Does anybody know if you need a realtor to buy forclose property?

gwu1986 said:winter said:samko said:clyde_frog said:if my ARM reset today it would 'explode' from 5.125% to 4.25%. thanks ben b.At the risk of feeding a troll.... Do you care to explain how your ARM would be at 4.25%? What index are you using and what's your spread? Also, who is carrying this loan? It's hard for me to believe that an ARM after a reset will have a lower rate than a 30 yr fixed. Please check with your bank and get back to us.I don't know about clyde_frog's ARM but why are you surprised that an ARM reset rate right now would be lower than a 30-year fixed?

ING uses 1-year LIBOR for their ARM index:

This week 2.66
Month ago 2.58
Year ago 5.23

You don't think its possible to have a 1.5% margin?
I agree, Winter. If my 5/1 ING arm were to reset today, the rate would be 4.125% (1yr CMT + 2.5 on first reset, rounded to nearest eighth).

My VA 3/1 ARM from CitiMortgage just reset for May to 4.375%. (Was @ 5.375%) Thanks a million Ben B.

ETA: My new rate is good for 1 year, and next reset, cannot reset higher than 1% above current rate.

Based on this story, I think it might be time for a different thread.

A growing majority say they won't buy a home anytime soon, the latest sign of increasing pessimism about the nation's housing crisis, a poll showed Monday.

When a majority believe that they don't want to buy a home, things are getting interesting. I'd also like to see credit tighten up a just little bit more. Then, for the few that have both access to cash / credit and still have an appetite for real estate, it could be time to go binge buying.

Here is another bubble source:
http://online.wsj.com/article/SB120735504829291471.html?mod=residential_real_estate

I first found that those L. V. properties were very attractive...now...well....
STAY AWAY FROM THEM!

When's part 4 coming out?

Sounds like to me Kahlifohnia is in deep doodoo:

Mr Mortgage esplaining el problemos in housing

From the vid: 68k homes sold in a 10 state region for Feb, vs 70k foreclosure filings in cali alone in March.. WoW! I just heard a big explosion..

After doing nothign but reading the past 1 week. Worst case scenario, prices bunches back to 1998 level. Best case scenario, 2002 level.

Dealguy123 said:michal1980 said:ahhh guy is similar to flip this house.

using foreclosure data from march, but sales data from feb.

then making extrapolations that mean to imply that boa/chase/wells 2nd mortages are ALL worthless? so now all homes are going to foreclose?

His a good speaker, but full of fluff and crap.

Wow, seems your level of comprehension is pretty weak. He acknowledges it's comparings apples to "sorta apples." You missed the point though genius. SALES numbers were lower in 10 states including CA than the total number of foreclosure filings for just CA alone! Sure it's using Feb sales numbers to March foreclosure numbers. But it's likely a pretty safe assumption sales were lower than foreclosure filings in FEB (and quite possibly March) for CA. What does that mean? NET there were ZERO sales in Feb. Fluff and crap? Try using your brain.

Net zero sales is a big problem.

yes using march forecloser to feb sales. He even admits that the sales data is coming out in 2 days, why not wait to post the blog?

Why dont you use your brain instead of following some fear monger. Guy double talks all the time, starts by saying his comments relate generally to the 4-5 hot now cold states. Then moves on to talk in generalities.

And tops it off by implying like I said before, that ALL 2nd mortages/LOC/helco whatever. Are worth 3-5 cents on the dollar, and points out how many billions the big banks have in these loans.

I'm sorry but thats CRAP. Saying that because foreclosed homes 2nd mortages are worth zero, the entire pool of 2nd mortages is junk math.

The guys a used car sales men that uses some truth to hide his ignorance, Just because his a good speaker doesnt mean he's saying anything worth hearing.

sammy1224 said:michal1980 said:
I'm sorry but thats CRAP. Saying that because foreclosed homes 2nd mortages are worth zero, the entire pool of 2nd mortages is junk math.

That's a good point... The first thought that came to mind is that I, for one, have a second mortgage, and by no means should my bank consider it "worthless". When he made this general statement, he lost all credibility with me.Worthless? No.

A few pennies on the dollar? Yes.

You have to remember that we're nowhere near the bottom of the credit crunch.

Current 2nd mortgage note buyers are knife catchers. I wouldn't touch them with Suze Orman's money.

It's been over 6 months, and I'm still not seeing opportunity: Wait about 4-6 months

Panic is getting closer, but it's not here...yet. Keep an eye on the dollar. When we lose 10%+ in a few day period, and we see consumer credit card lines being slashed en masse, that's when bargain buying opportunities in the consumer debt market will arrive. Look for the headline on the evening news: Credit Card Crisis!

P.S. if you had taken the Euro advice I gave in that post, you'd be up 15% since the post was written in August

euro / dollar / dow

Just slightly better than 4.05% from a Countrywide CD

michal1980 said:yes using march forecloser to feb sales. He even admits that the sales data is coming out in 2 days, why not wait to post the blog?

Why dont you use your brain instead of following some fear monger. Guy double talks all the time, starts by saying his comments relate generally to the 4-5 hot now cold states. Then moves on to talk in generalities.

And tops it off by implying like I said before, that ALL 2nd mortages/LOC/helco whatever. Are worth 3-5 cents on the dollar, and points out how many billions the big banks have in these loans.

I'm sorry but thats CRAP. Saying that because foreclosed homes 2nd mortages are worth zero, the entire pool of 2nd mortages is junk math.

The guys a used car sales men that uses some truth to hide his ignorance, Just because his a good speaker doesnt mean he's saying anything worth hearing.

Maybe he didn't wait because he got the foreclosure numbers before the sales numbers, and wanted to get the info out?? Seems like the trend down is ACCELERATING, that's the point. I don't care what you think about 2nd's and HELOC's, etc. Fact of the matter is he has a point, whether or not you completely agree. Yes he's exagerrating the fact that they're "worthless," but they're clearly only worth a fraction of the original value.

I love folks who just prefer to bury their head in the sand rather than acknowledge the enormous problem. His point is there's a huge $h!tstorm coming up, and to watch out. Like I said, his MAIN point is pretty obvious, that foreclosure filings are going through the roof. If you don't think that's a problem, I don't have much else to say.