for all the mtg brokers....

[McClatchie]

have you seen any new home purchases?..are things picking up at all!?

[RICKY]

Its kind of hard to say. Summer months are usually the biggest for real estate. People are saying we are coming out of this, but I dont think so. Things still look really bad, and banks are still asking for too much.

[McClatchie]

Its kind of hard to say. Summer months are usually the biggest for real estate. People are saying we are coming out of this, but I dont think so. Things still look really bad, and banks are still asking for too much.

i laughed when reports said we are now out a this recession. Summer months have always been kind to new purchases at least around me (westchester). i asked the question because im an insurance guy and my mtg friends in the past years would send new customers day after day for closings...just curiuos how everyone else is doing....?

[wizdom]

as far as purchases they are still down and dont look like they will be turning around before the end of the year. alot of clients are not able to qualify.

[RICKY]

Its going to get even worse once you have to use an amc for fha. We will have zero control over a file.

[wizdom]

my team already does that i switched to someone elses team and switched my role also. and we only do loans in the tri state area. im makin way better money now with less stress and less work. its crazy.

[RICKY]

my team already does that i switched to someone elses team and switched my role also. and we only do loans in the tri state area. im makin way better money now with less stress and less work. its crazy.

Yea I never bothered with anything outside the tri state area. People are alot dumber then normal, and the money just isnt right for the stress.

[wizdom]

the guy i am under does 17-25 loans a month

[RICKY]

the guy i am under does 17-25 loans a month

His team does or him persoanlly

[italianchris11]

I just partnered up with a realtor company so im hoping to add alot of business to what im currently doing

[TheHipHopBillGates]

i laughed when reports said we are now out a this recession. Summer months have always been kind to new purchases at least around me (westchester). i asked the question because im an insurance guy and my mtg friends in the past years would send new customers day after day for closings...just curiuos how everyone else is doing....?

well we maybe technically out of a recession because there maybe gdp growth in q3 but that's only because there was such sharp contraction in q4 last year and the beginning of this year. however without job creation a real recovery won't begin and it's possible we could go back into a recession.

As far as housing, the longer you have this many people unemployed you face people who have been unemployed long enough to have used up their benefits and come off and we could be facing a wave or waves of foreclosures coming, which will just destroy avg. house price/equity....and get the whole fuck cycle going.....basically bad for homeowners, bad for those foreclosing, good for those who are renting and have jobs.

I just refinanced last month and bc the apprasial was so low I had to bring an additional 9k to the table on top of the refi costs just to qualify and my credit score is over 800 and I have no other debt, so I can imagine what people are dealing with, but I guess at least I went from a 30yr to a 15yr.

[radioboy407]

nothing above the 320k price is moving at the moment.

[TheHipHopBillGates]

nothing above the 320k price is moving at the moment.

That's because you probably have 2 groups of people, ones that don't would go underwater with their sale and ones that haven't recoginzed the actual equity loss and have too high an asking price. Frankly until people start getting hired and/or people realize that the market really has bottomed out I don't expect this to change much.

[wizdom]

His team does or him persoanlly

there is three of us on his team he is live on radio we take the apps and qualify them and he sells the deal. we get salary plus 600 per app that closes plus bonuses every month. plus he has a 80% closing ratio so if i put in 10 with him 7-8 will close guaranteed and 85% of borrowers that call qualify. i already got 8 appraisals booked with him already 3 closed. kid is a monster the way he has himself set up. it was the best decision i have ever made

[ateam333]

On Bloomberg:

By Bob Willis
Sept. 25 (Bloomberg) -- Sales of new U.S. homes climbed in
August to the highest level in almost a year as builders cut
prices at a record pace to compete with the foreclosures that
are flooding the market for previously owned houses.
Sales increased 0.7 percent to a 429,000 annual pace, less
than anticipated, figures from the Commerce Department showed
today in Washington. Other reports showed orders for durable
goods unexpectedly fell and consumer sentiment climbed.
The worst housing slump since the Great Depression may be
drawing to a close as first-time buyers rush to take advantage
of tax credits before a November deadline. Federal Reserve
policy makers this week pledged to keep borrowing costs low to
sustain the recovery past the time when the government stimulus
measures wane.
“At least we continue to see an upward trend in place,”
said Ellen Zentner, a senior economist at Bank of Tokyo-
Mitsubishi UFJ Ltd. in New York. “New-home sales are battling
existing-home sale prices, which are incredibly attractive with
the foreclosure pricing.”
Stocks were little changed as the lower-than-anticipated
readings on home sales and goods orders tempered the increase
in sentiment. The Standard & Poor’s 500 index was down 0.2
percent to 1,048.91 at 10:43 a.m. in New York.

