What We're Hearing

The first quarter of 2010 still has a few weeks left in it but we're hearing scattered reports that while some lenders are experiencing decent application volumes during the first three months of the year, others are not. How all this will play out remains to be seen. No one is predicting a banner year for 2010 but volumes could be off by 30% or more in some parts of the nation. Some lenders are hoping a strong spring home buying season will give them a boost. But if the employment picture doesn't start improving fast, it could get dicey. Meanwhile, a handful of new foreclosure stats and predictions are out based on figures compiled by RealtyTrac and FirstAmerican CoreLogic. Here's a few bullet points: 5 million to 7 million homes are potentially eligible for foreclosure but have not yet entered the pipeline. Depending on how loan modification efforts turn out, this number could be significantly reduced -- or not. Also, roughly 11 million mortgage customers are in some form of default, including the 30-day late category. Distressed properties (as in the consumer is in deep trouble) accounted for 38% of sales in January, compared to a peak of 49% in March 2009. As for the housing market in Orange County (once the epicenter of the subprime industry), mortgage professionals I've talked to out there say housing values are still in the tank and show little signs of improvement...