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Bambi2
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Posted: Fri Jun 5th, 2009 10:09 pm |
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2 cents wrote: Between you and me B, I'm glad to see the third party appraisals. Should decrease the high appraisals made to meet the asking price. Seen that too many times. Even had it happen on a refi that I did. Of course that didn't hurt too bad but it is an example of liers figure and figures lie.
imo, 2
You are right on the mark 2. Good assessment.
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2 cents
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Posted: Fri Jun 5th, 2009 09:49 pm |
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Between you and me B, I'm glad to see the third party appraisals. Should decrease the high appraisals made to meet the asking price. Seen that too many times. Even had it happen on a refi that I did. Of course that didn't hurt too bad but it is an example of liers figure and figures lie.
imo, 2
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Bambi2
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Posted: Fri Jun 5th, 2009 09:30 pm |
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Another piece of good information to make us become more confident.
Many REALTORS business's are booming! Sales are Way UP and listings are Way DOWN! Sure, we have a long ways to go with all the foreclosures that are still coming onto the market but they seem to be absorbed as quickly. It wasn't too long ago listings were at 58,000+ and now they're at 34,000+. That is a HUGE drop, even with the foreclosures. Buyers are out there. Let's continue moving those homes!!
FYI:
1. HVCC is here in full force. All conventional loans must now have appraisals done through a third party system. The costs have gone up and it looks like the appraisal quality has gone down. Don't be surprised if this program flows over to the FHA loans down the road.
2. $8,000 tax credit refund for 1st time home buyers can now be used for the down payment! The mortgagee letter form HUD just came out at the beginning of the week and so far no one has really figured out exactly what they are allowing. There are a lot of restrictions on this but it is possible to get the buyer's a down payment loan against this tax credit refund. As soon as we figure it out I'll let you know. In the mean time, please be cautious about what you might hear about this program.
Bud Levy. Mortgage consultant.
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Bambi2
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Posted: Fri Jun 5th, 2009 09:27 pm |
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Pinal County's GIS Maps have been added to the IMAPP program thru ARMLS. So realtors can have another tool to improve their searches.
County Assessor Geographic Information Systems Department
... Assessor > Pages > GIS.aspx. All County. Departments. Administrative Services ... The Pinal County Assessors Office has taken a lead role in the development of ...pinalcountyaz.gov/Departments/Assessor/P...
Assessor - Home
GIS. Land / Agriculture. Manufactured Housing. Personal Property. Research & Equalization ... Pinal County is an Equal Opportunity Employer M/F/H/V ...pinalcountyaz.gov/Departments/Assessor/P...
Assessor - Parcel Info Search
GIS. Land / Agriculture. Manufactured Housing. Personal Property. Research ... The Pinal County Assessor's Office disclaims any responsibility or liability for ...pinalcountyaz.gov/Departments/Assessor/P...
more...
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azcats_01
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Posted: Tue Jun 2nd, 2009 04:25 pm |
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By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – 13 mins ago WASHINGTON – The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in nearly eight years, a sign that sales are finally coming to life after a long and painful slump.
The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts' forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.
Economists were encouraged by the report, and stock indexes advanced modestly.
"This is yet another positive indication that the bottoming process is forming," Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. "Now if only prices would stabilize."
Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing home sales.
http://news.yahoo.com/s/ap/20090602/ap_on_bi_ge/us_economy
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Bambi2
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Posted: Thu May 21st, 2009 06:04 pm |
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Obama signs mortgage bill into law
by Philip Elliot - Associated Press
WASHINGTON - President Barack Obama said homeowners facing foreclosure would have a second chance under a measure he signed into law on Wednesday, but he added consumers still must live within their means.
The law encourages banks to spare homeowners from foreclosure and cracks down on lenders who take advantage of them. The bill passed Congress earlier this week and Obama bypassed a promised five-day waiting period to make it law.
"There are Americans desperate to find a job or unable to make ends meet, despite work in multiple jobs, Americans who pay their bills on time but can't keep their heads above water," Obama said in the White House's East Room.
"Americans living in fear that they're one illness or one accident away from losing their home, hardworking Americans who did all the right things, met all of their responsibilities, yet still find the American dream slipping out of reach."
The law - officially called the Helping Families Save Their Homes Act - expands an existing $300 billion program that encourages lenders to adjust a mortgage if the homeowner agrees to pay an insurance premium. The program, set to expire in 2011, would swap out a homeowner's high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.
Because of strict eligibility requirements, only about 50 homeowners are refinancing through the program compared to the 400,000 people it was estimated to help.
