tag:blogger.com,1999:blog-6241005.post5972499379199947683..comments2023-10-22T12:07:58.724-04:00Comments on LowellDeeds: Refi's Up - OrdNo's UpDickhttp://www.blogger.com/profile/13384070121091883552noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6241005.post-36635690385201189472012-08-15T10:49:40.720-04:002012-08-15T10:49:40.720-04:00Thanks, as always, for these great updates!!!
Sad...Thanks, as always, for these great updates!!!<br /><br />Sadly, a bump in refi's won't increase the amount of credit money available to would-be homeowners, (it's just shifting the deck chairs on existing loans and eating into bank profitability by reducing the rate they're receiving), nor helping to buoy the real estate market. (Nothing changing hands). It's absolutely great for folks getting a break on their monthlies, or gaining free capital for investment elsewhere, (food?), but it's still not getting capital to those parts of the market where it's most acutely needed. (Perhaps the people on the losing end of some of those OON's could use some cheaper credit).<br /><br />In addition, the scope of under-performing (aka non-performing) assets on bank books is staggering, with continued potential to disrupt the economy as failed banks are brought into the clean disinfecting sunlight of fair valuation. I know of one particular property in Boston that was surrendered as part of a bankruptcy TWO YEARS ago for which the bank has yet to even stop sending cheerful mortgage bills and accept the deed, let alone recognize it's got a white elephant on its hands. I'm sure it'll become one of those OON's before it's finally auctioned off who knows how many years from now. But such sclerosis in the real estate chain will take years to resolve.<br /><br />Good luck to all of us!Craig Hhttps://www.blogger.com/profile/09824029248081902170noreply@blogger.com