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Closure situation is severe foreclosures three months late they're improving.
But most of the homes that are -- are.
The homes are in foreclosure which means prices are down which means a home sales are.
Everything is just as struggling because there are a lot of it has a lot of people roost right it's no wonder -- we gonna get through the foreclosure issue I think that backlog.
I think that is really anybody's guess it's going to take a very very long time in my opinion and these things are market by market.
To think about it banks don't have much of an incentive to actually put somebody into foreclosure matters then they have to write down the value of the home and write down the value of the loan.
It's and the consumers are kind of staying in the home as long as they can they're not paying -- bills and I and this is just producing a drag on the entire house.
Daddy housing sector seriously they have different banks and others to -- to do it one -- is -- to clear out the demand and let prices really fall and how much they fall that -- happen it's anybody's guess but certainly probably another 1020%.
-- -- -- -- And I think well or you could increase the availability of credit and try to continue to support the housing market by keeping credit cheap which is what the government's current policies are.
Art in general trying to do try to keep mortgage rates very very low.
And try and hope that the jobs market -- hope that the economy recovers and now -- help lift the house in the in the -- lower interest rates are not helping they're helping a little bit but they're not helping the way they could and then also not as low as they are if you actually look at it right now.
Mortgage rates although historically low are actually higher.
From relationship to treasury bills and they've actually been in many many years from.
And that's because a lot of the government regulations have caused a lot of people to leave the industry and lenders are also very conservative right now.
So send out.
We are seeing.
In can't -- in -- contracts to buy -- yes science but we're not seeing that pending home sales contract actually close.
So we're not getting this out we're seeing the traffic we're not getting and so now -- -- is it too long -- relates.
Tune -- that relates to actually underlying appraisal issue so it's sounds very -- And again there are some markets where things are doing well which -- those are generally markets where you've got a good jobs picture generally in the midwest generally places where energy is doing very well Texas for example yeah.
-- actually told us that in Texas.
They have the lowest foreclosure backlog out there of just three years.
-- Texas -- a great housing market -- we're seeing in North Carolina where I'm more I'm from I'm hearing from realtors locally that the markets are are getting a little better have -- -- -- real estate is local right exactly and it really is sound but -- it's very difficult to get an appraisal right now so.
If you see a lot of because all these foreclosures sitting on the market so if you bought an owner occupied home it's a nice pretty home.
Somebody's living in it.
You can set a price for that but the problem is the one down the street.
The light fixtures have been have been taken in the -- not I know that brings Italian sound nice sound exactly -- since if you are seeing about a third of loans -- from my lender network and Lending Tree.
Are falling out because of appraisal they can.
I think -- one reserve of London's falling out because -- -- yes.
You did you the comments last week from Robert Shiller the economists say you know I did not so housing really all he said was it's going to take.
His it's his.
This is completely from him he said it kind of on a whim but -- take at least a generation.
And housing markets recover would you agree with that based -- what you see in -- talked to.
I hate it depends with a divided depends the definition of recover I think you'll see.
Home prices stabilize at these bottom level and already we're gonna go down much more homeless -- affordability hello could -- Well -- if you have foreclosures foreclosures flood the market then I think you could go another ten or 20% in some markets but I don't think you that'll happen.
Interest rates are so low as long as the jobs picture as long as we don't go back into double dip recession.
I think I think we're at or near the bottom.
OK so -- people listening in right now help themselves whether you're trying to sell your home or you're looking for -- hope that you get that market so if you're selling your home best thing you can do I think is to price it competitively priced -- where it needs to be a in make it look as good as you can.
And dress it up -- -- -- right price on and get the right price and be willing to take a deal.
And get it done like take your pain.
And move on with life around if you're buying a home it's so it's I think you look for a deal.
Recognize that you can you know bid low.
How you can make multiple bids I think it's good -- not fall in love with the house.
Necessary it and show it exactly.
I don't let that he tells little bit about your website -- it's kind of creative concept.
Absolutely Lending Tree dot com I found that it sixteen years ago after my own frustration getting a mortgage so that the rates that were in the newspaper or hanging on the bank.
-- on the bank window where the rates that once you walked in and and they said oh your creditor of the Euro LTV it's I think etc.
they dangled the teaser rates.
And suffice I don't -- -- create a system where banks compete for your business and give you empower the consumer to have the -- work for them.
We've had over thirty million people -- we've helped get loans.
And we help you through the process.
And our jobs to give you the -- most honest and unbiased advice that we can.
And we hope you do business with us but at the end of the day for a lot of customers the best -- for them -- one they've already got.
And we just went -- the consumer and hope we get our fair share OK and -- website is Lending Tree dot com.
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