Well, maybe the mortgage bankers at Wells can get a job driving the stagecoach
Boy, if I was a mortgage broker or banker, I'd be looking for something new to do with my life right about... now!
Wells Fargo, one of the nation's largest mortgage lenders, felt the impact of the slowdown in the housing market in the quarter. The bank said home mortgage revenue declined 43 percent, from $1.5 billion in the first quarter of 2005 to $853 million in the first quarter of this year.
April 19, 2006
Mortgage banking implodes.
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4 comments:
What happens to the Builder's unsold inventory when they file for BK.
Do all these properties get dumped on the market at an auction fire sale to payoff the builder's creditors?
If so, I would expect hugh discounts over 40% off of orginal asking prices.
I drove Interstate 10 for the first time in a long while on the extreme West side of Phoenix today. Out just past Buckeye. I did not have my digital camera but I will make a return trip there just to show HP'ers this . It's a wow!! Talk about overbuilding coupled with overpricing.
Piles of unsold homes. Lots of for sale signs. Just incredible. And here's the kicker. They are still building further west like thre's no end in sight. No one's buying.
It's the same in TX. Subdivisions are sprouting up from Dallas north to the Oklahoma border and east towards Louisiana and are stretching south now. The population would have to double in the next 5 years to fill those houses up. Even then, I don't know who would want to live in a subdivision in the middle of nowhere.
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