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OH NO!!! MORE GOOD NEWS!

By
Mortgage and Lending with Christensen Financial Mortgage 385907

We need to get this straight. I don't even care if it is TRUE! I want the national media to stop reporting good news. To me, it seems out of character for them and they are just out of practice. So I want them to STOP!  NOW! please.

CNN reports;

MORTGAGE DEMAND JUMPS, BANKERS SAY.

Well what do you think about that? 

A very interesting note in the article also states that the ARM share of activity increased. I'm not sure that I know what to make of that.

As a couple of throw ins they went on to mention that NAR said last week that pending sales of previously owned homes rose at their fastest pace in nearly 3 years in June. Hmmmm.

In what is now old news, they threw in a mention of Countrywide's 187 Billion Dollar stash.

This is worth repeating. Mortgage demand jumps! It's got such a nice sound to it I'm tempted to say it again, but I'll gather up some self restraint.

I like the sound of this so much I think I'll get myself all spiffed up and go out an see some Realtors. Maybe I'll even buy a new suit. 

A word of caution though;

BEWARE of that pent up (buyers) demand. 

It could cause a problem with your vacation plans and those weekends off, that some of you have been getting used to. Oh well.

» Bill Burress Nationwide Mortgage Originator
» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

Jay:

Maybe we can lobby the press to stop the good news.  People will not know how to act when reading good news.

Remember, in any market movement is what creates revenue.  Too long at any point whether its at a low point, a high point or steady does not creat revenue.  It looks like the market movers are trying to get this thing rolling again.  Damn the torpedos!  Full speed Ahead!

Aug 08, 2007 01:33 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale
Oh yeah...and I just happen to have vacation planned for the first week in September. The great news is that I'm so busy now that I barely have time to finish this comment.
Aug 08, 2007 01:41 AM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production
I'm stunned when the media reports anything good, except for that rare "feel good 2 second ditty" at the end of each newscast.  great post
Aug 08, 2007 01:44 AM
Rosario Lewis
DDR Realty - Newburgh, NY
GRI, SRES - DDR Realty - Orange County, NY
I've come to expect all television news to be bad news. When I do hear good news, I find myself waiting for a nasty, negative punchline.
Aug 08, 2007 01:51 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
GOOD NEWS!  I'll take it!  I love pent up buyers -- they are the best -- rates are a little lower -- and hopefully we can bring sellers and buyer together.  I love early fall vacations -- no problem -- I am READY!
Aug 08, 2007 02:15 AM
Leo Namiot - LeoLends.com
Canopy Mortgage - Leo Namiot - Saint Augustine, FL
More than just great rates
Looks like rates got a little better today..... Home buyers "make that deal"
Aug 08, 2007 02:41 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

to all, this is great such a wonderful initial response to "good news." i knew we were out there.

jay 

Aug 08, 2007 02:46 AM
Rob Wesler
Harborview Financial Partners, LLC - Land O Lakes, FL
From the mortgage side of things, while lenders and programs seem to be dumping all around us, busienss is in fact brisk and the pipelines are growing....
Aug 08, 2007 02:51 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

rob,

there are plenty of great mortgage programs still available. keep writing them.

good luck

jay 

Aug 08, 2007 03:22 AM
Angelo Mozilo
Housing Blog - Hermosa Beach, CA

There goes the cheerleading media again..

say this five times...

MORTGAGE REJECTIONS GREW MUCH FASTER!!!

MORTGAGE REJECTIONS GREW MUCH FASTER!!!

MORTGAGE REJECTIONS GREW MUCH FASTER!!!

MORTGAGE REJECTIONS GREW MUCH FASTER!!!

MORTGAGE REJECTIONS GREW MUCH FASTER!!!

Meida bias....the just can't burn their major customer...those classified home ads

Aug 08, 2007 03:32 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

angelo,

i don't believe that to be true and i have no data to support that. after my initial interview with a client i know whether to proceed or not. i don't get many rejections. i think i've had 1 this year.

you sound like you might want to try another career field. good luck to you.

jay 

Aug 08, 2007 04:04 AM
Anonymous
Mikey

Angelo said it less nicely, but if you graph the Mortgage Application Index over time it has risen after each market disruption episode. More of the same people are applying to different places when loans blow up. There is also a compositional shift bias to the data, the data only looks at 50% of the mortgage market (some of the big banks basically) and when the pass through lenders blow up the big banks take a bigger market share (thus the numbers rise, but doesnt represent increased demand).

If you watch the data the Mortgage Application index generally preceded sales, this relationship has broken down since the beginning of this year due to the massive changes in the lending industry.

Aug 08, 2007 07:32 AM
#13
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

well mikey,

i don't believe that our recent experience compares with previous "market disruption episodes" as you describe them. bank and mortgage banking data would be more accurate as many brokers, who were subprime specialists, were well known for sending applicants to several different entities to see where it would stick.

the market is correcting itself, business is increasing, and the sun is still in the sky.

good luck to you.

jay 

Aug 08, 2007 08:45 AM
Jay LaGace
RE/MAX Realty Team - Cape Coral, FL
Cape Coral / Lee County Real Estate - 239-443-8795

Its 10PM and I just walked in the door about 20 minutes ago, after walking in the Office door at 8AM this morning.. Things are looking good, phones are ringing, showings are UP and contracts are being written....

 

ITS ALL GOOD.

Aug 08, 2007 02:02 PM
Joan Mirantz
Homequest Real Estate - Concord, NH
Realtor, GRI, CBR, SRES - Concord New Hampshire

 

Jay...from now on when I need a pick me up I'll tune in here!

I'd go for the new suit! The Realtors might expect you to furnish lunch!

Aug 08, 2007 03:23 PM
Lanre-"THE REAL ESTATE FARMER" Folayan
Samson Properties - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Good news. If only the pent up buyers can come out of where they are hiding at in DC and Maryland.

Aug 08, 2007 04:46 PM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

hey Jay,

do you need a wake up call for the morning?

thanks Joan,

both positive and negative attitudes are self fulfilling. all you have to decide is which side of the fence you'd like to be on.

Lanre,

they will, they will. 

 Jay

Aug 09, 2007 12:16 AM
Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains
I feel like we are puppets and the media has us all on a string.  If I actually heard good news from the media instead of their constant "sky is falling" I am sure I would go into shock.  As for vacation and weekends off, I have to say, I for one have worked harder than ever during this market just to try to find and keep business.  It's a continuous effort no matter, whether in good times or bad times.  Thanks for your post.
Aug 09, 2007 11:41 AM
Esko Kiuru
Bethesda, MD

Jay,

It's true. Positive news haven't done so well lately. But the mortgage demand going up is music to our ears in the real estate industry. Let's hope that the somewhat tentative buyers finally realize that there are plenty of great deals to be had and come out and make some offers. There is lots of money available at low rates, so why not.

Aug 09, 2007 05:07 PM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Donna,

just keep working it and the rewards will come.

Esko,

it would be nice if buyers realized that we cannot predict the future. in sw fla we have great prices, great choices, and great rates, now.

good luck to you both,

jay 

Aug 10, 2007 12:45 AM