Speaking of defaults. I was having a nice conversation with my friend this weekend who is in the Title business. We were talking about how busy she has been with the housing market going crazy and she was pretty candid about her belief that the bubble is going to burst soon. Too many houses selling for much more than they are actually worth. People are going to be hurting.
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Mortgage applications declines each week for the past 3 or 4 weeks.
It is worth watching to see if that trend continues. It is on both the new mortgage and ReFi sides.
Many are projecting that housing is going to have issues starting the second half of 2021.
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I know she has been slammed lately. She manages three offices and they have been averaging 20+ closings per day per office for the past six months or more. She was telling me about a house that was valued at $50k and was selling for $90k. The fact that places are giving out loans for more than the appraised value is very concerning.
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