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Tuesday, January 8, 2008
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7 comments:
I thnk we have our answer as to which one goes bankrupt first.
Who's next? I say one of the builders. KB had a lot of bad news today too.
Without its "innovative" products countrywide really doesn't have a reason to exist.
Now they are just one more lender making the exact same loans as everyone else to the exact same people.
I have no insight into whether or not countrywide will actually go bankrupt, but I don't think it really matters to the housing market in the long run. Their old business model is just as dead whether they go bankrupt or not.
The Fed better not prop any institution up.
There I warned them.
Possible bankruptcies of lending institutions will lead to other companies buying up their assets at fire sales and that will apply more downward pressure on housing prices. It is when that process is in an advanced stage that we can say the bottom is coming.
Things are now at such a stage that it is beyond the Fed's ability to rescue these lenders.
It would be interesting if someone bought up Countrywide's inventory of foreclosed houses...
the new owner might not feel a need to avoid booking a loss on them and actually price them to sell.
I got my first investment mortgage from Countrywide in 1998. It was straight by the book and they gave me a hard time because I brought only 25% to the table, and they wanted 30% down. My how times have changed.
AP
Mortgage Application Volume Skyrockets
Wednesday January 9, 7:29 am ET
Mortgage Application Volume Surges on Refinance Volume Growth and Declining Interest Rates
WASHINGTON (AP) -- Mortgage application volume skyrocketed 32.2 percent during the holiday shortened week ending Jan. 4, ending three consecutive weeks of sharp declines, according to the Mortgage Bankers Association's weekly application survey.
The MBA's application index jumped to 706 from 533.9 the previous week, which was also a holiday shortened week because of Christmas. The index can be more volatile around the holidays, as volume tends to be smaller and seasonal adjustments are made. During the same period the previous year, the application index jumped 16.6 percent.
Application volume is still 13 percent less than it was four weeks earlier when it began a run of steady declines. The index stood at 811.8 for the week ending Dec. 7.
Refinance volume increased 53.9 percent during the week ending Jan. 4, while purchase volume jumped 14.7 percent. Refinance applications accounted for 57.7 percent of total applications, compared with 50.9 percent the previous week.
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Interesting... I am sure this will result in another round of bottom calling...
The timing of this is odd though. It is too early for this to be related to the spring selling season and refinances appear to be leading the way. I wonder if this activity is tied to holiday credit card bills...
More likely it is just volatility in a short week. It is still well less than the level it was at a month ago.
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