Martin Wareing's Discussions

CL, We shouldn't be surprised about who quotes and how.. That quote came from First Horizons...  Ticker symbol FHN on the NYSE... DOWN 75% in the last 12 months...  I made bank buying puts against them last year..  Nothing wrong with FHA (Although I don't do it) and furthermore, nothing wrong with the SCPCA, NHRA, NRA and the NCAA as well.    I think we can all agree it is the C L O W N S that are still allowed to P I M P and abuse the acronyms.  Funny banter though and enjoy the electricity.   Good Stuff Maynard!

Does anyone have or get access to local RE sales  via MLS?  I'm in Orlando area, but the alarming trend that we have here is not so much the lowered sales figures, but the backup of inventory.  We sell about 1,000/month (and have had this trend since 09/07 after ALT A was removed in AUG '07)  with 25,000 in inventory. 3 years ago (MAR 2005)  2500 sales  and inventory of 3,000.  2 years ago (MAR 2006): 2800 sales and inventory of 14,000.  In 3 years we have gone from a couple months inventory to 25 months inventory.  Is anyone else seeing their markets backup at all? We're part of the posterchildren for declining markets, but wanted to know if there are any others in the orphanage.

God love horse country...  Does the County RE board publish stats.  Orlando does a great job of it even as ugly as it is currently.

Matt,Well said. My personal opinion about lending is that folks that pay their bills and have skin in the game should have something better than those that didn't. That was the exact opposite during the New Century run until the crash. Finally, FNMA is instilling a penalty for MOR credit scores. I have no issue with FHA. I have an issue with poor credit getting a better rate, but more importantly there are FHA license highjackers running around in FL at least. It's like a bad sequel: "FHA Originators Gone Wild". Kudos to you and using FHA properly. Much success to yo and the "Zips" and Aeros.  Have family up there and visit twice yearly.

BLTN, AA has a valid point, but the one thing I can say is it is very sad that Brokers, Lenders AND Consumers can't handle the TRUTH.  The truth is that without "JUNK FEES" or little micro-accounting slots in each company (credit report here, flood cert there, etc.) the rate would be a little (and I do mean) a little higher.  All of the JUNK Fees listed above are about $1500...  In a $200,000 loan... that is 3/4 of a point, but most people are allergic to the word points...  AND most buyers/borrowers want to "brag about the rate"  and marketing shows it is the rate that sells.  So, Lenders/Brokers, etc. are forced to "itemize" all the tiddlywink (but they do add up don't they) charges to keep the pretty little interest rate just the way you want to buy it.  The loan is a commodity, but the loan officer needs to be an expert.  I will say this, if you have excellent credit, you should get some type of relief from this.  To me and my firm gross revenue is gross revenue no matter what it is labeled.  If you don't like the LO, you can find another easily to like and trust.

AA, I have fired a couple of clients... It was actually pretty funny when it happened.  Good Stuff there Maynard!  Couple of chisels thinking I would be the lock and the float was elsewhere.  Never locked them and simply said, "I don't work for clients I don't trust".  "You can take that any way you want as I mean no harm, but it is accurate".  Thanks for stoppin' by... bu-bye.  Simple as that.

AZ, Here here on the anti-bailout sentiment.  Lending is simple when followed.... Loan money to people who pay it back....  This disaster is very simple... regardless of credit class and we know they were all represented...  Had every investor (the real ones) had 20% down payment  1) we would not have climbed like a meteor in prices and 2) we (the people who pay their bills) would not be asked to clean up the mess as the shuttle crashed back to earth.  I am not a mortgage snob, but what part of 598 score does not spell REPO..?  The bailout is going to be called the dragout and will take and cost almost as much as IRAQ when it is all said and done.  Love your takes... Brash, but funny and with some backbone.

In Central FL.. Prices since 2000 are basically went up at peak about 125% (2006ish numbers and maybe a peak in early 2007)..  Our situation is now just aobut affordability AND occupancy.  We have both to work through.  Other areas of the country may not have what we have and I don't wish anyone harm, but regardless of when, how fast and who does it... it is the people that paid their bills and taxes that will pay.  When the prices actually make the ful correction, they will not V up as people/2nd tier speculators and newbie homebuyers think mainly because the mortgage payments were just too high.  Lastly, deleveraging (ie downpayments of some sort + creditworthiness) will harness any springback for sure in my opinion.  We can have opinions about this and that, but the wreckage has not even begun to really come ashore here.  We may start bringing in more foreclosures to banks than MLS sales going out.  To me that does not spell growth.  We need to quit loaning money to LOSERS!

This housing issue has never been faced and was improperly calculated on the way up and will have a very strong suction on us all for some time.  We are braced as best we can in Central Florida, but we are feeling this may be a long cleanup.  I saw them on Squawk and felt the hosts must have had a cheerleading job previously, but then again if we woke up to them crying every morning...

3GVA, You are 2 funny.  It will be a "new day" when one of the real estate CEO's finally confesses that owning a home is "not necessarily"  (I'll even take those words) an investment, but a place to call your own and raise a family.  No "Car dealer" says that a TAHOE is an investment as you lose $8 - $10,000 driving it around the block  AND it costs another $90 to fill the tank to make it to the next block.  I tell my clients that are looking for a home to live in (not that much activity in Otown, FL) as long as they don't mention the words: equity, investment or good deal, I will handle their loan... Other than that....  there's the door.  It's not pretty out there, but why don't more people just shoot it straight.  We're big boys and girls, we can handle it.Like your candor.. funny and refreshing.