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are mortgage brokers hurting now? ive gotten 3 calls this week from friends who are mb's asking for referrals. these were the same guys who were making $100k a month. wow have times changed
I have a couple friends in the biz and they aren't off too much, they are tops in their companies. It's the low level guys that will get washed out. Every business has its down cycle, theirs was coming for a while now.
There are a couple guys here in town, about 6-7 years in that havent seen much drop off in business. As Bueller mentioned, it is the guys a year in that are struggling… They got in at the top of the hype and are maxing credit cards to pay the Benz lease- act as if right???
they are hurting in my area of virginia. The only thing that is saving them is refinancing ARM’s. Houses that were selling new for 740k last year are finding no takers at 550. Condo sales have stopped and developers are walking away from projects. Just like csco and aol were not worth 500 billion and 200 billion in 2000, all houses are not worth 1 million.
Looked at my first condo the other day with the true intent of buying one in the next 6 months or so. Wanted to begin to get an idea of what was available out in the market. Looked at a 2BR/2.5BA about a half mile from the beach. Brand new everything, rooftop deck, etc. Was listed about 14 months ago at $725K, now at $625K. Am guessing by Jan 1st it will be offered aat around $550- 575K...
The market here is crapping the bed... Good for me...