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Is Economy Doing Well?

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When the market crashed after 2008, for the next several years, I was so busy appraising homes in the high tier homes. I'm not talking about mansions but high income areas. When market crashed, mortgage rates crashed and there was a refi boom which only the high income people could qualify and take advantage of. Only in recent several years have the low tier people been able to take advantage of the low rates with property values increasing since 2013.
 
"markets" .... the behavioral patterns of the participants ... "in markets" ... are not what they were ... nor is "markets" .... have the same meaning as it once did ...

"tin foil happy number hat" markets .... Last man standing markets ..... By God these are markets because everybody needs them to be markets ..... because if you say they are not markets ..... you no longer have a "marketable skill" ......

these are decreed movements of financialization .... these are protracted financial trances by multi-generational hypnosis using paper .... not money ....
 
When the market crashed after 2008, for the next several years, I was so busy appraising homes in the high tier homes. I'm not talking about mansions but high income areas. When market crashed, mortgage rates crashed and there was a refi boom which only the high income people could qualify and take advantage of. Only in recent several years have the low tier people been able to take advantage of the low rates with property values increasing since 2013.
Big ole Boy said:
"markets" .... the behavioral patterns of the participants ... "in markets" ... are not what they were ... nor is "markets" .... have the same meaning as it once did ...

"tin foil happy number hat" markets .... Last man standing markets ..... By God these are markets because everybody needs them to be markets ..... because if you say they are not markets ..... you no longer have a "marketable skill" ......

these are decreed movements of financialization .... these are protracted financial trances by multi-generational hypnosis using paper .... not money ....
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What did you just say?
 
Big ole Boy said:
Dog food prices are getting ridiculous.
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Buy Bolo - it's cheap and the same company that provides it (Simmons Foods) also supplies the "high rent" stuff to the "elite" brands. It is the same chicken parts. Also, high protein food may have animal hair added. Hair is "protein" but isn't digestible. Dog food is generally just advertising hype. When my father ran a kennels the best was 50/50 grain based feed and slop - yep, good old fashion yuck left over from the local cafe. You can't use that anymore, but there is nothing wrong with it. We fed hounds and hogs the same sort of diet.

The best dry dog foods have grains and that is not a bad thing for active dogs.
 
Appraisers were busy doing REO and short sale appraisals during the downturn. I remember normal sales dried up as well as refinancing because values were falling that fast and many became upside down on their mortgages. People were walking away from their houses. Investors started buying up the excess supply of distressed sales for cash. Some were flipped, the rest were converted to rentals.

My neighbors bought at peak of market, could not refi even today. He has a first and second mortgage and the second refuses to subordinate to the first on a refi. It is estimated that at least 10% of homes are still underwater with their mortgages.
 
During the downturn, I did regular appraisals for employed people (high tech, doctors, policemen, firemen, etc with stable income). I never did REOs or short sales appraisals. There was a rush to refi back then for qualified borrowers. Now I don't see as much refis for employed high income people. It's busy but not as busy as before. Rates need to go down to 3% for another refi explosion. My appraisal fee will then be $500, ez pz.
 
Take note of your area versus the state versus the nation.

1968-2010_US-CA-SF_Median_Price.jpg


We the next downturn comes, you won't be spared.
 
Artemis Fowl said:
So what's Market Rent for your very own property you are asking about rents about?
o_O

Long term, on-time paying tenants? Lotta turnover? Hard to say...you know them.

I dunno that general economic stats are the best measure of the individuals you are dealing with.
My 2cents.
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Don't listen to "Zillow" economic predictions. How is the job market in YOUR area, I can tell you that just in yesterday's newspaper there were five pages of foreclosure filings AGAIN! If these people had decent paying jobs they are not likely to be on the "list". All real estate is local.
 
normando said:
When the market crashed after 2008, for the next several years, I was so busy appraising homes in the high tier homes. I'm not talking about mansions but high income areas. When market crashed, mortgage rates crashed and there was a refi boom which only the high income people could qualify and take advantage of. Only in recent several years have the low tier people been able to take advantage of the low rates with property values increasing since 2013.

What did you just say?
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Reality is just another stop along the way riding the train of time. What did I say? Mostly silliness. But, most of everything seems a little silly. Cheers Normando.
 
 
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