"Too many administrative and technical hurdles made it very difficult to navigate, and most borrowers didn't even bother to try," Obama said. "And this bill removes those hurdles, getting folks into sustainable and affordable mortgages and, more importantly, keeping them in their homes."
The lending industry helped scuttle a tougher measure that would have forced lenders to reduce the monthly payments of owners in bankruptcy.
Obama also blamed greed among lenders and irresponsibility among borrowers for part of the financial crisis that has led to 1.3 million jobs lost since February.
"Now, much of what caused this crisis was an era of recklessness, where short-term gains were too often prized over long-term prosperity," Obama said. "And too often in our nation's capital, we said the right words, we patted ourselves on the back, but ultimately failed to do what we were actually sent here to do - and that is to stand up to the special interests and stand up for the American people."
The bill also extends through 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.
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Bambi2
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Posted: Tue May 12th, 2009 09:54 pm |
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.....Good precautionary advice to consumers........
I wanted to give you a quick update on the HUD ruling regarding builders requiring buyers to use their lenders to take advantage of combined incentives packages.
HUD Sec of Public affairs Shaun Donovan announced today that they are withdrawing their current “required use” definition after reviewing public feedback. It seems that they are going to dive into this a bit deeper in order to provide a “clearer and more effective” ruling on this matter. Not sure of a timeline at this point but it does seem that HUD is going to work on eliminating this practice. Here are some key excerpts from the press release –
“We will implement the new RESPA rules as part broader reforms to the mortgage process. Needed consumer protections are too important to allow confusion over one specific provision to hold up needed RESPA reforms.”
Donovan indicated after a thorough review of more than 1,200 public comments, HUD will propose a new 'required use' definition to help consumers shop effectively and safely for homes and mortgages, free from the influence of disingenuous discounts and incentives that steer consumers to the use of affiliated businesses.”
Last edited on Tue May 12th, 2009 09:55 pm by Bambi2
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Bambi2
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Posted: Tue May 12th, 2009 07:37 pm |
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More good news...............
Pending home sales climb, lifting recovery hopes
by By Peter Y. Hong - Los Angeles Times
A reported bounce in U.S. home sales Monday boosted hopes that the housing downturn was nearing its end and that the broader economy was moving toward recovery.
The National Assn. of Realtors said its pending home sales index, which tracks signed contracts for home purchases nationwide, rose 3% in March over February's level, and was up 1% from the same month a year earlier.
The news helped to push stocks up: The Dow Jones industrial average rose 214.33 points, or 2.6%, to 8,426.74, while the Standard & Poor's 500 index rose 29.72 points, or 3.4%, to 907.24.
The pending sales index is a leading indicator of home sales totals, which are calculated after the lengthy home purchase process is completed.
"It's consistent with the other recent evidence of stabilization at the low end of the housing market," said UCLA finance professor Stuart Gabriel, who directs the university's Ziman Center for Real Estate.
The Realtor group attributed the gain to low home prices and a federal tax credit for home purchases.
"This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit," said Lawrence Yun, the group's chief economist. Yun said, however, that "we need several months of sustained growth to demonstrate a recovery in housing."
The rise in the index may indicate a return to normal seasonal housing market patterns. Home sales typically rise in March from February, but last year the pending sales index dropped 1% from February, and the index of contracts in March 2008 was down 20% from March 2007.
In Southern California, the median home sale price has held steady at $250,000 from January through March -- less than half the peak median price set in 2007, according to San Diego research firm MDA DataQuick.
The sharp plunge in Southern California home prices prompted Jeffrey Mezger, chief executive of builder KB Home, to call a market bottom Monday, an assertion he also made in late March.
"If you go to Southern Cal, for example, we're seeing a floor in pricing," Mezger said in an analysts' conference call Monday. "We don't see prices going down right now, which is a good thing, because then you can set a baseline."
KB Home constructs lower-priced homes in California and has found itself competing with previously owned homes that are in foreclosure. Various studies show higher-priced homes have not fallen as much in price in Southern California but are selling at a slower pace.
"We don't yet really see a significant rebound in sales in those marketplaces," UCLA's Gabriel said of higher-priced areas. He said financing for large mortgages remains difficult to obtain, and sellers often have the means to hang on to homes rather than sell them for less than they would like.
Also boosting the stock market was news that construction spending rose slightly in March from February. Construction spending in March totaled $969.7 billion, 0.3% above the February level, according to the Census Bureau. The March total was down 11.1% from the same month a year earlier.
