Mortgage Blog – Will It Change the Housing Market?
Posted on | May 22, 2009 | 5 Comments
Five years ago no one in the mortgage industry even knew what a blog was no less did they let it affect their company. Now that there is a plethora of information roaming around the internet mortgage lenders and brokers must be on their toes and do what is right. Obviously there will be many brokers who still try to mess over their clients, but now that mortgage blogs are on top of the issue, these crooks will be exposed almost immediately.
Another major breakthrough that was created by the mortgage blog was the exposure of bad lending practices and companies that were imploding during the subprime mortgage crisis. It seemed at one point that we all asked the question, “Who is the next mortgage lender to go under?” Well, those questions were answered as the blogosphere had many connections inside the corporations that had made horrible decisions and paid for it.
My personal favorite feature of mortgage blogs is the opinion that is allowed to roam free. There are many social networks that encourage this such as Reddit or Propeller. No matter how great of an article I write, there is always critiscism on these sites and that is good! I will never claim to be the best writer or the most knowledgable individual when it comes to the mortgage market. I do have experience and I like to state my opinion which some people do not like. The good thing about it is the fact that I can state that opinion and my voice is heard in one way or another; even if that voice is squeeky and a little bit inaccurate.
There are some great mortgage blogs that I read on a daily basis to get a lot of my information and statistics. Those blogs include:
Mortgage Lender Implode-O-Meter
You may say that most of these blogs are extremely negative on the current real estate and housing market. Well, that is true, but open your eyes and realize that is the truth! Since the housing market started falling apart, these blogs were on top of it the whole way down. Unfortunately, the downward movement still has a long way to go in my eyes.
I also get a ton of information from the Bureau of Labor Statistics as most of you know I am very interested in the direction of unemployment. While many people feel that unemployment lags the economy, I actually think it is a predictor of the economy, stock market and housing market. It makes sense that if people have jobs and are making money, they are likely to sink it back into the economy of invest it in real estate or the stock market. If they do not have a job, they either have no money to spend or they are saving every penny they earned because they do not have a steady income. Ultimately, we will not see the bottom of this housing market until the jobs start coming back.
I know President Obama is creating thousands of government jobs but those are not the type of jobs this country needs right now. We need private industry jobs that create wealth for shareholders and private investors. When we see those jobs start to increase, it is possible that we will be out of this mess, but until then, the mortgage blogs will continue to ramble on about the struggling economy.
Tags: housing bubble > housing market > internet mortgage lenders > subprime mortgage crisis
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May 22nd, 2009 @ 6:41 am
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