Anyone here in the Real Estate business or a related field??

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Poohbair

Poohbair

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2 weeks ago American Home Mortgage closed down nation wide... like 7,800 people out of jobs...

Today Countrywide began laying off people with an estimated 3,800 jobs to be lost... and there is rumors flying around about Countrywide possibly being on the verge of bankruptcy

The sub-prime market is virtually non-existant.

Is this effecting anyone here?
 
It has not affected me, but in the past I have used both of these companys for Mortgages. With less companys to choose from we will have less options for loans.
 
The real estate industry down turn affected me, but not directly from the problems in the mortgate industry. I work(ed) in IT for a nationwide real estate marketing/lead generating company, they closed their satellite office here so once I'm done shutting down the site I'm laid off.
 
I heard the Yakima site was closing down.

My wife is a Loan officer that basically works from home and we don't rely on her income at all so the only way it is affecting us is that its going to be harder to get loans closed. Banks are wanting more down, higher interest, and better loan to value amounts. And like said above, sub prime is almost nonexistent right now.
 
I'm a realtor and my wife is a processor at an independent mortgage broker. It's hitting us pretty hard. We knew people in the American Home Mortgage layoffs, and Countrywide has definitely been tightening up. The overall picture does not look promising, though I think the action being taken is going to save our economy in the PNW from taking a massive dump like it did in the California and other large markets. There is still a market, but it's now catering to the crowd that's well established or those that got lucky selling their homes down south.
 
I have noticed considerably less lumber and wood products coming down out of Canada as a result of the drop in home construction. The weaker dollar is likely partially responsible for that, too.

I do not know how people could not have seen this collapse coming. Hard to believe that anyone actually believed more money could be lent to people who could not be reasonably expected to repay it or that property values would just continue to escalate. :looser:

ETA that I have also been affected in paying substantially higher property taxes due to the inflated property values caused by all of this irresponsible lending. Kind of hard to have any empathy for the mortgage industry right now. They brought it on themselves.
 
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My wife is an appraiser, I used to be. But we got an email from all of the banks in WA, saying that the market has dropped 20% in value(about 2 weeks ago). Country wide invested in a condo deal in Bainbridge Island that went under. That might be what is causing them to close down.

The good news is the percentage rate should be dropping too.
 
JOOP said:
My wife is an appraiser, I used to be. But we got an email from all of the banks in WA, saying that the market has dropped 20% in value(about 2 weeks ago). Country wide invested in a condo deal in Bainbridge Island that went under. That might be what is causing them to close down.

The good news is the percentage rate should be dropping too.
Click to expand...

It needs to hurry up and drop...I want better than the 30 year fixed I have at 5.5%
 
JOOP said:
My wife is an appraiser, I used to be. But we got an email from all of the banks in WA, saying that the market has dropped 20% in value(about 2 weeks ago). Country wide invested in a condo deal in Bainbridge Island that went under. That might be what is causing them to close down.

The good news is the percentage rate should be dropping too.
Click to expand...

however i was hoping to sell my house for a profit in the next year... if the market really tanks, that will impact the price of homes, and of course the amount of qualified, buyers that can get those.... :mad:

I so better be able to sell with more than what i put into this house, if not i will be unhappy! but on a great note, rentals were impossible to get, so I had to turn people away this year when renting as opposed to last year...
 
One thing I love about my place----I can't loose $$ on it even if the market REALLy went south....
 
This is a good thing for those of us who have good credit and can spend within our means and want to buy a home at some point in the future. For responsible credit users who know what they can afford and what they can't, it's going to be a buyer's market and I'm looking forward to it.
 
The effect from this will be widespread. It will nail the **** out of the construction industry. The tight credit conditions will put alot of projects on hold. You will see unemployment rates rise also. This whole subprime deal will be felt for a minimum of 12 months in many markets. The lenders should be prosocuted for writing such onesided loans, the borrowers should be hung for not knowing better:looser:
 
I'm selling my home soon and it will greatly affect the potential buyers and therefore me. I have so much equity I am not worried about losing, but I need to buy another home. Once mine sells I should be sitting pretty. Just a matter of when it sells and how much.
 
It's about time, this has been in need of major correction for quite sometime. Who thinks the Federal gov should bail everyone out?:haha:
 

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