The rise in construction spending was not, however, due to home building. Private residential construction was down 4.2% in March from February and was 34% lower compared with March 2008.
Public construction spending in March, which was up 1.1% from February and 2.6% from March 2008, drove the total up.
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Bambi2
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Posted: Tue May 12th, 2009 06:52 pm |
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Good news. Thanks. Even if it's just a little bit of positive news, it brings confidence to me. This if for First Time Home Buyers.
The Basics: 2009 First-Time Home Buyer Tax Credit
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Here is the site that has the Federal Form for the Credit. http://www.irs.gov/pub/irs-pdf/f5405.pdf
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azcats_01
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Posted: Tue May 12th, 2009 06:44 pm |
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Home sales on the rise, percentage of foreclosures down
Amy Morrison/Phoenix Business Journal
http://www.bizjournals.com/phoenix/stories/2009/05/11/daily23.html?t=printable
Local home sales are picking up, while the percentage of foreclosed homes among those sales is dropping, according to the Realty Studies department at Arizona State University.
Data for April shows 9,100 existing homes sold in Maricopa County. That’s up from 8,610 recorded sales in March and a 30 percent jump from the 6,395 sales recorded in April of last year.
Foreclosure activity in April represented 27 percent of all sales, down sharply from 51 percent two months earlier.
Researchers at ASU attribute the slowdown in foreclosure sales to stop-gap measures lenders instituted while waiting for new loan modification programs from the federal government.
“There is increasing hope that the housing troubles are beginning to ebb and the bottom, along with recovery, is in sight,” said Jay Butler, director of Realty Studies in the Morrison School of Management and Agribusiness at ASU’s Polytechnic campus. “However, many problems continue to exist that could hinder the timing of any recovery.”
The rise in home sales is tracking lower prices, according to researchers. The median price for traditional sales in April was $125,000 -- down 44 percent from $225,000 a year ago. Foreclosed properties had a median price of $145,965 -- down nearly 20 percent from one year ago.
ASU researchers point to two reasons why the median price for foreclosed homes is higher than traditional transactions. First, more expensive homes are being foreclosed on. Second, last year about 33 percent of traditional sales involved foreclosed homes being resold with a median price markdown of 15 percent.
However, since the beginning of 2009, the percentage of traditional sales involving previously foreclosed homes has risen to 55 percent with a median markdown of 25 percent.
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Bambi2
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Posted: Thu May 7th, 2009 01:18 am |
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I was checking out some statistics from the Cromford Report.........
The Cromford Report™ provides detailed information to track the history and current status of the Greater Phoenix residential resale market and offers unique insight into its future direction.
Updated daily and usually published online within a few hours, this site is intended for anyone interested in the state of the market and how it affects their investments and livelihood. Our ARMLS has now incorporated it into our MLS system.
I came upon the annual average sales price per sq. ft. in the Valley for 41 cities. I discovered Pinal is not on there, as Countys are not a part of it. Gold Canyon isn't a chartered city, but is included as it has it's own post office and zip.
Here are a few of the cities and their ranking......
#1 was Paradise Valley. Annual average sales price per sq. ft. 1 year ago? $472.01 . Todays sales price per sq. ft is $371.58 A -21% change.
#14 was Gilbert. Last years sales price pr.sq.ft was $147.55. Todays: $111.97 a 24% change.
#31 was Queen Creek. Last year? $101.72. This years? $70.43. -31% change.
I'll send the website address to Jeff so he can sort it out, if necessary.
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Bambi2
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Posted: Tue May 5th, 2009 10:59 pm |
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I think we all need a refreshing course on budgeting our finances. It requires alot of discipline. Especially telling the kids NO as they beg for certain sweet cereals or candy or even toys, as you go down the grocery isle.
Here's some good information on the availability of different government loan options.
Ø FHA Loans
o Very Flexible Guidelines as long as there are compensating factors!
o 3.5% Down Payment Required
o .55% Monthly Mortgage Insurance
o 1.75% Up Front Mortgage Insurance Premium Financed Into Loan
o Gift Funds are acceptable for down payment
o Generally, you can only have 1 FHA loan
o Seller can pay up to 6% of Closing Costs
Ø USDA Rural Housing Loans
o Only TRUE 100% Financing Program Available Today!
o Property must be eligible: check address at: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
o Income limits apply – can also check on the above website; limits based on the number of people in the household
o Generally available in Queen Creek, Maricopa, Anthem, Buckeye
o Can finance closing costs into the loan if house appraises higher than purchase price
o 2% Guarantee Fee financed into the loan
Ø VA Loans
o $0 down Home Loan for Veterans of the Armed Forces!
o Who is eligible: Those who served active duty in the Armed Forces for a required time
o What do they need: Clear Certificate of Eligibility
o What is needed to get a certificate: DD214 with proper discharge
o Can only have one VA loan at a time
o There are VA funding fees that get financed into the loan that range from 1.25% to 3.3%
o Maximum financing: $417,000 for $0 down; above, must pay 25% difference
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bobthebuilder
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Posted: Tue May 5th, 2009 04:31 pm |
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I'm in the process of killing a couple of credit cards and a car payment. Should be done by July next year. After that, I'll be rich!
