This is a re-post from RealtyPilotCEO (Christian Broadwell):
Historically, summer has been a peak season for real estate. Statistically people look at more houses and buy as well. It makes sense - the weather is more condusive to driving around and viewing property in most reagions (sorry Arizona, but you have a lot of A/C) and the kids schedules are a bit more flexible now that school is out (unless you have a little leaguer, a gymnast, a bowler, a summer camper....need I go on parents?).
Nonetheless, I'm a bit perplexed as to what will TRULY happen this summer (2010). In 2012 I'd love to look back at this blog and see how close I get to the mark. Without further ado here are my predications:
- Fannie Mae will explode with default servicing assignments.
- Short sale (pre-approved) will dovetail with REO.
- Default servicing will experience a hard-hit message about their level of service and have to ramp up their service efforts.
- Lending will get back on track AFTER credit scoring is re-vamped.
- Credit scores will have a whole new formula that will be more complex than before (let's not forget the old saying, "the devil is in the details").
- Preditory lending will come back as soon as lending ramps back up, but the penalties will be severe.
- Larger amounts of consumer savings will occur thus reducing spending and down payments.
- More sophisticated technology will allow consumers to manage debt and spending better.
- Realty Pilot will be THE cutting edge when it comes to asset management.
- Everything will be automated, but still require human quality control.
What do you think?
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