BofA RE Agent Survey: Another Leg Down in Traffic

Submitted by
CalculatedRisk on Fri, 06/29/2007 - 12:49pm (17 comments)
Yal wrote on Fri, 6/29/2007 - 1:05 pm

Titanic ? - Na:

Bear Stearns `Not Titanic,' Citibank Says `Buy' Bonds (Update1) - Bloomberg.com

But maybe: Hindenburg Ome - Wikipedia, the free encyclopedia

Geoff wrote on Fri, 6/29/2007 - 1:10 pm

Ok, not an iceberg. Not the Titanic. That leaves a giant pool of ice cold water as the only other choice. I sure as hell ain't jumpin in.

theroxylandr wrote on Fri, 6/29/2007 - 1:25 pm

Did you see ABX indexes today? It's horror!

Red Pill wrote on Fri, 6/29/2007 - 1:26 pm

"Buyers Take Their Time and Watch Prices Drift Lower"

This sentence describes me perfectly.

The Hindenburg Omen. I swear I am endlessly tickled by the jargon that pops out of finance.

I don't know about the Hindenburg Omen,but this potential home buyer thinks the market is going down like a lead zeppelin.

dotcommunist wrote on Fri, 6/29/2007 - 1:28 pm

ABX-HE-A 06-2

I guess the worst isn't over. Ooops.

Ministry of Truth wrote on Fri, 6/29/2007 - 1:40 pm

American Home Loan Repurchases Mount, Shares Plunge
American Home Loan Repurchases Mount, Shares Plunge (Update3) - Bloomberg.com

winjr wrote on Fri, 6/29/2007 - 1:46 pm

"going down like a lead zeppelin."

Red Pill, just as an aside, that was Keith Moon's comment on Jimmy Page's new band. The rest is history.

Red Pill wrote on Fri, 6/29/2007 - 1:53 pm

"Red Pill, just as an aside, that was Keith Moon's comment on Jimmy Page's new band. The rest is history."

Yes, but this time I think the analogy will be more apt. Smile

Called_Bluff wrote on Fri, 6/29/2007 - 2:09 pm

The only thing I see is more volatility(thank goodness)
just like GS said was to happen a few weeks ago...
and bofa to-
variance and vol market's are pricing in 1% daily spu moves...

Y. S. Wayne wrote on Fri, 6/29/2007 - 3:04 pm

I am looking at a chart from Minyanville on June 19, 2007, and over a 12 year period traffic never got as low as 25. I think by late October we should have a better idea how deep this housing trench could get. That is when the real panic will begin.

billygoat wrote on Fri, 6/29/2007 - 3:30 pm

Drifting lower? You betcha - especially when so many buyers are shut out. Could you imagine if the below happens in the CA mkt?? This might not sting as much in CO; home values are still at a level that people actually make enough income to buy CO homes and can therefore go Full Doc.

But in CA, where (at best) only 1 out of 5 (1 outta 8 in my area) people can afford the median home price, taking away stated, NIV, etc would take out most people from buying. Income/home price ratio is simply so far outta whack. Full Doc ratios for most CA borrowers simply don't work.

Colorado Lending Update:

The Colorado legislature has enacted SB 07-216 and HF 07-1322 (collectively referred to as “the Acts”), which among other provisions, require that mortgage brokers make a “reasonable inquiry” about the borrower's income and obligations prior to recommending a particular program or product; prohibit mortgage brokers from recommending or inducing borrowers to enter into a transaction that does not have a reasonable tangible net benefit; and prohibit mortgage brokers and mortgage originators from engaging in “unconscionable” practices. SB 07-216 is effective July 1, 2007, and SB 07-1322 became effective June 1, 2007. The changes described in this Alert are effective for loans closed on or after July 1, 2007.

WinStar Mortgage Partners Policy relative to this legislation:
Because the Act requires residential mortgage brokers to make a reasonable inquiry into a borrower's income, WinStar Mortgage Partners will not close, fund or purchase any loan secured by property in Colorado originated with the following documentation:

• No Ratio
• No Income/No Asset
• No Doc
• NINANE
• NIVA (Limited Doc)
• Stated Income
• Stated Income/Stated Asset

(emphasis mine)

ron wrote on Fri, 6/29/2007 - 4:21 pm

The only aspect of the RE business that is seeing increasing business is sign making " price reduced" seems to be pretty popular around here.

Allenm wrote on Fri, 6/29/2007 - 4:48 pm

Excellent, to paraphrase Mr. Montgomery Burns. My evil plans to purchase a nice summer home/winter getaway in Colorado proceed apace.

When the last boomer has decided that there is no alternative to Countrywide REO status, I will be buying...

Patience can be a very profitable virtue...especially with no signs of a bottom in sight;-}

Someday this war's gonna end...

DB wrote on Fri, 6/29/2007 - 6:23 pm

Wow. MLS nationwide listings BOOMING once again. I am tracking another large spike in housing inventory going up on MLS.

Add in large increases in foreclosures (subprime and Alt-A resets), new home production (these guys are still pounding nails) and a cautious & patient buyer (who can't sell his/her house to buy anyway, and has an ever-growing negative savings rate), and you have a recipe for a housing depression and major deflation.

I believe we will soon witness massive reductions in national home prices in the near future...and median prices falling by 3%-5% PER MONTH, with cumulative declines from the top approaching 20% by year end.

Buckle up friends, because the money manager/hedge funds that invested in the Street's highly levered "nuclear" derivative products rely on one thing at the end of the day; the underlying home mortgage collateral that is in the process of blowing up as we read....Bill Gross's commentary is spot on. IMHO Do your own due diligence.

Stuart wrote on Fri, 6/29/2007 - 6:37 pm

Homepage:

"Did you see ABX indexes today? It's horror!"

I know, absolutely abysmal looking and one has to realize it's going to get alot worse. You know when I was looking at that graph, I wondered.... How are the Sr. Execs at MBIA feeling these days. You don't hear much about them. Must still all have their heads int he toilets barging their guts out. MBIA=RIP=ALOT OF TEARS. Sad was greed and dishonesty can lead too.

idoc wrote on Sat, 6/30/2007 - 5:30 am

can someone direct me to a site that tracks intraday or real time ABX index?

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