Well, not rich, but definitely will have a lot more money every month for fun stuff.
Sometimes it's just good to cut back on the eating out and wasteful spending and knuckle down and pay off the debt. This seems to be a good time for that. At least for me.
You would be surprised how having a good written budget instills confidence. I honestly didn't realize how much money I had been wasting. A lot of the stress of this recession has dissipated over the last couple months just because of that.
.
Last edited on Tue May 5th, 2009 04:34 pm by bobthebuilder
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Bambi2
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Posted: Tue May 5th, 2009 02:02 pm |
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You're right up to a point Starleen. Positive results bring confidence. Confidence brings people out of their shells of depression and makes them "want to get out" and buy something for themselves, that they have been putting off. That purchase, compounded by others, brings more demand for inventory and employees, and thus the upward cycle begins, until we hit another crisis.
I've been on this roller coaster in terms of business since the early 70's. We're climbing that trestle now that goes up.
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starleen
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Posted: Tue May 5th, 2009 06:26 am |
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Bambi2 wrote: FYI: I just pulled supply and demand statistics for the entire market and the months’ supply has dropped.
Market Dynamics of Our entire MLS Residential Inventory.
In April of 2007. the number of Properties for sale was 56,766. In April of 2008, it was 59,312. For April of 2009, we have only 44,033 properties on the market.
In April/2007, 5,526 properties were under contract. April, 08, 5,621. This April, 09, 11,712 are under contract.
Number of properties sold in 4/07 was 5,474. On 4/08, solds were 4,806. Today's April solds is 8,526.
We're doing better. More Positive signs.
Positive signs for realtors and mortgage brokers and title companies, but otherwise mostly a result of foreclosure and desperation sales and normal seasonal data.
I don't like the drive by media reports that only compare this year to last year, or this month to last month. At one time, the same media were reporting record sales and price increases and adding fuel to the bubble. Now, even though the data only equals nearly what it was before the land rush, four-five years ago, it is being reported as a positive result.
I've heard predictions of a dead cat bounce, like the stock market uptick and this faux real estate rebound - to be followed by the real deal, a true economic crash.
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Bambi2
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Posted: Mon May 4th, 2009 11:58 pm |
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FYI: I just pulled supply and demand statistics for the entire market and the months’ supply has dropped.
Market Dynamics of Our entire MLS Residential Inventory.
In April of 2007. the number of Properties for sale was 56,766. In April of 2008, it was 59,312. For April of 2009, we have only 44,033 properties on the market.
In April/2007, 5,526 properties were under contract. April, 08, 5,621. This April, 09, 11,712 are under contract.
Number of properties sold in 4/07 was 5,474. On 4/08, solds were 4,806. Today's April solds is 8,526.
We're doing better. More Positive signs.
Last edited on Mon May 4th, 2009 11:59 pm by Bambi2
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Bambi2
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Posted: Mon May 4th, 2009 09:54 pm |
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2 cents wrote: B, did you see this?
Stocks surge after data hints at housing bottom
Pending home sales for March rise; construction spending gains
http://www.msnbc.msn.com/id/3683270/
2
Positive signs bring positive comments, thoughts and behaviors. Supply and Demand is still functioning as expected, with a little help from Obama's Admin. Keep the confidence going and we'll be out of this Dark Age before years end. I think we'll see a surge soon. Baby Boomers want not only housing, but a lifestyle. Watch Anthem begin it's surge this Fall. It's their Community's diverse lifestyle that attracts so many buyers to their subdivision. Others will follow.
You missed a good meeting with the Obama group in Florence 2. Made contact with others who live out here in no name land. They feel as we do. It's about time to gather again, for a common purpose. We're meeting again on the 20th.
Last edited on Mon May 4th, 2009 09:56 pm by Bambi2
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2 cents
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Posted: Mon May 4th, 2009 08:41 pm |
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B, did you see this?
