Who else is dead slow lately?

[Sandra Koutsopoulos]

So the "Good News" is that a bunch of ppl will soon find themselves in foreclosure, and there will be more work for appraisers to value Short Sales and REOs. The potential decrease in value (again) that economic chaos and recessions typically brings will reduce values across the US by up to 30% depending on the length of THIS government-caused potential recession. And as a bonus for us, forensic field reviews will be more in demand as the AI-driven values of loans with waivers will be looked at with a critical eye.

Or am I just a pessimist this morning?

 

[glenn walker]

Once the two party systems are destroyed their won't be any Civil Wars the right will do to the left what has to be done and that's isolate them into a small group which can be contained and watched.

Once they lose control of the media which they dominated since the seventies they can't spread the woke progressive disease anymore to the youth and public.

 

[NC Appraising]

I'm slammed.

I'm starting to see a pattern.
1. Complex homes.
2. Homes with value issues.

That's all I get. Taking twice as long. One of my best clients has a base fee of $780, which sounds high, but the reports are taking twice as long.

 

[Terrel L. Shields]

the divisiveness really started under Obama.

I'm slammed.

I'm starting to see a pattern.
1. Complex homes.
2. Homes with value issues.

That's all I get. Taking twice as long. One of my best clients has a base fee of $780, which sounds high, but the reports are taking twice as long.

Wally World is still going great guns here, but I expect to see a lot of over-priced property that will be difficult to sell. I am thinking, if 2008 was any indicator, the first to break will be Manf. houses. We are seeing them approach $200/SF on small acreage lots. Older fixer-upper homes. Selling $80 a SF or more. FHA financing - that was a major over-priced area although many were held up by government programs like HARP, and never really went under but were zombies. Large overbuilt "ranches" and commercial buildings out in the country. Many have never recovered to date. Resold for less than half their cost.

 

[Bobby Bucks]

BTW - the divisiveness really started under Obama.

Very true. Obama was the one who ordered his shock troops to “get in their neighbor’s faces” about his election. A low class thing to ask voters to do.

 

[J Grant]

Very true. Obama was the one who ordered his shock troops to “get in their neighbor’s faces” about his election. A low class thing to ask voters to do.

The country was never this divided under Obama - and you had to dig deep and go all teh way back to find one stray statement of his , vs the 24/7 vile hate and division coming From Trump - that democrats are the enemy, people yelling Lock her up at HC rallies, saying immigrants are poisoning the blood, etc .

 

[Terrel L. Shields]

go all teh way back to find one stray statement of his

He made a number of such statements, and it embolden those who thought there was 'racism' involved.

As for activity, we'd had a lull due to weather. And as of today, I have no assignments pending although I only want 1 or 2 per week in any event. I have a doctor's appointment today anyway.

 

[Mark K]

BTW - the divisiveness really started under Obama.

And Obama started most of it when he allowed the convicted felon George Floyd's death to be used as an excuse for looting, mass riots and burning cities and he did nothing except called them 'peaceful protests'. Complete lack of leadership. He could have stopped them with one brief TV appeal but he sat back and did nothing, the cowardly, racist POS.

 

[Bobby Bucks]

So the "Good News" is that a bunch of ppl will soon fin

So the "Good News" is that a bunch of ppl will soon find themselves in foreclosure, and there will be more work for appraisers to value Short Sales and REOs. The potential decrease in value (again) that economic chaos and recessions typically brings will reduce values across the US by up to 30% depending on the length of THIS government-caused potential recession. And as a bonus for us, forensic field reviews will be more in demand as the AI-driven values of loans with waivers will be looked at with a critical eye.

Or am I just a pessimist this morning?

The pre-foreclosures and servicing assignments I'm getting are not short sales since there is some equity there, sometimes a significant amount. ie. $400,000 OV on a property with a $250,000 1st mortgage and no second or equity line. I have to assume they're going to restructure or modify the loan and not foreclose. It also seems to be increasing the number of listings of properties in C4 or C% condition since some of those people are in a pinch for funds and can't refinance due to credit issues, etc. The equity picture for REO/short sales/pre-foreclosures looks much different than it was in 2006-2009. Of course FHA Reverse REOs tend to stay the same.

 

[TerryRohrer]

The pre-foreclosures and servicing assignments I'm getting are not short sales since there is some equity there, sometimes a significant amount. ie. $400,000 OV on a property with a $250,000 1st mortgage and no second or equity line. I have to assume they're going to restructure or modify the loan and not foreclose. It also seems to be increasing the number of listings of properties in C4 or C% condition since some of those people are in a pinch for funds and can't refinance due to credit issues, etc. The equity picture for REO/short sales/pre-foreclosures looks much different than it was in 2006-2009. Of course FHA Reverse REOs tend to stay the same.

The biggest unknown is how many delinquent loans the GSEs will be selling off at a discount, and how many of those will be restructured behind the scenes by investors. Whatever the answers, they don't suggest greater appraisal volumes.

"Since the program’s inception in 2014, the report shows, the GSEs have sold 171,333 NPLs with a total unpaid principal balance (UPB) of $31.4 billion through June 30, 2024.

The loans included in these NPL sales had an average delinquency of 2.8 years, and an average current mark-to-market loan-to-value (LTV) ratio of 82%. Foreclosure was avoided for borrowers in 40% of the 165,643 loans sold.

The Non-Performing Loan Sales program reduces the number of deeply delinquent loans in the GSEs’ portfolios and transfers credit risk to the private sector. FHFA and the GSEs impose requirements on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure. At December 31, 2023, the GSEs held 42,667 NPLs in portfolio, of which 7% were sold and settled during the first half of 2024."

FHFA Releases Update on Non-Performing GSE Loans - The MortgagePoint

FHFA issues an update on transactions by Fannie Mae and Freddie Mac, intended to transfer credit risk and improve outcomes for homeowners.

themortgagepoint.com