How is the Mortgage Market doing in California?
by Mortgage Rates on Tuesday, October 19th, 2010 | 4 Comments
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its better than the media would have you believe. sub-prime loans are getting a little ugly, but all in all its a good time to be in cali. still refi’s-a-plenty, if you can get them done. the only thing that is causing somewhat of a slow down is underwriting. since guidelines are changing all the time, underwriters are being extra picky.
I ALSO LIVE IN CALI… and am doing just fine in this market. I understand the fact that its a buyers market. that doesnt mean that its slow. there are still tons of people refinancing, and still a mass of people moving out to cali. you just have to know where to look.
The question is about LO’s and processors, not agents. LO’s that were counting on calling leads the rest of their life are no doubt dying on the vine. people with a good knowledge and a strong referral base are doing fine. my processor just bought a new house… and a big one at that. market cant be that bad. stop reading the paper, you are only perpetuating what the media wants us to think. ITS NOT THAT BAD.
and also… i think you just proved my point about the media.
NOT SO FATTY—-personal experience…loans (particualry ARMs) are defaulting at a rediculous rate!
property values declining at a even moe rediculous rate!……
THUS CAUSING FORECLOSURES!!!!!!!!!!!!!!
selling – slow.
buying – slow
take a look at the LA TIMES or SD UNION——terrible market for sellers…buyers may be able to make a great deal and renters are screwed!
good luck
I have to agree with Fatty, the people who are knowledgable and have kept up their data base are doing fine. Your going to get a lot of different answers to this question but the people who actually know what they are doing and stay on top of their loan programs are doing fine.
I live and work in So. California and I am having a better year this year than I did last year. I get 95% of my business from referrals because I advertise to my past clients and stay in touch with them every month.
My clients needs always come first.
Mark Marchand
Your Mortgage Consultant For Life.
“EXCELLENT”