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Mortgage applications shoot up

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moh malekpour

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Elite Member
Joined
May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
http://www.latimes.com/business/la-fi-loans7feb07,1,1590111.story?ctrack=2&cset=true
The desire to refinance at a lower rate leads to a surge in demand, but that doesn't mean the loans are being granted

More people are applying for home loans, but that doesn't mean they are getting them.

In a rare piece of good news for the mortgage industry, applications for home loans rose last week to a nearly four-year high after a sharp drop in interest rates on 30-year fixed-rate loans

Much of the surge in applications since the start of the year has been from homeowners looking to refinance at lower rates.

The real estate and mortgage industries hope that lower interest rates also will bring more buyers into the market, jump-starting the volume of home sales -- as well as mortgages on home purchases.

"Steep price declines in many areas coupled with historically low interest rates may be inducing buyers to get off the sidelines," said Lawrence Yun, chief economist with the National Assn. of Realtors.

http://money.cnn.com/2008/02/07/news/economy/homeowners_views/index.htm?postversion=2008020717
Survey shows 3 of 4 homeowners believe their home has gained or retained its value, despite evidence of price decline

Despite numerous reports showing home values in historic decline, more than three out of four homeowners believe their own home has not lost value in the past year, according to an online survey.

The survey was conducted by Harris Interactive for Zillow.com, a Web site that gives estimated home values.

The survey of 1,619 homeowners found 36% believe their home has increased in value, and another 41% believe their value has stayed the same. Only 23% believe their home has lost value.

"This survey reveals that despite the data to the contrary, people either aren't paying attention to their housing market or are in denial about their own home's value," said Stan Humphries, Zillow.com vice president of data & analytics.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
TRUE: BUT!! How many applications will make it past the round file?? OH thats right there are still some creative Appraisers out there. Had an Appraiser actually have a lender ASK how good are you at getting the STREACHING values TRUE STORY just this afternoon. For those of you in AZ that THINK nothing is happening TIME is getting VERY SHORT!!

" Go ahead make my day " Hit those values. Before you do you MAY want to attend an AZ "Bored" meeting.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Further, how many appraisals will they generate, anyway?

We just refinanced (15 year) and our lender used an AVM and the FMV from our tax bill. No appraisal.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
AVM First, 2nd a BPO, then PPO(Aka AAVM), then exterior, Then Comp Check, and maybe, just maybe, MAYBE, if comp check clears, an appraisal................Same Brothelhood mentality.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
If people around here could actually qualify for their existing loan balances, and if more properties had a value higher than their loan balance, and if more people didn't have neg-am loans, and if more people with neg-am loans hadn't been making their minimum loan payment for the last several years, and if prices weren't declining, and if there were any "good" recent comps, we could really be busy in this area. :D
 
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