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Mortgage Apps. Highest in 2 Years - MBA

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Mike Kennedy

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Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
http://news.yahoo.com/s/nm/20071212/bs_nm/usa_economy_mortgages_dc

Interesting slant .......

"Rates cuts can indirectly help the banking system weather the credit problems," he said. "But it has not yet resulted and won't any time soon result in an increase in demand for housing because we've taken so many potential buyers out of the market with the increase in lending standards."

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i.e. "potential buyers" who shouldn't have been sold the sub loans in the first place
 
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Claude From NY

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
New York
"anecdotes show they are actually applying for more mortgages with more companies"

So where's all the work?

"Higher applications are not necessarily as indicative of demand as they might have been before,"
 

Randolph Kinney

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Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Lenders are much more stringent in extending credit after being stung by loans that had been doled out when practices were much looser. Last week the MBA reported record foreclosures as well as a record pace of loans entering the foreclosure process in the third quarter.
Multiple applications for a loan does indeed make the increase almost meaningless. However, what is clear is the number of homes coming back on the market from foreclosure has and is increasing. So the increase in mortgage applications may not be reflecting a real market turn around.
 

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
I am getting a lot of cancellations lately. The appraisal gets ordered and then the deal collapses over some credit issue. Had one cancel at the door for a 2:00 appointment made the night before. Got back and there was a cancellation on the website from noon so I was SOL on a trip fee. Not a convenient location either.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
It's kind of like the showman who is working two yo-yo's and juggling three hatchets.....all at the same time.

The appraiser waits patiently from a safe distance, and says.....when you're finished with all that preliminary stuff.....do let me know, and I'll get started on the appraisal that you will need. No, no, you keep going there, just let me know when you're done.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
I figure it shouldn't be much longer that these LO's will stop spending the money they don't have sending garbage out, telling peepole that are upside down that they can help them.

Kinda like the construction still going on here; ask why their still building & the stupidest answer from a builder that has five homes for sale for over 120 days, well we still gotta work.
 

AppraizinAZ

Junior Member
Joined
Dec 31, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
Does anybody in AZ know what the current percentage of people moving here is compared to last year?? It's gotta be a large percentage down..I can't believe all the construction, yet no biz or sales..
 
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