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Where Will the Market Go? Will Real Estate Follow or Lead?

B1trying

Sophomore Member
Joined
Oct 10, 2011
Professional Status
Appraiser Trainee
State
Florida
I read somewhere that the problem in mortgages is that the servicers are still having to pay investors that hold the mortgage bonds and they are not getting paid from the delinquencies, but they have yet ear market any money to bail them out. They are not the big banks doing the servicing now so they have more limited resources to sit this thing out. If that is the case and they collapse we have another banking crisis like 08. Someone has got to pay the mortgage at some point. Whenever we reach that point will determine the housing market. Inventories were short and prices sky rocketing in 06. I have started getting orders for pre foreclosure work on million dollars second homes. First time in 7 or 8 years REO assignment Regional bank order 4 week before last and 1 this week. This concerns me. I am in Florida
 

Fernando

Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
In my town, I'm seeing a lot of remodeling considering lumber prices are high. May be it's cheaper to remodel than buy.
Maybe remodel before rain season comes. Seems like construction work doing fine. Restaurants still struggling.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
In my town, I'm seeing a lot of remodeling considering lumber prices are high. May be it's cheaper to remodel than buy.
Maybe remodel before rain season comes. Seems like construction work doing fine. Restaurants still struggling.

For a $2Mil or more house, who gives a rat about the price of lumber?
They are still tearing down little old houses to build McMonsters or a tract of homes here.
 

Charles West

Sophomore Member
Joined
Sep 14, 2004
Professional Status
Certified Residential Appraiser
State
California
I'm thinking the Donald is going to take it again, just my gut.
 

Fernando

Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
For a $2Mil or more house, who gives a rat about the price of lumber?
They are still tearing down little old houses to build McMonsters or a tract of homes here.
You're right, high priced homes don't care about lumber prices. I wasn't even aware lumber prices have climbed.
Just another item in pushing housing prices higher and higher.
I don't have problem tearing down old small homes for big ones. I call that highest and best use.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I don't have problem tearing down old small homes for big ones. I call that highest and best use.

Yep. And when you are in that hood, and subject is that little old house, especially if it is on a big lot.......
Beware the H&BU serpent. :leeann2:
 

Fernando

Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Today Dow Jones went up as high as 1,600 points but settle to 834 point increase.
Stock market thrill with vaccine coming and Biden as President and Republicans probably in control of Senate.
Everything is going right in right direction which the market likes. 2021 will be a good year.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I was talking to an AMC rep last night, called us about bidding an order. She said they were insanely busy, and ignoring client deadlines, bidding every order. We are quoting December 15 right now, and turning off clients until January. No signs of it letting up. And if they dump foreclosures on us on top of this...."ARRRGGHH
 
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