For the past 90 days my volume of REO properties, and requests for BPO's have sky rocketed. The release of the moratorium on foreclosures is the reason. Last April And May, I had thought that the light in the tunnel was indicating that we were coming out of the down draft market.
My mistake, it was a train coming instead. The volume of business that I am now experiencing indicates that this train will probably carry me well into the year 2010. Does not bode well for that person looking to take advantage of current interest rates.
Refinancing that multiple mortgage or ARM is a crap shoot. The comparables are starting to drop faster than at the beginning of the year.
Of course there is always that silver lining in the clouds. If you have the money, you are going to come out of this very wealthy at the end of this downward spiral.
David A. Spencer
Broker and Licensed Instructor
Get your license today.