Wednesday, April 04, 2007

"A buildup in housing inventory means that responsible buyers will be able to purchase homes at more affordable prices"

From CBSMarketwatch:

WASHINGTON (MarketWatch) -- It is difficult for the Federal Reserve to gauge the true health of the housing sector given the recent damage in the subprime mortgage market, said Richard Fisher, the president of the Dallas Fed Bank on Wednesday. He said the housing markets may "feel some short-term pain" because 40% of homebuyers last year were nonprime, either subprime or Alt-A loans. This pain will make it "less clear whether housing construction has bottomed and how long the housing downturn may last," Fisher said. Fisher said the economy will grow more slowly because of the housing market, but is strong enough "to weather this storm." A buildup in housing inventory means that responsible buyers will be able to purchase homes at more affordable prices, he said

5 comments:

Bakersfield Bubble said...

“Jim Stasiowski, a mortgage consultant for Countrywide Home Loans in Leesburg, said his company, like many nationwide, is dealing with a major spike in foreclosures. ‘The worst of it is still yet to come,’ he said.”

“He said one of the problems is there are no licensing requirements for mortgage brokers. ‘You can be a shoe salesman one day and the next say, ‘I’m a mortgage broker.’”

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Any shoe salesmen here? LMFAO!!!!

Bakersfield Bubble said...

http://www.timescommunity.com/site/tab1.cfm?newsid=18167037&BRD=2553&PAG=461&dept_id=507589&rfi=6

Bakersfield Bubble said...

‘You can be a shoe salesman one day and the next say, ‘I’m a mortgage broker.’”
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Still LMFAO!!!!

Chris said...

Hey, don't insult the shoe salesmen, mentioning them in the same sentence as the mortgage broker... At least the shoe salesman has to learn to operate that little shoe fitting thingie. The mortgage broker has to practice saying, "No Job? No Assets? Bad credit? No problem".

Realestateslasher said...

How about a shoe salesman one day in the morning shift take realestate test in fresno in the late after noone Pass the test and now turn me loose on the repos , Forclosers , and all the shortsales banked owned propertys if I can shoes I can sell Repos
Lets all make some money