Suddenly, the realtor and mortgage brokers here on FR went ape crazy. I was even wrongfully accused of misrepresenting the contents of the report. I was vilified because the article referred to commercial lenders rather lenders specializing in residential real estate. That was a baseless allegation and was based upon a logical fallacy. The argument highlighted a distinction without any true significance.
Most commercial lenders have far more experience that residential lenders. All the commercial lenders I have dealt with over the years have college degrees. Many have MBA degrees. Most commercial lenders had years of residential lending experience before they were qualified to move up to the higher paying jobs. Most of the residential lenders I have met in the past 35 years are bank loan officers. In other words, a diligent teller who earned a promotion after taking a few certification courses.
And that was the sum and substance of that worthless attack leveled by Petronski and his realtor and/or mortgage broker groupies.
Say what you will. There is a housing bubble. Nearly everybody of importance in the lending business agrees. And the mere fact that a few of you attack me recklessly at every turn is not going to shut me up.
Like who?
I was vilified because the article referred to commercial lenders rather lenders specializing in residential real estate.
Why should we care what commercial lenders think?
All the commercial lenders I have dealt with over the years have college degrees. Many have MBA degrees.
Oh, then they must be right. LOL!!
Say what you will. There is a housing bubble.
So how far will prices drop? Will they drop to last years level?
And the mere fact that a few of you attack me recklessly at every turn is not going to shut me up.
Why don't you tell us again how grocery prices rose 30% in one month? That was funny!!
How much have housing prices gone up since you "saw" the bubble in hot markets in 2003? As I said, I expect a mild deflation myself - now - in hot markets. But I didn't see that in 2003. I saw that in 2005, as interest rates began their creep up combined with price levels. In fact I bought a house in the desert in California in 2003 (La Quinta), somewhat on an impulse. I liked the lot. I posted a pic of it in 2004 on this very site. It basically doubled in value since then. Did I expect that? No. Did I expect some appreciation? Yes. I thought housing prices in that market were somewhat undervalued, maybe by about 20%-25%. It turned out to be 50%, for some properties. And so it goes. Crude macro analyses just don't cut it. Really.
Most commercial lenders have far more experience that residential lenders. All the commercial lenders I have dealt with over the years have college degrees. Many have MBA degrees Most of the residential lenders I have met in the past 35 years are bank loan officers. In other words, a diligent teller who earned a promotion after taking a few certification courses.LOL!
All you need to have in California to be a loan officer, ANY loan officer, including commercial, is a Real Estate license...period....Yes that's right. The same person you despise selling houses at exorbitant burst the bubble prices can also do commercial loans under the same license in California.
Oh and what are the requirements for getting a Real Estate License to be a commercial loan officer?...Pass a test.