The Housing Bust is Over

RE:The Housing Bust is Over

Ardy — Mon, 02 Jun 2008 11:00:00 GMT

I work in origination, underwriting, and servicing, and I do think more servicing options should be offered. My program offers a variety of work out options, yet the big servicers never seem to offer these, they just begin the foreclosure. On the flip side many homeowners shoot themselves in the foot by not taking action more quickly when they realize they are in over their head, they usually leave the lender with little or no choice. It does amaze me STILL at the number of lenders who are still trying to push poor credit qualify loans through UW does anyone ever learn?

RE:The Housing Bust is Over

fairytalesnfauxfurs — Mon, 26 May 2008 11:00:00 GMT

I am a mortgage loan underwriter and boy is this guy dreaming. The guidelines are so tight now that even if you do qualify financially the average individuals credit won't have the scores to purchase. I have seen my own scores drop for no reason and I think the credit bureaus are controlled by the govt. On the flip side. The cost of living these days is way too high so many people just can't keep up with the bills. Many familys are walking away from their homes and downsizing to an apartment.

RE:The Housing Bust is Over

Anonyomous — Fri, 23 May 2008 11:00:00 GMT

Restrictive lending practices? As a long time mortgage broker with over 20 years in the business- I would not call most lending practices restrictive. Buying a home is not a right- you must be able to afford it! If you cannot save the 3-5% down payment- how can a buyer be prepared for future home maintaince? While we do not need to go back to 1980 lending requirements- to avoid future problems, lending guidelines needed to be tightened. Stated Income, 100% financing, low credit score loans were foreclosures waiting to happen. Why is everyone so surprised?

RE:The Housing Bust is Over

Anonymous — Thu, 22 May 2008 11:00:00 GMT

Someone has to be opitmistic...because the real world, everyday American homeowners that have struggled through this crisis are drained. Being optimistic isn't going to change what we are faced with when we go out to earn a living everyday. We need a change now!

RE:The Housing Bust is Over

Bill — Tue, 20 May 2008 11:00:00 GMT

It is nice to talk about a national market in one context and then a regional or local in another. The majority of residential markets are really not in free fall so these will perform well and will reduce the stress modeled with national data. Once "hot" markets in places like CA, AZ, FL, and NV will not rebound with the national market. These markets trended much higher than the national market in the up market and will trend much lower in the down market. Here is the basic fact you can not afford a $1,000,000 house if you make $150,000 per year. So income will drive values in general as as always been the case except for some unique narrow markets. If you look at income and price, then places like SoFL and California have much pain left to feel.

RE:The Housing Bust is Over

Donn B. — Tue, 20 May 2008 11:00:00 GMT

"Mission Accomplished" !!

RE:The Housing Bust is Over

Mike Wolpin — Tue, 20 May 2008 11:00:00 GMT

Hello?!@#$? This will have absolutely no affect on the real challeges for middle american consumers. A. Home prices in growth areas are still grossly over inflated and equity is artificial. B. Underwriting criterion restricts qualification. C. Average people can't afford houses. D. Appraisals are not coming in at sales prices. (Much lower) E.Average people are loosing their homes in foreclosure. F. Average people whom have lost their homes due to sub prime and adjustable loans, no longer have good credit. G. Average people don't qualify to be renters. Come On!

RE:The Housing Bust is Over

Anonymous — Tue, 20 May 2008 11:00:00 GMT

What a spin-doctor. He reads a bit like yesteryears, David Lereah (NAR).

RE:The Housing Bust is Over

Down payment savings — Mon, 19 May 2008 11:00:00 GMT

There are very few lenders going for 100% property value loans now days. So how does it take to save $15,000 for a down payment? At $60 a week maybe five years from now these folks can buy a $150,000 home. Fannie Mae is becoming more strict with the eligibility factors. Of course I don't write for the WSJ and this an election year so the economy needs to improve before November.

RE:The Housing Bust is Over

DIANA N. — Mon, 19 May 2008 11:00:00 GMT

What Never Never Land is he living in? He should go out into the real world like us appraisers and see the true picture, which is pretty GRIM.

RE:The Housing Bust is Over

Brian — Mon, 19 May 2008 11:00:00 GMT

I am a mortgage Broker and talk to clients in the market on a daily bases so I see what is truly going on from the front lines. I see this from the eyes of the borrowers as well as the tightening of guidelines from the investors out there. I will bet him a million dollars that in 6 months he is going to wish he had not voiced his optimistic point of view because the opposite came true!

RE:The Housing Bust is Over

Walter Dobrowolski — Mon, 19 May 2008 11:00:00 GMT

Dream on! This is the Administration's attempt to quiet the financial markets and stop any further panic. Remember, this is an election year as well! The sad fact is that there is a substantial amount of subprime mortgage resets occuring in 2008approximately $500 billion. It will take months before these too show up as foreclosures. Most likely at the end of '08 or Q1 2009.