien, they took on most of the risk
we the tax payers, will be eating all the losses on the 2nd liens and HELOCS
welcome to america
Yes…the taxpayer will shore up the difference. No question about it.
The banks are just really jammed right now. If they FC, they will be lucky to get 65 cents on the dollar…that is if they can sell it today amongst the plethora of distressed property. Maybe some banks will be landlords…ahhhhhh, gotta love capitalism.
BTW, has rants learned chronology yet? You know, how 09/07 comes AFTER 11/06?
yeah mulliphony I learned chronology alright
according to the article that your alter ego
posted just before yours– the problem is that the article
said the whole building sold out in eight hours– 11
months beford you claimed to have sold — meaning
you dear sir are a phony period
I was born at night— I wasnt born last night
mulligan, 65 cents on a 80 cent 1rst lien loan, that’s not that bad…
on a 2004 purchases price, the bank with the 80% first lien might not lose any money
if they act fast !
the OC home debtors loved no money down loans
it’s the 2nd liens and HELOCS that are worthless
the Paulson plan seeks to pawn as many of those on the tax payer as possible… then just foreclose on the first lien
I never said I signed it AFTER it was altered. I said it was ready for my signature, but after I saw the terms and the income falsely adjusted I did NOT sign it.
Mulli, Rats sells insurance so no he doesn’t understand what your saying.
To “Question” and Melanie’s answer regarding the enforcement state agecies, this quote regarding a different story in todays paper regarding this state agency enforcement efforts
“The Orange County Register later revealed that officials at the department knew for years that Heath was selling securities despite having been ordered to stop, but they took no action”.
referring to the Department of Corporations above
“Mary Jane Cambria: They’re charging anywhere from $1,500 to $5,000 to do something that we, as Realtors, are doing for free. It’s just, it’s not right.”
Mary, last time I checked no realtors work for free. They charge anywheres from 3-6%+ so gimmee a frickin break
“Real estate fraud widespread, Insider Q&A told”
You don’t say!
Where has this fool been in the last 7 years when ramped price fraud was occurring?
That’s like acting on a solution today to save the dinosaurs from becoming extinct.
Now that prices are headed down he wants to bring in the real estate police.
There seems to be a never endless supply of idiots in this organization.
Gee rants, by your logic, once a home sells, that is it! It NEVER changes hands again.
You botched this one and you cannot admit it. Good Lord man. The building did sell out in 8 hours in November of 2006. SINCE THAT TIME, there have been about 2 dozen suites that have canceled and allowed the original purchaser to be released from their obligations.
So at first, you think the developer is just going to fund $550,000,000 out of pocket without selling anything pre-construction.
Secondly, you cannot fathom how some suites have been resold out of 463? Ever heard of a resale?
Are YOU SURE you were not born last night?
All you have is name calling big boy. That is it. You hide behind your little screen and pretend to know it all. Meanwhile, you do not know ANYTHING about the reservation/sales launch process. These launches move about 81% of the inventory on average at their one day sales event. This one happen to set world records for inventory moved in one building in one day. In a word - sweet.
Grow up and try to get along with others…it is ok to be wrong…and your true character is divulged on how you handle times like these…so far, not so good.
Fraud is the new CEO of WAMU getting $18 million dollars for nothing…. these corporate giants couldnt see they were slitting their own throats. how can WAMU reportedly be making more money than they ever had 2 years ago - to now being worthless…… Fraud, thats how. these company accounting firms should all go to jail. you want to know why they wont, because our government workers were all invested in them heavily. why are we saving these banks? let the strong banks survive and let the rest fold. thats the american way, survival of the fitest, not bail out fraudulent companies because you are part of the fraud. lets invest in the companies that are alive and thriving, not the fraudulent companies that have been cheating the stock holders for 100 years…..
Mulliphoney baloney— I BOTCEHD IT— you cant
be serious– I caught you in a big fat lie– period
you just keep making lame ass excuses- just
like a politician- you got caught and wont admit it-
as for me hiding– dude I’ll meet you anytime anywhere
just name the place–
This bailout is a joke. Just more of spreading the debt obligations of idiots amongst all Americans.
Hell - its the worse part of communism when you think about it, because when it comes right down to it, this setting of precedent implicates the fiscal liability, translates to - loss of financial freedom. The media has been reporting that a majority of Americans do not want this bailout passed. Moreover, the scope of this equates directly to the cost of the war to date.
So I have a question: who within the government is going to play realtor and sell these idiots’ foreclosed assets?
I have yet to hear any real apologies from anyone on this. There should be plenty of retirement notices flying around. Maybe a few more laws placing liability where it belongs.
