In response to inquiries as to how our 5th annual NSDREI party went last week...
Bruce Norris spoke, eloquently as usual. He highlighted the issues with appraisals (new regulations really hurting investor spreads), issues with artificially low inventory of REO's etc (moratoriums and shadow inventory), and the imminent (in his mind) wave of new REOs and their effect on prices (lower!)
As a soldier in the trenches I took it as good news and bad news. The good news is that soon we will have a chance to pick and choose excellent assets at rock bottom prices.
The bad news is that the business we have going currently is at risk, with imminent price declines and massive inventory coming.
He touched on the problems of our State of California, however he either did not want to open that can of worms to the group at this time, or he has not researched it yet enough to speak on the matter. It is, however, as big a problem (and systemic) as we will encounter yet.
In my (not so) humble opinion.
No comments:
Post a Comment