For those of you unfamiliar with an MLO, this acronym stands for Mortgage Loan Originator. In finance you typically find these guys at banks or mortgage brokerage firms.
He stated that the biggest issue right now in our local market (Chicago Land region) is to little inventory. Meaning that not enough home owners are selling at this time. This is a "sellers market" in his words, meaning that the seller can typically hold out for the price they really want. Lots of buyers are scared due to soaring rates and a fear of "...missing the home ownership train,"
While I think a big bubble is forming to burst again, I can't disagree with his discussion in our region. I'm worried about the system as a whole, but it's hard to deny the transactions that he and I have both witnessed in the retail banking and finance sector in recent years.
How does that information sit with you guys?
