276,000 new homes per week going into foreclosure

By
Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

Pretty amazing stats if you ask me.  I was on a seminar with a well known speaker yesterday in the mortgage industry.  He was whipping out some facts.  We spoke a bit about how by 2010 less than 7% of the mortgage market should be refinances.  This means that there will be a huge shift in the way that we do business.  But what I found most interesting was the fact that foreclosures are still coming fast and furiously.  Just amazing.  Want to have your take on it and know your thoughts.

Not a lot to say...just looking for some feedback here!

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Rainmaker
1,317,701
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I must say I am not totally surpised in light of the high employment rates.  People are hestitant to buy because they are worried about their jobs... and others are losing their home due to layoffs and health care costs.

Jul 18, 2009 05:36 AM #1
Rainer
2,753
Rick Watson
My Loan Nightmare - Columbus, OH

Its a great opportunity for short sales..You should lik up with us...

Send me an e-mail if you could.

 

Rick Watson

Myloannightmare.com

savemyhome@myloannightmare.com

Jul 18, 2009 06:17 AM #2
Ambassador
1,280,818
Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

Larry - These numbers are amazing, although I will admit that I'm not surprised.  It seems like every time I turn around I hear about someone on the verge of losing their home.

Jul 18, 2009 06:22 AM #3
Rainer
295,611
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

Very sobering. And by what you say, thank God I have a purchase business. Also, there is no limit these days to those in trouble. EVERY aspect of society, rich, middle class, blue/white collar.

Jul 18, 2009 06:34 AM #4
Rainmaker
496,068
Richard T. Dolbeare, R(B)
eXp Realty - Wailuku, HI
R(B), ABR, CRS...Hawaii Multi-Island Specialist

I continue to see some really nasty foreclosure stats and unfortunately it's happening on our little Kauai as well.

Jul 18, 2009 06:34 AM #5
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896,135
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

Guys and gals...thanks....it's really sad.  It makes me think that the bailout was more like a "bucket-out".  I pray that things turn, but just the same.....May God be With Each and Every One of us!

Jul 18, 2009 09:09 AM #6
Rainmaker
519,945
Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

Larry, it's been a big train-wreck still happening out there.  We are starting to see "daylight" with improved processes and approvals for short-sales.  However, I'd think those short-sales ought to be counted in as well -- as many of those sales are folks who have lost all the equity they may have had in their home, and willl take hits to their credit.  I'm hopeful we'll be able to pull together and help those folks heal financially and eventually get back into being solid homeowners.  John

Jul 18, 2009 11:57 AM #7
Rainmaker
6,596
Bob Bloom
Keller Williams Realty - Vancouver, WA

With a predictable decrease in refinances, mortgage brokers are going to have to once again survive  because they have provided good service to the real estate agents. Should help shake out the industry a bit.

Jul 18, 2009 01:55 PM #8
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Larry Bettag

Vice-President of National Production
What to know how to buy if you're a bit credit challenged?
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