Less Than Forecast

New-home sales were forecast to rise to a 440,000 annual
rate, according to the median forecast of 75 economists in a
Bloomberg News survey. Estimates ranged from 420,000 to
500,000, after an initially reported 433,000 rate in July. Last
month’s pace was the highest since September 2008.
The government revised July’s reading down to a 426,000
pace from 433,000. Sales reached a 329,000 pace in January, the
lowest level since records began in 1963.
The median price of a new house fell 9.5 percent from the
prior month, the biggest decrease since records began in 1963,
as homes selling for less than $150,000 took a bigger share of
the market.
The median price decreased to $195,200, the lowest level
since October 2003 and down 12 percent from August 2008. Sales
of new homes were 3.4 percent lower than a year earlier.
Orders for goods meant to last several years dropped 2.4
Percent in August, the worst performance since January, the
Commerce Department also reported today. Restrained consumer
spending and near-record excess capacity mean companies will
probably not boost investment in new plants or equipment in
coming months.

Little Investment

“The recession in business investment isn’t over yet,”
Paul Ashworth, a senior U.S. economist at Capital Economics
Ltd. in Toronto, said in a note to clients. The report is “a
wake up call for anyone expecting a smooth transition to a
strong economic recovery.”
The Reuters/University of Michigan final index of consumer
sentiment increased to 73.5 in September, higher than forecast,
from 65.7 in August. September’s preliminary reading was 70.2.
The increase in new-home sales was led by a 12 percent
jump in the West region. Purchases were little changed in the
South, and fell 5.8 percent in the Midwest and 16 percent in
the Northeast.
Builders had 262,000 houses on the market last month, the
fewest since November 1992. It would take 7.3 months to sell
all homes at the current sales pace, the shortest time since
January 2007.

Market Breakdown

Sales of new homes, which make up less than 10 percent of
the market, are tabulated when a contract is signed so they are
considered a leading indicator of the market. Sales of existing
homes, which account for the remainder, are counted when sales
close and thus reflect contracts signed a month or two earlier.
Previously owned homes in August sold at a 5.1 million
pace, down 2.7 percent from July and the first decline since
March, the National Association of Realtors reported yesterday
in Washington. The level of sales was still the second-highest
in 23 months.
Fed policy makers this week said they will keep the
benchmark lending rate near zero “for an extended period,”
while noting that the economy and housing had strengthened.
They also said they will slow central bank purchases of
mortgage debt and extend the program through the first quarter
of 2010.

Tax Credit

The Obama administration’s $8,000 tax credit for first-
time buyers, which is due to expire at the end of November,
combined with lower prices as foreclosures have mounted, have
helped lift sales this year. At the same time, record
foreclosures have drawn more buyers to existing homes and away
from new homes.
Builders are reluctant to further increase the supply of
homes amid uncertainty over whether the tax credit will be
renewed. The National Association of Realtors and National
Association of Home Builders have lobbied to extend the credit
on concern demand will wane after it lapses.
Lennar Corp., the third-largest U.S. homebuilder, is among
companies that see demand improving, even as losses mount. The
Miami-based company said this week it expects to turn a profit
in fiscal 2010 and it acquired 3,600 finished home sites and
parcels of land this quarter to position it for future growth.
“We’re crawling off the bottom here,” Stuart Miller,
Lennar’s chief executive officer, said on a Sept. 21 conference
call.

[Etai Tarazi]

there is three of us on his team he is live on radio we take the apps and qualify them and he sells the deal. we get salary plus 600 per app that closes plus bonuses every month. plus he has a 80% closing ratio so if i put in 10 with him 7-8 will close guaranteed and 85% of borrowers that call qualify. i already got 8 appraisals booked with him already 3 closed. kid is a monster the way he has himself set up. it was the best decision i have ever made

what company do you work for ?

[wizdom]

what company do you work for ?

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