Helen,
It would be a sellers market according to which market?
Do you use the market from 200-2007? Where there was easy money for all? Than maybe I would agree., but that time has passed.
Do you use the market pre-2000? If so, many people are upside down on their homes, so they have 0 equity. They wont be selling anytime soon, so they wont be buying to move up. The only folks who will be buying are first time buyers and foreign investors….as for first time buyers in the current economy, their isnt a lot of money out their.
Do you use the current market? A market that no one understands or really knows what will happen. In this market with job losses rising, incomes falling, banks in turmoil, etc….I highly doubt it will be a buyers market anytime soon.
You also state that prices are still falling slightly…the point is prices are still falling, and more and more foreclosures are hitting the market.
I will give you a thumbs up for trying to put a happy face on an otherwise dire situation. Good luck with that.
I have to ask Helen (maybe you have stated this) do you work in the RE or lending field?
we have a long way to go around here to get this market turned around. many many more foreclosures are coming in the “higher” end market. prices are heading down so low that your heads are going spin off your bodies.
I just dont know how any RE agent or lender could tell people, with a straight face, that this is the best time to buy, or that homes will only go up, etc. I think they need to be honest. Tell people only buy if you can afford it and will be in the home for many years to come (5-10 years). That they should not expect their home to go up in value anytime soon and to be certain to get a fixed loan.
i am in the business and i have been telling everyone how bad its going to be for many years on this blog and face to face. 30 year Fixed rates are actally lowere than the ARMs in our current market - so that problem is solved on its own. If you are waiting to buy, just make sure you keep your job and keep your credit just ok, doent need to be perfect, just needs to be average. you will own that so called million dollar home for $2500 per month on a 30 year fixed rate loan……
I am missing how it is a lie when….oh nevermind…you cannot reason with the unreasonable.
Fact: The suites were sold in 11/06.
Fact: The resale I was involved with was in 09/07.
How did I lie? Enlighten me…
HOW TO START EACH DAY WITH A POSITIVE OUTLOOK:
1. Open a new file in your computer
2. Name it ‘Barack Obama’
3. Send it to the Recycle Bin
4. Empty the Recycle Bin
5. Your PC will ask you: “Do you really want to get rid of ‘Barack Obama’?”
6. Firmly Click ‘Yes’
7. Feel better???
GOOD! - Tomorrow we’ll get rid of Nancy Pelosi!
sure ya did mulliphony sure ya did
the mortgage industry - in an effort to change their
image- has decided to re-name the LIAR LOAN-
to the MULLIGAN LOAN- lloollll @ribsplitter
No lie here…you just choose to not believe me. And that is your prerogative. I know the truth while you think you do. And btw, I was not challenging you to a physical confrontation hothead. But, naturally that is your automatic response. Another character revelation of one rants. Fitting handle.
Anyone having concerns with information that I post from various sources should consult those sources website for a better understanding of how they gather and process data. Altos Research gives very indepth explanations on what each of the indexes means and how the statistics are arrived at. If that is not enough please call them, I am sure they would be glad to explain in full. It is not for me to educate you. Also, trying to have me answer questions that have no real bearing on how data is used by a source does nothing to negate that sources information. Lastly, I do not answer personal questions or direct attacks.
Well I tried to post something.
obviously, this blog was getting to provider/thoughtful and thus she changed her name to helen highwater and now ignores everyone. “helen” you have no credibility.
So Rants is threatening physical violence now? LOL. What a tough guy. Yeah Rants, If you made the right decision in 2002 to sell your families home why are u so angry at the world? Repeat after me: :I love renting. I love renting. I love renting”
“# Mulliganville Says:
September 28th, 2008 at 12:24 pm
“HOW TO START EACH DAY WITH A POSITIVE OUTLOOK:
5. Your PC will ask you: ‘Do you really want to get rid of ‘Barack Obama’?’
GOOD! - Tomorrow we’ll get rid of Nancy Pelosi!”
Come now. Without scapegoats, the Democratic and Republican agendas will be exposed for what they really are: blame the other party while wealth is redistributed (i.e. class warfare) to the elite.
Exhibit #1: Mully’s portrayal of the typical Republican stereotype
Exhibit #2: the Wall Street bailout by both parties
Real estate is fraud from top to bottom. From flooding the country with licenses so nobody complains, to appraisers putting anything on an appraisal a broker wants, it’s pure racketeering and is not a market, because it is completely manipulated by the industry.
State enforcement is token at best. There are 548,000 people in California who belong in federal prison.