RICS Say it's close to bottoming

shirlgirl2004

ruggedtoast wrote: »

I suspect you may be seeing some of those houses again come August.

Thus far that hasn't been the case. There is one that I would love to come back on the market and I would pay the asking price for it but I don't think it's going to.

Davesnave

lostinrates wrote: »

OK, what is that?

http://www.urbandictionary.com/define.php?term=mad%20dog%2020%2F20

http://everything2.com/title/MD%252020%252F20

lostinrates

Davesnave wrote: »

http://www.urbandictionary.com/define.php?term=mad%20dog%2020%2F20

http://everything2.com/title/MD%252020%252F20

Oh! We drank quite differently at school.:o

ShelleyC_2

Mad Dog was horrid but we kept getting it :rotfl:

bubblesmoney

RICS probably needs to talk a bit straight.

look at what mortgage bankers association across the ocean is saying. and what blows there definitely has big effects on banks and on us here unfortunately.

WASHINGTON, D.C. (May 28, 2009)
According the MBA’s National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties was 8.22 percent on a non-seasonally adjusted basis, down 41 basis points from 8.63 percent in the fourth quarter of 2008. Delinquency rates always decline in the first quarter of the year due to a variety of seasonal factors. After accounting for these factors, the seasonally adjusted delinquency rate was 9.12 percent of all loans outstanding as of the end of the first quarter of 2009, up 124 basis points from the fourth quarter of 2008, and up 277 basis points from one year ago.
The seasonally adjusted rate is the highest in the MBA’s records going back to 1972 and the unadjusted rate is the highest recorded in the first quarter of any year back to 1972.
The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the first quarter was 3.85 percent, an increase of 55 basis points from the fourth quarter of 2008 and up 138 basis points from one year ago. Both the foreclosure inventory percentage and the quarter to quarter increase are record highs.
The combined percentage of loans in foreclosure and at least one payment past due, meaning the percentage of mortgage holders not current on their mortgages, was 12.07 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey.
“The increase in the foreclosure number is sobering but not unexpected. The rate of foreclosure starts remained essentially flat for the last three quarters of 2008 and we suspected that the numbers were artificially low due to various state and local moratoria, the Fannie Mae and Freddie Mac halt on foreclosures, and various company-level moratoria,” said Jay Brinkmann, MBA’s chief economist. “Now that the guidelines of the administration’s loan modification programs are known, combined with the large number of vacant homes with past due mortgages, the pace of foreclosures has stepped up considerably.”
“In looking at these numbers, it is important to focus on what has changed as well what continue to be the key drivers of foreclosures. What has changed is the shifting of the problem somewhat away from the subprime and option ARM/Alt-A loans to the prime fixed-rate loans. The foreclosure rate on prime fixed-rate loans has doubled in the last year, and, for the first time since the rapid growth of subprime lending, prime fixed-rate loans now represent the largest share of new foreclosures. In addition, almost half of the overall increase in foreclosure starts we saw in the first quarter was due to the increase in prime fixed-rate loans. More than anything else, this points to the impact of the recession and drops in employment on mortgage defaults.
.....................
“Looking forward, it does not appear the level of mortgage defaults will begin to fall until after the employment situation begins to improve. MBA’s forecast, a view now shared by the Federal Reserve and others, is that the unemployment rate will not hit its peak until mid-2010. Since changes in mortgage performance lag changes in the level of employment, it is unlikely we will see much of an improvement until after that*************,” said Brinkmann.

**************please note the last sentence and that it is said by the mortgage bankers association in usa. if mortgage bankers dont expect the situation to improve then i dont know where the greenshoots are coming from and we havent even started the commercial real estate tumble yet!

MrDT

lostinrates wrote: »

OK, what is that?

:eek:

You haven't lived!!!

lostinrates

MrDT wrote: »

:eek:

You haven't lived!!!

You know what, if drink what that soundslike is living I'm content not have lived !:beer: