BPO orders have ceased for me. I was getting 5 per day for the past couple months. In the past 5 days, I have gotten 1 order. Any idea whats going on?

MA

I snagged 3 from EML this morning..had more to choose from but too far.....I think it was a major drop, nation wide, as it took forever to get an acceptance email back from them....was slow last week, though....

Last week was really slow only picked up 20 orders, so far today I'm up to 17 orders. Hopefully this will keep up for the rest of the week.

I was almost at my all time record in the month of Jan & now for Feb I am probably at 1/3 of that. It has been really slow this month.

last week I was 1/3 volume. the 2 weeks prior to that I was running normal, 17-20 a week.

4 today. As monday goes, so goes the week I always say.

ya running steady here, although last month was my best month in 9 months...

Really slow here for me...

Slow last week but picking up.

January was pretty good for me, first week of February was really slow but as I look at the month had just as much work as in January.
If the 3rd month of the quarter is supposed to be the best hopefully we will all have more work in March.

I have 7 on the books already for March! Looking good.

I am in Calif. Slow, slow, slow!

It's stead for me at 20-25 bpos/week.

i thought the last month had been slow but looking back i think it was just more sporadic... where id go 4 days a week with nothing due but orders were there right before or due right after.
Just sent the husband to deposit checks for the month and counted up what i will have coming in for orders we did this month and it wasn't bad, not my best month but not as bad as i was thinking..
I've just gotten used to not having a day where im not working on a bpo!!
lor

In NYC, Feb worst month in about 9 months, last week was awful..this week alittle better. Feb was the best for me, with about 60 for the month.

It Sounds like a Tale of Two Cities.

I bounced back to normal this week 17 for the week-last week was very slow. REO up 3 this week, thats high for me.

Correction..Jan was the best for me..with 60..Feb worst

down 15% from last month

In CA, first part of week was definately slow.... but Wells Fargo seemed to place a large bulk drop so now I'm doing what I normally would for the entire week this weekend......

don't you love that bpoorder? Happy to have the work, but there goes the weekend. Same situation out here. At least it is 45 and rainy, not 75 and sunny. That takes some of the sting out of it.

February was my best month ever, despite turning down quite a few orders that were low pay/lengthy distances.

It's been balls to the wall here for the last two weeks.

I have noticed in the past two months that the first few days of the month I feel I'm at a stand still, but around the 6th things start to pick up; I usually feel a little sick to my stomach when I don't see any orders during those first few days and hover over the computer. This month, I'm lucky enough to have a few closings so I'm going to see if I can improve my "energy" the first few days, and let the universe bring it to me!

I agree, Char. I didn't have any orders last month until the 6th. But, luckily I have had 2 closings since then and have 3 pending and we are working another offer - so I am not going to stress. Especially since I hardly did any orders last Feb. It's interesting to note, too, that I seem to be working for a completely different group of companies this year. Oh where has my CC gone?

I have always thought the major bpo issuers bid the orders out to the outsourcers for in contracts for 6 months or a year. I think they are in a jockeying phase now.

January was Rockin but February wasn't even Rollin.

All eyes are on March.

All eyes are on March!! ditto!

feb. came in like a lion and went out like a lamb !!

:-)~

Yes it's really odd how you switch "regulars' My steadies the past two months have dwindled to about 3 and those 3 are not the same companies who feed me in November and December.

Anybody still slow??

I've seen a MAJOR hike in orders in my area.

March is in like a lion for me.

I've been too busy to post!

15 Real Estate Listings, Homes for Sale and Rental Property Listings – REALTOR.com®

This is Realtor.coms ranking on ALEXA.com. This is a web traffic website. 15th on a Sat night at 1130. pretty suprising. maybe a leading indicator.

Sad news, economy does stink....I went back to check for an update. Realtor.com plunged to #30 and # 6 was Superhero Costumes Poll - Inside Movies Blog. Not good folks.

Oh man...where does the line for the soup kitchen start? #1 was Fifty-Dollar-an-Hour Earning Power

Not worth starting a new thread - But I received this Link, I thought would have some good info on my NCAR BIC News Brief Newsletter, I guessed Wrong - Thanks NCAR - I need more competition ;);)

zero orders in 72 hours......what is going on?

Total uncertainty is entering into the market place. Obama has "confused" the economic message and there is no confidence in the "short term"......short term probably means 6-9 months of "dead time"....more job losses, more store closings, more small business closings, more car lots gone...less buyers for homes are prices continue to drop......less listings...as sellers freeze on what to do and try for a loan modification workout.....buyers...freeze up over economic uncertainty regardless of low interest rates. REO's "COULD" freeze if the goverment decides to buy some big banks and stop all foreclosures for a 6 or 9 month time period. We all thought maybe BPO and REO would last for another few years but I am beginning to think there is a new economic plan brewing behind the scenes at the federal goverment level in an attempt to stop the stock market from hitting 5,000 or less on the Dow.....to do this requires MAJOR MAJOR GOVERNMENT INTERVENTION thus suspending all previous ways of doing real estate, banking, mortgages, stocks, etc...

I wonder what our role as brokers will evolve into...

You may get the new nickname of Mr. Doom&Gloom (or Ms.), lol

Actually I remember on one of the Biz shows in early January some were saying that O would only fain trying to fix the economy, but the true objective would be to put us into a position where more governmental intervention was really necessary - to promote his more socialistic ideas and platforms. I wish they would just back off more then anything.

I told my broker if he takes my rent out of a check again, I will sue him. Obama told me he was going to take care of all of that.

My whole point is not to scare anyone....but to be a practical, realist. Many, Many, changes have happened in the real estate market in 2007 and 2008 and that was BEFORE.....Obama. The unemployment is far worse and getting worse every month. The stock market has gone down significantly since Obama has been elected....more negative news every single day. Even Warren Buffet said today on TV, "the economy has fallen off a cliff" now that is Warren Buffet ! Now when famous billionaires start complaining and actually have the fortitude to come out and say the truth about how things really are........then that is when you know its worse then your brokerage firm has told you or what
the NAR tells its memembers. I saw my first recession in 1966 and I will tell you nothing absolutely nothing is as bad as today and it is all NO CONFIDENCE IN THE SHORT TERM !

Employment where I'm at is 85%!!!

That's pretty awesome! That's a lot of people gainfully employed.

60's were a boom in my area - Greater Chicago area, NW In. We had the Vietnam war train chugging along pretty good.

Now the mid to late 50's was a different story.

I WAS A KID -- OK

Stock market as of today is down 56% from its high....biggest drop since the great depression...Banks going down......companies going down...and a new mortgage loan modification program with even more uncertainy in it.....real estate market will continue to slide into a "freeze up" mode until people feel confident. As he did today on TV, when Warren Buffett complains that everything sucks in the economy that has more meaning and weight then anything any single realtor can say about their particular BPO or REO business as a 'snapshot" of today...Today is messed up and NO ONE.......knows what is coming tomorrow....its the lack of visibility that is the most distressing.

Here are some other samples of what Buffet said (just in an attempt to balance out all of the Chicken Littles here):

* Five years from now, the economy will be running fine. The strength of the American system will pull it through, just as it has many times in the past.

* Most banks are in "pretty good shape" and can "earn their way out" of the current problems given the low cost of funds. Banks, however, "need to get back to banking."

* Housing market could work through, or "sop up," its excess supply in as little as three years if new construction is reduced to a level below natural population growth

Just a couple of comments to balance things out....

My business is showing a 20%-25% increase from last year even with the moratoriums in effect. For the one month (February) where my clients were not affected by moratoriums, my business was up 400%. Just balancing out the doom and gloom.

And the more people like you sit around and gab about how horrible it is, it will continue to get worse. I promise.

I object and will not participate in any so-called recession. In fact, my husband tells me I'm single-handedly trying to prop up the economy.

Mr. Doom&Gloom,

Do you also realize the number of real estate companies Buffet owns across the country??

Are you about to sing a Country Western Song about this?

It is what it is - we'll deal with it as it comes - and buy stock on the way down.

Denial is a great thing.......Dow was down again today, it is now down 56% from Oct 2007... must it go to 62% down or 70% before denial changes? What is the number for the stock market or unemployment or foreclosures before everyone, EVEN REALTORS, agree we are in bad economic times?

When do we ALL really agree things are bad? If is not that bad now, fellow Realtors, what is the definition of a a bad economy?

What has to happen before we say "now it is really bad" ?

What is the Objective ? Who's trying to convince whom, of what, and why ?

I will say it "is now really bad" . . . . but much worse is yet to come ! . . . . Still, I remain hopeful that I am wrong.

I've prepared for 6 to 8 years of bad times; and that's probably not going to be enough. You still have to get up every morning and make the best of whatever opportunities present themselves, and be thankful for them.

D&G - I respect you for your prior accomplishments in life - but at this point in your life and at this point here in this forum - what is it you are looking so desperately for, how is it you feel we should be responding???

Everyone here is face to face with the realities of today's economy. Certainly you don't feel you have told us anything new - like we have been Ostriches with our heads in the sand.

Get over it chum - a little goes a long way here at times. Take a step back, regroup, and see that you will be OK.

Don't worry, the man above won't give us any more then we can handle.

I'm looking for a few positive and informative posts from you, don't disappoint me.

And don't even begin to think I'm being mean - I'm saving you from yourself here - just like I said I wasn't going to do anymore.

There are those that choose to look at hard times as something to be suffered, and then there are those of us that look at them as opportunities to maximize our future opportunities. It all depends on where you stand going into the downturn.

Strange though, that an attorney would be so gloomy about it. My most valued mentor is an attorney and always reminds me that attorneys and realtors can make money no matter what the economy if they are positioned correctly and are prepared to be pathfinders. He and I are both busier than ever.

Some people will always do well, regardless of what circumstances or environment they face. And some will not.

Some people will analyze a situation and come to the conclusion that it's hopeless. Some people will analyze that same situation and identify an opportunity to pounce on and exploit.

Because of these differences you won't likely find that "we ALL really agree" on a darn thing. Your assessment that those that don't agree with you are in denial tells me which category you're in. Broaden your horizons. Get counseling, get medication, but don't think the rest of the world has to follow you on your downward spiral. It's practically a concession speech and I personally know too many participants in this forum that don't subscribe to the philosophy of giving up.

But hey, if it makes you feel better, I agree. It's a really bad economy. I'm doing my best to prop it up. What are you doing?

I couldn't agree with you more, Pinehurst RE Guy, about Obama's socialist agenda!! Congress needs to step in before they are made completely irrelevant.

I think it was on Forbes on Fox on Saturday a.m. One of the guys said the Dow will have bottomed out the very day the govt stops the bailouts & stimulus nonsense. The very next day, there will be an uptick in the Dow and the economy will begin to grow again. I agree with that. Wish now that I'd been paying more attention to "who" said it!

We've got lots of beans 'n rice, and we can garden. We'll be okay in the worst of times . . . Which things really could be way worse than they are. And, sorry, D&G, but I can't even say "It's bad! It's really bad!" even to appease you.

I'm not close enough to it nor have I studied it enough to call this my point of view, I was merely parroting the thoughts of others on a business program.

but I have heard others espouse the same things.

I'm sure I'm one of the ones this was directed at, but I'm not in denial. Sorry. My business is increasing and I am positioning myself for further growth this year. Like others here have said, you get to choose how you want to approach the challenges life has thrown at you.



<sarcasm>It is really bad. Life sucks. The economy sucks. Government sucks. Having to work so hard for low pay sucks. Repeating myself ad nauseum to buyer's agents who don't read my instructions sucks. Title companies suck. Lenders suck. My beloved Dallas Cowboys even suck. Everybody sucks. Happy????</sarcasm>

Dont need counseling or medication...Just wanted to get some Realtors out of denial......See I am not in denial. I thought, but not so sure now, but thought, if I could get more Realtors out of denial maybe more Realtors would put more pressure on our local and national associations to do a better job of getting the Obama administration to FIX HOUSING the correct way.....its not just about me.....or realtors... it is about the hundreds of people I know and see that are not in real estate that are also suffering from this economy!

My comments were out of line. I apologize for that.

I'm just a believer that the less intervention the better.

CalifBroker, what would you say is the correct way to fix housing?

I too am intrigued to know

Sound Wisdom I do believe - but I have heard (truly) that if O's Plan A doesn't work there is a Plan B - which of course is more of Plan A

Well I dont profess to know the answer, but, from the people I deal with....here in California, where property had gone down 65% or more......when whole communities have thousands of homes that have de-value to such a degree, homeowners are walking away,why keep a mortgage for $460K if the property is worth $180K,each property walk-away affects that street which affects the next street etc. Obama needs to bring the banks to write down their loses and also write down the lose of these property, unfortunately certain communities or towns or states need to be
re-set...stop giving money to wall street and to banks.....save people in their homes by re-setting the mortgage liability and house values will recover in a short period of time. just re-booth the real estate market. the economy starts with people and regular people can stop the economy quicker then a bunch of idiots on wall street, regular people can just stop buying houses, cars, clothes, vacations and well you see the effect and it hits everyone..If CITI bank goes down I dont care......dont bank there dont own stock there.

We sure do own stock there - and plenty of it

I didn't want them to buy anyone or anything - didn't want to bail them out or any of them out - don't want to give them anymore of our grand kids money either.

Let the free market take care of itself. I agree with the previous posts... the more Gov intervention, the worse it will get. The more the gov tries to bail everyone out, the less the consumer confidence in the overall marketplace. If the gov legislates the forcing of lenders to reduce priincipal and interest and profit, why would they want to lend? Lenders lend to make a profit. If the lenders dont lend then borrowers cant borrow, and the lenders dont make a profit. If they dont make a profit, nobody invests in them. Nobody invests in them, they dont exist. If lenders dont exist, who will be the lenders/banks then??? The Gov??

"The end of Liberty is when the Federal Government has complete control of the Banks" - Thomas Jefferson

Yeah like 75%!!!!!!!!!!!

Perhaps my take is an oversimplification of things...

If home values in California go down I don't care. I don't own property there.

Oooooh!

I'm just sayin!!!

I think it is a very valid counter to CalifBroker2009's statement.

Not one person requested my ABA routing number and bank account number when they were pocketing their astronomical profits on their real estate appreciation. Why the heck is it ok for Uncle Sam to reach in there and yank my money out now??? Heck, we've lived with a paltry 3% (or so) annual appreciation on our real estate for ages while other areas artificially inflated their real estate values. Why the heck should my heart break for them now?

Where was the intervention when I wasn't getting 25% annual appreciation on my real estate? CRAZY CONCEPT HUH???

Nuh uh. I do not care.

Because they entered a legal contract to do so. It's a risk you take in purchasing any commodity, and to just walk away shouldn't excuse a person from the commitment they made.

I am tired of people just 'giving up' when things don't come easy. It makes me physically ill.

This is a VERY shortsighted plan. So, neighbor A falls behind on his mortgage and gets a new mortgage amount equal to the current value of the property. What about neighbor B who has not fallen behind? What do you think he's gonna do? Yep, he's gonna default so his mortgage can be reset. Or, you are proposing to reset a whole neighborhood, town, or state regardless of whether or not a borrower is behind. Then, you get to answer to the 40%+ of American homeowners who own their home outright. Do you refund them their money? Do you pay them cash for the deficit? Because that is, of course, what you are proposing to do for borrowers--just give them money. Or you answer to the neighboring neighborhood, town, or state whose values have not been reset. What about them??? Sorry, but the answer to this problem is to modify the loans (not balances owed) if a borrower can make the payment, foreclose on those that can't, and resell the homes. The prices on the property won't fall to zero. Look at Texas--we have some of the lowest home values (albeit steadiest) in the country. There are several neighborhoods here where foreclosures are the majority. Home prices are not decreasing values that much, if any. In fact, the city I live in has actually seen appreciation over the last 12 months. I think if you would step back, calm down, and think rationally, you might gain a different perspective on the situation.

Things have been worked into a insane frenzy. Now they want to just excuse debt? As other posters have mentioned: why does the other guy get a break when I planned right, worked hard, bought at the right price and paid my way. When do I get my break? No to Cram-downs. I saw this guy with his family on CNN. He was taking about how he might lose his $1,000,000 house. There he was playing on the floor with his kids in a enormous family room with cathedral ceiling, beutitful wall-to-wall windows and a giant fireplace. Boy he sure is living comfy.....here I sit in a 6 rm 3 bed cape. Should I have gone hog wild and bought the giant 4000sq ft house with the fireplace and catheral ceiling for my family? Then just reach out my hand and say "bail-out please"

Yes. It seems to have become the American way.

Stocks open higher on Citi news

Stocks open higher after Citi says operating at profit, Bernanke calls for bank reform

* Sara Lepro, AP Business Writer
* Tuesday March 10, 2009, 9:43 am EDT

NEW YORK (AP) -- Stocks are rising after troubled Citigroup said it operated at a profit during the first two months of the year.

Citi Chief Executive Vikram Pandit says the bank had an operating profit of $8.3 billion before taxes and special items through February. Word of the bank's performance is breaking, at least for the moment, a torrent of bad news from the banking industry that has pounded financial stocks and in turn, the overall market.

Meanwhile, Federal Reserve Chairman Ben Bernanke is calling for a revamp of the country's financial regulatory system.

In the first few minutes of trading, the Dow Jones industrial average is up 123 at 6,670. The Standard & Poor's 500 index is up 15 at 692, while the Nasdaq composite index is up 26 at 1,295.

Recession is over !......Stocks will rise back to 14,000 or 17,000 by end of June.....Housing sales will increase 81% for
2009 and realtor commission fees will rise to 9%. unemployment will be 1% and Obama will give a paycheck to those 1% unemployed so he can claim unemployment is actually 0%. CITI bank buys, GM, Honda, Toyota. Bank of American enters the real estate business as a large brokerage firm. Opps alarm went off......time to wake up and face reality!

I think the point was... it may not be as doom and gloom as some make it out to be and government intervention may not be all that necessary. We live in America, the home of capitalism, where there are winners and losers, where some fail and some succeed. If it wasnt for Thomas Edison's first 999 failures, we wouldnt have the lightbulb. Markets fluctuate. Businesses fail. Businesses succeed. All part of what makes this country great. What propels one further?? the prospect of success or the fear of failure? Businesses need to fail every now and then, to make way for entrepeneurial spirit and ingenuity.

Just was laughing at a 1 hour snapshot of the DOW today as some sorta of perverted example.......its all gonna be ok now. We got years of economic pain to wade through......Then the economy will be better balanced and less people overall in this country will be hurting.

Right now, though, its about more then just Realtors, folks...there are other people out there in this economy
that I see everyday who dont care about buying a house, dont want to sell their house, they want a loan modification and then just want to live in peace without fear of more economic pain.

I owe too much on my home... I hate making my payments on twice my home's value... do you think I can get some relief??

If you were these people's mortgage holder (Seller carry) or landlord, and they stopped paying you and were begging for "relief", how would you approach the situation????????????????????

Well, if my tenants don't pay their rent, i issue a "Pay or Quit" letter with about a 5-day wait period; if they don't catch up in those 5 days, I file to evict through small claims court. Fortunately, most of my renters are pretty responsible people & I have had to evict few over the past 7 yrs. The idea behind that: rent is my prime source of income - and I have bills to pay too! Have any of them really ever ended up homeless? Not that I'm aware of - I usually know where they land.

You don't say? That must be happening in California only.

Then they should just go eat worms.

The fear of economic pain is a just fact of life, and it won't go away with a loan modification.

That makes absolutely perfect sense to me

2 orders in 4 days....I normally average 4-5 a day

I've only had 1 in the past 2 days, last week I had 21. What's going on?

Ah............we are in a major major recession,money is tight, buyers are afraid to make a move AND real estate is entering a "cold freeze period"...caused by uncertainty in the minds of banks, mortgage servicers and homeowners regarding all the details and working of Obama's Housing Recovery plan and his Mortgage Loan Modification program !!!

Order will pick up!!!

You didnt answer my question... If you were these people's mortgage holder (Seller carry) or landlord, and they stopped paying you and were begging for "relief", how would you approach the situation????????????????????

Just curious

Order will pick up!!! Those that believe there is an endless supply of BPO and REO work.....or mostly likely the same Realtors that were in denial in 2006 and 2007 that the market would SIGNICANTLY change downward or crash. The Obama adminstation is not going to allow a long long run of foreclosures as this rest of the economy is screeching to a halt.

The real estate market will enter a zombie period or major slowdown while the Mortgage Modification plan and other housing efforts work their way through the system. I cant say when it will warm up again......but the uncertainty must be removed before retail market changes for the better and there is not an
endless supply or BPO or REO work all that could be changed by Obama administration antyime as the changes the rules of the game
on everything daily!

Wow, I actually think you might be dumber than I thought. The point wasn't to show a snapshot of the Dow, but (as Keene so wonderfully pointed out) that CITI is turning a profit. If things are so bad, go buy years worth of fresh water and move back to your Y2K bunker. Damn, I feel bad for the people you "counsel" as an attorney. Do you even have a client list still? I would be shocked if all of them hadn't put a bullet in their head yet after listing to your Chicken Little prognosis. And that is not sarcasm. Amazing.

He may very well be the single most annoying member I have stumbled across on this board.

They have absolutely no concept of how the industry functions, much less what a BPO is.

No way am I getting involved in this conversation. But, to stay on topic, I'm in Southern CA. Was very busy last week. Very slow this week. Anyone in CA busy this week? I have a tendency to get paranoid if I'm not careful. :)

This thread started out about the lack of orders or assignments - and that has been carried forward sandwiched between posts about the state of the economy which is really off topic but as things go here - still understandable considering the thread title.

For those wishing to post about the volume of orders the past few weeks and what is to come, I revived the thread that WillChea started concerning the moratoriums, so you can post about orders there as well and follow up with what happens to orders as the moratoriums ends at for the different agencies and companies.

I tried to help keep the dogs off but evidently my efforts weren't appreciated or necessary - so play nice and remember you all are suppose to be professionals - no name calling - use facts and references - review the rules of this forum and enjoy

my posts always go off topic....

O my gosh... Im so glad Im in the midwest...steady as she goes...normal day, normal # of orders...and can you believe it... a couple of listings...a couple of buyers... 2 contracts... one pending...life is good...

MArealtor - I better keep an eye on you then of you're going to start trouble all the time

so what do you propose we do about it? besides put a bullet in our heads

why its so slow here... Im going to go horseback riding...Tally Ho!

I do not know ditty - but cheerio

People like us stay busy because positive attitudes attract buyers and sellers. Why would anyone want to get into real estate if their Realtor was alerting them of the end of the world. If you think it's a great time to buy, so will those around you - and those with the means will want you to be the one to help them, not people like Chicken Little here.

Not chicken little.....But not in denial either. You have a complete and absolute understanding of all the inter workings of the Obama Loan Modification Plan and how exactly it will affect potential sellers and buyers in your market? Will it fix the housing market? or will it delay it? Prolong the agony?

Will it positively or negatively change seller's minds about listing? Will it bring out more buyers?

You have all the answers?

You dont think uncertainty is driving the market?

You dont think Obama administration confuses everybody everyday
with new goverment plans on the economy?

Well then, pal, you either know all that is going on and have a crystal ball and know something most other realtors dont know about the real estate market and BPO's and REO's or you are just in denial and hoping the real economic numbers out every week are just a mirage in a sea of reality!

Yes, it will get better but not soon and not soon enough for most Realtors and not soon enough for people that are not involved in Real Estate. But hey.....you gotta spin it like you have been spinning it so I am not judging you, dont judge me for being truthful!

Just trying to get Realtors to be real ! If more Realtors just dropped the hype and called a spade a spade we all would be better off !

nobodys saying times are great; you're getting yourself pretty worked up...dont want to see you on the evening news...all we can do is have a good attitude and work smart and hard, and hope we see opportunities that present themselves and know we will make it. I know I will!

Very low for me

CB You keep on insisting the readers and participants here are in denial because they disagree with the doom and gloom you espouse - you are repetitive offering nothing new and you back nothing you say up other then it is your opinion - which doesn't mean much here.

Take a look around - these people either are or aspire to be different then your typical real estate brokers - we're not in denial - it is obvious to us by keeping up with the daily news that you may be though.

If you want to keep on repeating the same thing over & over & over - fine - go ahead. As long as this doesn't get out of hand it can go until people tire of it, or the cows come home, or both.

Good Luck - but I still suggest you look where you're at - if you insist you are doing this to garner support for a cause - then you are really in the wrong - wrong place.

Good Luck to everyone.

BPO, REO, Foreclosures

I don't need the government doing anything to my housing market. It is functioning quite well. I understand yours might not be, but that doesn't mean that home values in my market should be decimated to account for the issues created in yours. Some markets have played by the rules all along and are doing just fine. Not denial - fact.

Years ago I was told by a manager. If anyone asks you how's business just say "Unbelievable".

one of mine said, if your not having any problems, you dont have any deals...something like that anyway

Wasnt looking for a cause......just responding to those in denial
that were claiming BPO and REO orders will get even stronger and go on and on and on. All I did from the start was to say.....no....they wont go on and on and actually the Obama Administration which is daily and weekly changing all the business rules and the rules of the economy is adding to overall uncertainty in everything business related and thus BPO and REO work could completely change...nothing stays the same.

That is what I orginally said..For those that think such BPO and REO previous work loads will continue to be endless can think that if they want.....I am saying but the daily and weekly changes coming out of Washington and Obama constantly changing the rules of the real estate business, stock market and goverment intervention, I am betting it doesnt stay the same !

The realtors here are free to think what they want.

Never said I did. However, I did ask you some questions that you have completely ignored........


Who cares? I will adapt either way. I've already been affected by my clients deciding NOT to list (temporarily) and have seen my business increase.


Again, never said I did. However, I don't need to have all of the answers to avoid having the attitude you have.


No, I think fear is. There is a difference between the two. There is a lot of fear in your posts. It is evident in that you are worrying about a zillion things that you can not control. They control you.


Never said I was an Obama supporter....I honestly don't think the Obama administration knows what they are going to do, much less us.


I'm not in denial at all. Prices have dropped approximately 3%-5% in my area in the last 12 months. Active listings have dropped 25% while monthly inventory levels have dropped 5% (on average). We're seeing a decrease in buyer demand overall in our market and fewer buyers wanting to do repairs. That being said, I have gotten multiple offers on 8 of my last 10 sales while maintaining an average DOM this year of just over 60. My business has increased about 25% over the last 12 months even with moratoriums in effect. Nothing in denial there. Just cold, hard facts with my business.


You haven't been truthful. You are essentially a propogandist. You offer nothing to support your claims, don't provide insight into your business, or do anything to help your case. I haven't put a spin on anything. How do you put a spin on a 25% increase in a business even when there are moratoriums in effect?


Might want to start by looking in the mirror. Or at least beyond your own borders. There's no sensationalized hype in my posts--I just post what is happening in my business, how I continue to work hard, how I feel that I am positioned for further growth, and how I generally feel positive towards my business. You take offense to having that positive opinion and say I'm in denial. Your counter-arguments are that I'm supposedly not taking into consideration radical governmental and law changes--no matter how sensationalized, illegal, or unlikely they may be. Which one of us really needs to take a good, hard look at themselves?

Here ya go, guys - read this and NO MORE WHINING!

http://www.realtor.org/rmosales_and_marketing/articles/2009/0902_emeritus_gearyjones

Ooo,Ooo,Ooo...I do, I do...Im way to laid back to be a Realtor!

Why, Ditty, that's how you have time to go horseback riding! You're way too laid back! (ROFL!)

CB, I believe you've painted this forum with far too broad a brush! Looking around at my fellow posters, I just don't see a lot of denial. BPOs and REOs are increasing in my area -- and we don't have the volume several of the folks encounter, but we have plenty enough to keep us busy. My RE business is divided into 3 parts at present -- my rentals; listings & sales; and BPOs. My goal is to split my listings this year between fair market and REOs. Heh, you gotta have goals and go for them! That's the American way.

Hmmm...goals...you say...the only goal I have is getting up in the morning and turning on the fan... let the $hit fly...LOL...DUCK!

Even when the market was strong and the economy was good my BPO-REO business was strong. I have seen an increase but the need for valutions will always be there. There are so many other reasons they are needed besides foreclosures.

REO's will always be there. They will slow down a bit, I am sure but they will never go away. There are some people that just quit paying and get foreclosed on..simple as that. The economy had nothing to do with my REO's a few years ago.

Angie

I agree Angie... bank owned property is nothing new...just all the new agents that think they are going to get listings ASAP when they sign up to do BPOs...which in turn results in a percieved slow down in work all around...I think they call that supply and demand...which also results in a reduction in pay...Darn...now Im depressed...LOL

I'm bring this up just because - I have had only 2 orders this week - and those came from left field and I would have thought were a bonus for a typical week, not the saving grace they have turned out to be.

My Mojo has left me, responses from my majors (as major as I get) tell me they too have been extremely slow this week.

So we either need the moratoriums to end or certain Texans to go on Vacation so orders will back up to us again, or both.

So who has my Mojo?

Very slow on the boards too - people - where are you ??

Not me, Pine!

I was doing 5 a week in Dec, then only about 2 a week in Jan, then 5-9 a week in Feb, and so far did 4 in the first 9 days of this month & that's been it. My partner has done 5 so far this week, but was slow before that. So, who knows what's really going on . . .

The month started slow for me but this week is crazy! I'm at 58 for the month. Very overwhelming, but a good problem to have.

I seem to be slow when the rest of the country is busy and vice versa.

I'm at 101 for the month so far. No slow down here.

Seems like those of you at the top of the food chain do well all the time and unless you go away for a weekend - others get no work at all.

Say I hear they are giving away free hot dogs at the White House this weekend - but you have to be there in person to get them, and the O's will be handing them out

I am staying busy too, 54 on the board so far this month and 3 new listings! One closing on Monday and hopefully another one tomorrow. Plus 2 in escrow.

I believe the MoJo is in the midwest...I am the busiest Ive ever been...along with steady and increasing BPOs,REO listings...buyers and one owner occupied listing...just got back from writing 3rd contract this month...and 2 waiting for bank to sign off on...but we are always behind in trends... ya know!

I've been checking out the local f/c auctions to see what's going on and over the last three weeks have been to the courthouse steps in Fairfax, Prince William and Fauquier counties in VA. Fairfax with close to a million population had 721 properties scheduled for February.

While the auctioneers have lists of properties the majority have been not foreclosed on due to the Fannie moratorium. I believe that runs until the end of March so we might be seeing more work then.

I have four f/c properties closing in the next four weeks but nothing else in the pipeline which is making me a little nervous.

The Fannie "moratorium" appears to be very unclear (at least to me). There is an eviction moratorium until March 31 (March 6 press release):

"Fannie Mae today announced it is extending the suspension of all eviction proceedings through March 31, 2009 as the company implements the Home Affordable Refinance and Home Affordable Modification initiatives as part of the Obama Administration's Making Home Affordable program."

However, their media release also says (March 6):

"The company has also issued special foreclosure sale requirements in response to the Making Home Affordable program. A foreclosure sale may not occur on any Fannie Mae loan until the loan servicer verifies that the borrower is ineligible for a Home Affordable Modification and all other foreclosure prevention alternatives have been exhausted."

So it appears that there *can* be foreclosure sales (none here this month), but servicers have to show that they exhausted every option for the borrower. To me, this appears to be an indefinite "moratorium" because I don't believe anybody knows when they have exhausted all options. I honestly don't really know what to think of all of this.

That's interesting to know, but shouldn't loan modification/workout plan for any troubled borrower have Market Evaluation(BPO) in order to proceed with foreclosure prevention? I thought that I'd be overloaded with orders, but it is so slow this month; it is mid-March and I only had 20 orders so far comparing to 30-35(two weeks) I used to have for previous months. It's freaking me out, we all have bills to pay and put food on the table.

The market will enter a "freeze zone" for a period of time. It is also possible as a large portion of the Obama Mortage rescue plan DOES NOT help people with major loan to value underwater problems.....and DOES NOT incorporate forbearance of payments or modify loans for those presently unemployed that the program could fail in a big way causing Obama administration to change the Mortgage Rescue Plan to forestall or prevent would could be another large round of foreclosures as unemployment continues to rise and as the public demands more action.

The real estate market has many more months of uncertainty!

For somebody who makes claims to be ready for all situations, no matter how crazy, you sure do seem to have your mind set on what is going to happen....

To me, it seems that the servicers won't foreclose until FM gives them a full go ahead on everything. I know some of these guys have been working on "modifications" for 8 months. I don't think they want to take full responsibility for the property until they have the option to get the occupants out.

Look around..........all the facts regarding a real estate market "freeze".... for sellers due to confusion over the Obama Loan Modification program.....which by the way will not work and wasnt done correctly....to buyers that are frozen by bad economic news and rising unemployment.

Bottom line.........uncertainty + confustion + panic + fear + increasing unemployment + a no good Obama Loan Modification plan equals a FROZEN REAL ESTATE MARKET ! for how long? wow, if I knew the answer to that I could jump ahead of everybody else in this business...........only time will tell!

how are you handling this catastrophic situation?

CB ~ Oddly, I remember hearing that in CA some areas are beginning to see rising prices and an upswing in the real estate market activity - you must be located in a still failing area - have you considered renting out your place and moving someplace that has begun recovering?

Slow week for me - got a reo finally in MLS and 3 of the strangest bpos to date - today's bpo is a redo rush where their long time bpo vendor did the wrong property. I was wondering if they did that with a team approach

you got that right...only time will tell...and this too shall pass...I worry about you Calif...how do you even get up in the mornings? What with all that fear and panic...! Way to much stress...

Hoarding Cash.......and waiting for the Obama administration to actually start to fix the underlying housing problem... I am hoping and its only a hope.......I hope that after it becomes clear that the Mortgage Loan Modification plan is seriously flawed that a 180 day moratorium on foreclosures will occur, that the goverment will allow a forbearance of payments for those in serious trouble. Right now people want to walk away from their home because they owe 30% 40% 50% or more then it is worth..then they realize Obama's plan wont help them....they dont see recover in 1 year, 2 years, 3 years and it just adds to the problem....more fear + more uncertainty + more confusion + more unemployment just makes the problem worse. IT IS NOT JUST REAL ESTATE.....it is every business owner I know !!! I dont have the answers....I can not control the situation but I am honest enough to believe that in the past 6 months from October to today it has gone from bad to really bad to worse to perhaps a collapse of the economy has we have come to know it.... UNLESS Obama changes his plans and action in mid-course........currently his plan has no confidence on Wall Street or Main Street. Fix Housing....Fix Credit.....Lower Taxes...Fix Health Care....Get a Jobs Growth Plan....FIX THE CONFIDENCE LEVEL......oh and shut Fox News up....they are confusing the average person out there.....with that I am done, lol

CB - Turn on you Television and listen to CNBC or Fox Business News - you may be missing the boat - or at least a little nearsighted.

Now I disagree with your take - if people owe me money I want them to pay me what they owe me - not whine and weasel their way out of it.

Now if I own a bank stock - I want the bank to be paid as well on the loans they make with my money.

btw - why all the yelling?? That is why everyone is concerned about your state of mind - you keep yelling things instead of just calmly expressing your opinions

We wish you well - stick around and you'll learn the world has a couple of days left.... for some

then you must consider yourself very lucky, dont you? having cash to hoard...but government wont fix this problem, the people will...as they always do; so keep your chin up, I bet 80% of the people in the world would love to have your problems

CB, you are overwhelming yourself with too many problems to worry about. You have to let some of these things go. You can't fix everybody or everybody's problems. If you're paying your bills and feeding your family, and you have a little something left over to help others who are struggling, you're doing okay.

We the people (kind of makes you think what you're about to read is really important, huh?) are the solution to all the problems mentioned. Obama and legistlators can't fix it. They can implement programs and appropriate funding that can assist, but ultimately it's the man on the ground decisions that move the economy.

The more people that enter fatalistic panic states such as you are in, the less likely any turnaround will happen. The really unfortunate part is that these attitudes are contagious. BE the difference you are looking for. Be calm, confident and assured, convey that to buyers, sellers, business owners that you know. The ripple effect of that will start to amaze you.

I had to start minimizing contact with a friend of mine recently for this very reason. He is a small business owner (as am I). His business is only a couple of years old and he was able to cover all of his operating costs but got down because there was nothing left over afterwards. COUNTLESS businesses don't make a profit in their first few years. His family is supported because his wife's profession will continue to thrive no matter what the economy. Now he's grabbed on to all the negative media attention, embraced his negativity and decided to throw away the hundreds of thousands he's already invested in the business, one that is sure to grow given enough time, and just walk away. So he just cost several people their jobs because he's panicked and honestly, nothing is different about his situation now from two years ago except his attitude. And he was mad at me because I'm optimistic about the situation. Go figure.

You seem totally overconfident....if you are in real estate and you arent concerned or dont have fear over this current economic situation in this country.... then you would be the one with a problem....I have the good sense and the honestly to say the market is in the toilet and as of yet, I dont see it getting any better.

I promise, with your attitude, it will not get better for you.

You're paralyzing yourself with fear about things you can do nothing about. Figure out what's in your circle of influence and do something about it.

I am NOT paralyzed by fear......I am not confused...........I am frustrated that the Obama plan will not work and therefore it will take 6 to 9 months just before the dust settles on the Loan Modification Plan before they try something else, all which delays the real estate market and delays the turn around in the economy.

So far.....you are the only realtor I know that is not affected by this market.....doesnt have doubts about a turn around anytime soon....If anything you are so optimistic and calm that you appear to actually be paralyzed.

I am just reporting it is really bad and getting worse because that is the right thing to do when it is getting worse is not to deny it but acknowledge it.

One of my goals for 2009 is to pick up at least one more rental property -- maybe even 2. And another goal is to finish all the piddling little remodeling tasks left on the rental properties I've remodeled over the past 6 years. A third goal is to complete some remodeling projects on the exterior of my own home (it's 35 yrs. old now & needing some updating).

Plus, our market may actually pick up a little later this year as additional troops begin to populate the local Army base, thanks to the Base Realignment & Closure act. So ... sales & listings should increase.

Point being: you have to look for the things you can change or have an affect on and move forward.

Amazingly - confident people always seem to triumph and over come obstacle's less confident people see as mountains. Ain't no Mountain High Enough.....

Stick around - I'll bet you'll be influenced more by the people here more then your current platform with influence us

We do CMA/BPO/REO and Foreclosures as indicated in the section title. This is an area that functions in all markets + almost all of us do regular real estate and or investments, rentals, property management, preservation, construction, inspections, etc. In other words - if you're living somewhere or anywhere - chances are you're going to need our services at some point.

Golly... Id be more concerned about the big earthquake thats going to sink all of California into the Pacific Ocean!

I'm affected by it. I'm doing better than ever. And your attacks on me will not make my situation worse, nor will it make yours better.

Good luck CB. I'm hoping for the best for you.

think its time for a 3 stooges marathon and a couple of beers; its the weekend, lighten up buddy

Here I go again, lol: HB; I don't think CB is really attacking you even though he says "..you are the only..", he really defending his position he is attempting to explain to us.

When I see CB say 'you' I see it as if he/she (can't recall) is talking to us as a group, since it seems like he has no supporters here. Think about having no one support you - now that's lonely.

CB would have much better luck if he added some facts, numbers and creditable references to support his opinions - while we don't need them because we know our bottoms lines are still in the black - and we are willing to adjust what we are doing to keep it there. Think about it - how many businesses do you see fail in any market because they refuse to adjust?

That is why many here do BPO and REO - CB - do you handle BPO and REO ????

Numbers, facts...wuzzat?!? I didn't realize educated people are supposed to calmly, independently review their current situation/problem and make mature, prudent, and intelligent decisions. This is sheer lunacy I tell you!!!! NOBODY ever got ahead by having a calm, rational mind. EVER. The greatest advances in the history of man have been when everybody is under the influence of obscene insanity. There ain't no arguing with that. (that was some sarcasm there)

Now, my original point in all of this was that it seems that Fannie Mae is not in a foreclosure moratorium--just an eviction one. It appears that servicers are allowed to foreclose if they can prove that they have done everything they can to avoid foreclosure, but they don't know how to prove that. Anybody have any thoughts on *that* issue in particular?

This thread is entertaining to me... just sayin'

I think we are in a period of housing constipation. The administration has been very reactive lately....alot reactive....if the Loan Modification plan doesnt work, and I believe it will not work since it doesnt address the millions of people that actually really need help so they dont walk away from their home thus making the problem worse and longer in duration, therefore causing the the goverment to have to modify the plan...making major changes, all of which creates more uncertainty for Realtors and Sellers and Buyers. That is my whole point..Not to start trouble...but show me one person in this administration that has a clear head, a clear, workable housing and real estate recovery plan. I can take care of myself but if the overall plan is a failure or wont work...it will make things worse.. Sure I can do BPO or REO work all day long and that is not going to make a solid regular retail real estate market which is what this country needs in order for economic recovery. I dont have fear,I am angry at Washington.... I survived many business undertakings during high tech boom and bust and during 9/11..this time it is different. The housing plan was supposed to fix it all and it is having the opposite affect, here in California anyway.

your error...there is nothing or no one that will FIX it all...I see now why you are so miserable...

Not asking to fix it all. Just govermenet should not have come out with a plan devised by politicians designed to help some but not all, that is convoluted and complicated like the tax code..They should have consulted with real estate experts, actual homeowners, actual realtors from across the country and then when the plan was rolled it out everyone would have confidence that it was a plan that could work. I am not miserable...I am frustrated as I do not suffer fools gladly.......I see people suffering that have been given false hope and realtors that now are starting to see a life of BPO and REO is not a sustainable real estate career.

Very fitting avatar, NorthTx! (LOL)
(and that's serious, not sarcastic!)

Yeah, a committee!

ROFLMAO!!!!!!!!!!!!!

Realize I am here in California....a short distance from SILICON VALLEY and I am arguing, with all due respect, with someone from Houston Texas and someone from a tiny town in Oklahoma, not exactly the Real Estate market that was or will be the vogue of the industry. California is the 7th largest economy in the world and real estate was big here.....The fall has been devasting here...Hundreds and Hundreds of billions of dollars have been lost here in real estate, high technology, small businesses, auto dealers, family businesses. If you are having a happy time with REO and BPO work fine...Have at it. If Obama's stupid Loan Modification plan isnt affecting your world of BPO and REO business then go for it. I have done REO and BPO work and , frankly, its boring, tedious, and can not be the future of real estate, it wont help the recovery..its has been so large it is now part of the problem, frankly.....But hey....for your area it is probably better then working at the local mattress factory or the bowling alley. Come on over to California.....we play hard ball here!