Years from now, college students will study the events that have occured in our industry over the last 12 months and the period leading up to it. I predict that the real estate industry lanscape and supporting cast will forever be changed.
I truely believe that this could be the thing that forces us in the "now" and "live on credit" society to change our ways.
Funny thing, I have done several loans for people on this board and it seems like the people that hunt and fish, appreciate the simple things in life have had the best credit and taken better care of themselves financially. Interesting!
Tough times in my business (mortgage)
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MemphisStockBroker
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- Joined: Thu Sep 06, 2001 12:01 am
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dukbum wrote:when ever you wanna hold a weedeater fer awhile or feel alittle heat bro just give ole bum a call
Bum I have done it before.. And if the Reporting business takes a dive I might have to call you up
But my wife and I watch these Home Shows on HGTV and I am amazed at the price of some of the houses and the loans these people do.. 100% financing on 5 year ARMs, refinancing and putting jet ski's in with the loan.. Going from 340,000 notes to 1.1 million dollar notes.. Just amazes me.. Course I was heading down the same path untill old Dave help me see the light..
http://safefireshooting.com/
"A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them"
-George Washington
"A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them"
-George Washington
Luckily......LUCKILY.....LUCKILY I'm finding a client or two here and there to keep afloat. These tough times will weed those agents out who can't make it w/o a check for 6,7,8 months or more, and lead to better times for those of us who can in a year or so. I just hope I can manage til then. I'll tell you who's REALLY hurting right now is the builders who flooded the market with houses going to "get rich quick". I know of a few builders who are just about to go under...some have 5 houses sitting, some have more...those interest payments are killing them.
It's better to have it and not need it, than need it and not have it.
There is a house in our neighborhood that has been up for sale for 2 years. Started out at 258 then to 239 last sign I saw was "Make a Reasonable Offer" It is still up for sale.
http://safefireshooting.com/
"A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them"
-George Washington
"A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them"
-George Washington
when i was in undergrad at USM in the late 90's, we talked about the savings and loan fiasco in the 80's until we were blue in the face. Seems like it has come back around where too many folks borrowing too much money for houses that aren't worth what they paid for them.
i heard a kia commercial the other day what said "do you have 199 dollas? do you have a job? if so, come on down and we can get you a new car."
no sooner had I heard the commercial, I was riding in my neighborhood and saw a darn "house for sale" sign what said "$100 down" for a 180k house in a neighborhood that use to be the place to live.
i heard a kia commercial the other day what said "do you have 199 dollas? do you have a job? if so, come on down and we can get you a new car."
no sooner had I heard the commercial, I was riding in my neighborhood and saw a darn "house for sale" sign what said "$100 down" for a 180k house in a neighborhood that use to be the place to live.
A few of my customers up here were getting ready to lay water and sewer and have been told to hold off until they can sell some more lots. Everyone is hurting right now, there are a bunch of out of town contractors around Memphis who underbid everyone to pick up work, and the Memphis boys are heading out of town too.
Josh Lantrip
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matador1
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we are in a "market adjustment" like we have never seen. I agree with Dutch, the people that make it through this will be the ones that are in it for the long haul. I plan on being one of those. You young guys take it from me. The days of borrowing 100% to buy a home are close to over. Save your money!
Question for you Southaven guys. What is the deal with land prices in Desoto county? I was talking to a company about a job in Senatobia, and was checking on land in Hernando and Desoto county (for the schools) and was wondering what in the HELL is up with the outrageous prices. Found one ad that come out to $31,000 per acre. 5 acre lot for $154k. I don't know what kind of money jobs are paying in the Desoto / Memphis area, but man you have to make some mega money to live there, or be in some serious debt. I think that is the major problem as to why nothing is selling...... not so much interest rates, but the total cost..... Avg people can't afford those mortgage payments. My question is, why is a piece of land worth that much money? 
How do you like your Hope and Change?
Matador and Dutch dog, give us some reasoning behind what you are saying... Why?, is the "market" slowing( I think that is what you are saying).
Sound familiar?
A government big enough to give you everything you want, is strong enough to take everything you have. -Thomas Jefferson
From each according to his ability, to each according to his needs.- Karl Marx
A government big enough to give you everything you want, is strong enough to take everything you have. -Thomas Jefferson
From each according to his ability, to each according to his needs.- Karl Marx
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rjohnson
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cwinkler wrote:There is a house in our neighborhood that has been up for sale for 2 years. Started out at 258 then to 239 last sign I saw was "Make a Reasonable Offer" It is still up for sale.
Where do you live and what's the address of that house?
http://www.lithicIT.com My biz
rjohnson wrote:cwinkler wrote:There is a house in our neighborhood that has been up for sale for 2 years. Started out at 258 then to 239 last sign I saw was "Make a Reasonable Offer" It is still up for sale.
Where do you live and what's the address of that house?
Cornerstone.. Just looked it up online it is now listed with an agent for 248,900 the address is 309 Faithway Drive..
http://safefireshooting.com/
"A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them"
-George Washington
"A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them"
-George Washington
I do real estate auctions all over the country, and I can tell you right now that it is probably worse than you realize in other parts of the country. California is probably worse than anywhere, lenders were doing stuff out there that defies all reason and sensibility. My cousin retired out of the navy and went to work for a contractor right outside LA. He had to to move off base and was looking at houses and they were going to put him in a 700,000 zero lot line 1800sf house with him making right at $80k a year 
He was smart enough not to do it and move back home but there were a lot of people out there who did do it and thats why we are in the situation we are today.
You would think the auction business would be booming, but it's as bad as it has ever been as well. Its hard to sell something when they're upside down in it with liens. I agree with the earlier poster, this is going to be some variation of the S&L deal from years before. We shall see.
He was smart enough not to do it and move back home but there were a lot of people out there who did do it and thats why we are in the situation we are today.
You would think the auction business would be booming, but it's as bad as it has ever been as well. Its hard to sell something when they're upside down in it with liens. I agree with the earlier poster, this is going to be some variation of the S&L deal from years before. We shall see.
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