Posted on 10/13/2009 6:26:43 PM PDT by advance_copy
Despite signs of stabilization at the end of 2009, next year could prove treacherous for the housing and mortgage markets as a variety of woes could rekindle the falloff of the last two years, according to mortgage-industry veterans speaking at the Mortgage Bankers Association annual convention in San Diego Tuesday.
"I'm a firm prophet of the 'W' shaped recovery. Housing is going to go down again in the first quarter of 2010," said Steve Horne, chief executive of Wingspan Portfolio Advisors, a firm that facilitates loan modifications. "The real healing won't begin until all these nonperforming loans start trading in earnest, until we get these borrowers back on their feet."
David Lowman, CEO of Chase Home Lending, also thinks the mortgage market could run into trouble early next year, especially if the Federal Reserve ends its purchases of mortgage-backed securities, a strategy that has artificially supported liquidity and kept mortgage rates at historic lows.
"A lot does depend on how long the government keeps its buying up," he said. " Rates are at all-time lows, but once the buying stops we're going to come to a pretty hard stop. We're likely to see a much smaller mortgage market after the second quarter and later in 2010."
"We still have a crisis in the number of people who can't pay their mortgage, and we haven't seen the peak of that yet. It's going to weigh on us for several years," he said.
(Excerpt) Read more at nasdaq.com ...
Obama Appoints 'Accomplishments' Czar
WASHINGTON - President Barak Obama named a new "Presidential Accomplishments Czar" today. Mr. Obama appointed his long-time friend and mentor, Jack Diddly-Squat, who will be in charge of his administration's efforts as the leader of a new government agency.
The President appeared in the White House Press Briefing room. President Obama described how he has known Diddly-Squat for a long time.
"Since I was in college, I have known Jack Squat," Obama said, "a true friend and source of wisdom for me."
The President also announced a new government agency that will be run by Diddly-Squat. The new bureau will oversee the Obama administration's efforts under the label of reform.
"Today, I am putting Jack Diddly-Squat in charge of all of our reform efforts as the administrator of the new Federal Uniform Bureau of Active Reform," said Obama.
"To those who say we are not putting the right focus on getting things done here in Washington, I say we have now established that focus with FUBAR," the President proclaimed.
Vice President Joe Biden commented later from his office in the White House. When asked about the new agency and the President's choice to lead it, Biden said that he had just met the new administrator of FUBAR for the first time yesterday.
"To thell you the truth, I don't know Jack Diddly-Squat," Biden said as members of his staff nodded in agreement. "But I am really impressed and I'm confident that FUBAR will set the standard for everything our administration does."
“The real [economic] healing won’t begin until we have a true conservative and free marketer in the White House instead of the clueles, America-hating, palm-greaser for VOTES that currently occupies that address.”
There. Fixed it. :)
I expect the double-dip to come from commercial real estate. This is shaping up to be a totally crappy Christmas season. We are going to see a lot more store closings, led by the potential death of the huge Sears-Kmart chain. Owners of shopping centers and malls are going to start mailing in the keys soon afterwards.
Looks like we’ll be stuck in this increasingly ghetto-fying neighborhood for a LONG time.
Great job on fixing it! Thanks for the LOL.
It’s falling below replacement value with regards to appraisal methods in many places. Replacement value is the key (reality) measure IMO.
I’m in retail and you are 100% correct. We’re fairly insulated here in the Midwest. I manage a Garden Center and amazingly, our sales have been UP this season; it was stellar! Best sales ever since the Y2K panic, about a 30% increase all around. Everyone and their brother planted a garden this year, if not more than that. :)
Anyhow, we saw this coming and spent the last year downsizing and re-sizing our product mix and staffing.
I think we’ll have an average Christmas season; we’re gearing it toward natural products (fresh-cut, locally grown Christmas trees, roping and wreaths, gorgeous Poinsettias and Amaryllis bulbs and fancied up houseplants) and PRACTICAL, USEFUL and BEAUTIFUL gifts for the Gardener on your Christmas list.
I THINK we can pull it off. At least we’re going to give it our best shot! We’ll let the malls and the Wal-Marts and Targets ‘do’ an artificial Christmas; people want to nest with their families and hide under the covers until the 0bamastorm passes...and I live in a very BLUE state; our county was all in for 0bama. Go figure.
Thats my impression of the up coming Christmas shopping season too. They better not expect my family to pitch in,we`re hunkering down.Let Barky`s deadbeats spend their welfare checks to keep things going.
Where did you hear about the “potential death of ...Sears-Kmart chain?”
And hopefully you will get to keep your job.
BTTT
Economy is created by people. And one half of the what was formerly known as the American nation prefers socialism. Most of the remaining half is indifferent at best (witness class envy and anti-business and anti-CEO ravings on this "conservative" forum, for instance).
bookmark
Lots of people that have been buying are doing it for the 8 grand rebate. Me included. I was in the market but the rebate set the timing. I’m afraid the market will tank again when that goes away the end of November. All in O’s master plan in my opp.
“And hopefully you will get to keep your job.”
It’s looking good. I can’t see them firing me when I’ve INCREASED sales even in this 0bamaconomy. My ‘Big Bosses’ at the next level loathe 0bama, as every intelligent Conservative and/or Capitalist should! :)
And if not, I’m totally employable, and am working toward coming back to work on our farm full-time in the near future, anyway. Right now we need the health insurance for my husband who is self-employed, but 0bama is working on screwing THAT up for us as well! Jerk.
Well, it certainly won’t HURT to have a Capitalist, free-marketer in the White House. Probably the best we can hope for at this point in time. ;)
people want to nest with their families and hide under the covers until the 0bamastorm passes...and I live in a very BLUE state; our county was all in for 0bama. Go figure.
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Those who voted for Hopey the Clown and have had their eyes opened enough to realize their mistake are probably a lot more miserable than the rest of us. At least we don’t have to live with the knowledge that we were too stupid to see what was in front of our faces.
“Gardening is a great stay-at-home hobby in times of uncertainty.”
It is. And hopefully in times of plenty people will remember the days of want and keep up with it. The ‘trend’ is for us to have a very busy spring season for the next few years running. I’m ready. :)
“At least we don’t have to live with the knowledge that we were too stupid to see what was in front of our faces.”
I work with a number of LibTards that are strangely SILENT on ‘Dear Leader.’ When Presient Bush was in office you couldn’t shut them UP for one minute about how horrible things are, how evil he is, etc. Um...BEST ECONOMY EVER, you Dolts! The market was at 14K for Pete’s Sake! Where is it now? Hovers around 9k? Yeesh!
But I THINK they’re getting it. Cutting back their work hours and benefits seems to be showing them the light, LOL!
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