Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Sun West Mortgage Corporation)

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Rainmaker
986,820
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Yes. I recall. And then the real s... hit the fan.

It is time for a correction but we will not see circumstances like those that followed in 2008 and the following years.

Apr 27, 2022 05:36 PM
Rainmaker
4,375,829
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

No doubt this was foreseeable once we saw interest rates rising.

Apr 28, 2022 04:52 AM
Rainmaker
4,456,250
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

2007 was a year I would like to forget but never will. I was sales manager for an upscale community where all the contracts for new construction were for cash. As prices plummeted defaults mounted. Who do you think paid the price?

Apr 28, 2022 04:20 AM
Rainmaker
3,636,821
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Caroline Gerardo market adjustment, but many homeowners refinance and took advantage of historical low rates.

Apr 27, 2022 03:14 PM
Rainmaker
947,683
Peter Mohylsky. BRIX REALTY
Miramar Beach, Florida - Santa Rosa Beach, FL
BRIX REALTY -DESTIN

All a distant memorie.  It seems that all have short term memorie problems.

Apr 28, 2022 03:36 AM
Rainmaker
1,418,614
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'd bet that these are mainly the refi departments and some assorted support staff and under performing people that it's easier to not "fire". 

 

When rates were stupidly low, EVERYONE was doing refis.  I know several escrow companies that survived the lockdowns on refis alone.  $$$   Now that rates are going up, up, and AWAY (like Superman) these units are being spun down because people aren't refiing into higher rates.

Apr 27, 2022 09:44 PM
Ambassador
3,363,907
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Lots of layoffs....much like back in 07. Crazy times, we'll see where things go.

Apr 27, 2022 09:23 PM
Rainmaker
1,032,354
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Nay

Apr 28, 2022 08:54 AM
Ambassador
3,129,695
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I do recall. We have some interesting and challenging times ahead - that is for sure. 

Apr 28, 2022 08:50 AM
Rainmaker
274,362
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Caroline Gerardo 

I do remember, as all the subprime lenders were biting the dust and leaving some buyers without a loan week before closing.

The same subprimers that just weeks earlier were recruiting their realtor friends because lending was so hot.  Lots of not so hot stories from that period.

Apr 27, 2022 11:10 PM
Rainmaker
2,676,496
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Watch the hype and consider the source of the information. Of third-party opinions, there is no end. One should be the ruler of all they survey in their own world/backyards and remain open to everything else. 

Apr 28, 2022 08:16 AM
Rainmaker
1,753,793
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Nope, don't remember as I really don't follow the mort industry as much as you'd think.

Apr 28, 2022 06:35 AM
Rainmaker
5,207,829
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Those are days I would rather forget, bad time for real estate!

Apr 28, 2022 06:02 AM
Rainmaker
794,552
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

A lot of what is happening now is that refinances have slowed or stopped. I spoke to my preferred lender and they have seen this coming for a while which is why they stepped up their lender/realtor partnerships. They're actually hiring. I think we'll see people get out of the RE business as well.

Apr 29, 2022 04:15 AM
Rainmaker
1,353,123
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I remember now that you mention it.  The layoffs are a pretty good indicator or where things are headed.  I also remember the massive layoff of lending staff back in 1987.  What is going to be interesting is the number of Realtors that leave the business.  Business got so bad after 2007, that even the unlicensed agents left the business!!

Apr 28, 2022 07:28 PM
Rainmaker
576,061
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

I miss having that website as a resource. With all the hiring done for Operations Staff amidst the recent refinance boom, these layoffs will be significant this time around too.

Apr 28, 2022 04:51 PM
Ambassador
5,650,629
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

When one door closes another opens...

Some industries are laying off, others cant find enough people, more are hiring now than laying off.

Apr 28, 2022 12:48 PM
Rainmaker
1,331,139
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

No, I never saw a meter.  But I do remember working, grinding 7 days per week and learning massive lessons during the 2007-2011 Great Depreciation.

Apr 28, 2022 09:54 AM