I know it has been several months since I have posted, honestly it has been a blood bath out there and tough to stay focused. There have been lots of changes on the Real Estate front to have been beaten up over. The saviour of the Short Sale program was supposed to be the HAFA program. I am not sure that we are any better off than we were before.
Currently I have two JP Morgan Chase (one is a legacy WaMu) Short Sale, and a Wells Fargo Short Sale with all with First and Seconds with the same institution. Nothing seems to be moving forward any quicker than they used to.
I have a new business partner and office mate, Catherine Myers. She has been working on Short Sales for the last several years. I have followed her BLOG, Contra Costa Short Sales and together we have been attempting to education the public as to how things are really going with the Big Banks. What an up hill battle! Together we have turned out to be a pretty great team.
I have some additional thoughts on the market. So here goes.
Banking: Yesterday I came across this article in DSNews. I was suprised to read that an independent credit rating company, Weiss Ratings rated the nations banks and their vulnerability to financial difficulties and possible failure. Click herefor a review of the article. Reading it was very enlightening. It makes me wonder how these large banks are going to process their shadow inventory. Given the recent history with Short Sales and the public (myself included) starting to not care about the banks financial health, they seem to have a HUGE public relations nightmare ahead for themselves.
I also found an article from another source HousingWire. I am still waiting for more information before I admit mistake or error in judgement. It appears as if the Federal Reserve leaving the MBS Market didn’t cause interest rates to climb as I previously predicted. I personally think that the credit crisis in Europe and specifically Greece, has delayed the increase in Mortgage Rates. But again, we will see. Click to see another public apology of someone who also thought rates were going to change.
I would be curious to hear what you all think about the market too. Feel free to comment, I would love to hear that I am crazy, or not…