Stocks surge after data hints at housing bottom
Pending home sales for March rise; construction spending gains
http://www.msnbc.msn.com/id/3683270/
2
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Bambi2
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Posted: Mon May 4th, 2009 06:44 pm |
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Rates have moved up a bit primarily due to the Extreme amount of debt the government has been selling, and continues to sell, through the bond market. This week alone the government will auction off $155 BILLION. This competes with the mortgage backed securities. Since supply is so great, prices go down and rates go up. We might have already hit the lowest period for rates and will now be seeing rates increase from here on out!
The new buzz word is now HVCC. This is the code of conduct that just took effect May 1st. On Conventional Loans ONLY (not on Government FHA, VA or USDA) the loan officer or mortgage company can no longer directly order the home appraisal. It must go through a third party company so no one has direct contact with the appraiser. This is designed to improve the appraiser's independence and the Lenders confidence that the appraisal was done without any outside influence. What really happens will remain to be seen but for sure we will all see the cost of appraisals going up since we now have a "middle man" that needs to be paid. Ouch!
Bud Levy is a mortgage broker. Here are his rates for now on Conforming Loans. You can get a 30 year fixed rate at 5% or a 15 yr. fixed at 4.7%.
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Bambi2
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Posted: Mon May 4th, 2009 06:22 pm |
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Fewer homes built for Boomers
by Adrian Sainz - Associated Press
Home construction for Americans 55 and older is expected to drop by nearly half in 2009 compared with the previous year, a sign that the market for home building geared to senior citizens is contracting despite the wave of Baby Boomers approaching retirement.
The National Association of Home Builders reported this week that about 126,000 homes will be built this year for buyers 55 and older, down from about 249,000 last year.
Construction for that age group is projected to increase by about 50,000 homes next year. During the housing recession, home builders across the United States scaled back construction for several reasons, including a lack of available financing and a desire to reduce costs in the face of slack demand.
David Crowe, chief economist for the NAHB, said the rebound projected for 2010 hinges on the recovery of the overall market as buyers begin to take advantage of lower prices and lower interest rates.
"The seeds of recovery are out there," Crowe said. "To put it one way, it is less bad as we proceed to each quarter."
On Tuesday, a closely watched home-price index showed home prices declined sharply in February, but for the first time in 25 months the annual decline was not a record.
Consumer confidence also rebounded strongly in April, the Conference Board said.
With about 75 million Baby Boomers already retired or approaching that age in coming years, the housing market for owners 55 and older is expected to be a more integral part of the overall housing supply in the United States.
In 2007, about one-fifth of all home buyers were 55 and older, up from 18 percent in 2005 and 16 percent in 2001, according to the NAHB's analysis of the Census' 2007 American Housing Survey.
Other statistics:
. The average income for buyers moving into senior-only communities was $76,473, a drastic increase from $45,936 in 2005.
. For those who moved into age-restricted rental housing, the average income was $19,860, reflecting a dramatic disparity between renters on limited incomes and owners with home equity and retirement savings.
. Nearly 17 percent of 55 and older households that moved in 2007 chose their new home because of its proximity to work, up from 10 percent in 2003.
. Nearly 17 percent of 55 and older households that moved into a single-family home work from their house, almost double what it was in 2003.
These numbers show that seniors are more concerned with working later in life to cope with economic issues, a trend that AARP notes has been active for a few years.
"The economy I think is impacting all of these changes," said Elinor Ginzler, AARP's senior vice president for livable communities.
"More people are not retiring, they're staying in the workforce. Work is a factor in your life decision."
Ginzler stressed that AARP surveys show that nearly nine in 10 seniors choose to stay in their current home rather than move, a choice known as "aging in place."
The report was based on statistics from the Census' 2007 American Housing Survey.
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nunya
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Posted: Sat Apr 18th, 2009 06:33 am |
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Homebuilder ramping up construction in Q.C.
I guess this is a positive although as a current JR homeowner I wish they'd wait until the recovery is actually underway.
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starleen
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Posted: Fri Mar 13th, 2009 11:58 pm |
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http://www.ft.com/cms/s/0/bd371350-0f2c-11de-ba10-0000779fd2ac.html
Wal-Mart looks to Hispanic market
By Jonathan Birchall
Published: March 12 2009 18:03 | Last updated: March 12 2009 18:03
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Wal-Mart plans to open its first Hispanic-focused supermarkets this summer in [url=http://www.walmart.com/storeLocator/ca_storefinder_details_short.do?rx_title=com.wm.http://www.apps.storelocator.page.serviceLink.title.default&edit_object_id=3316&rx_dest=%2Findex.gsp&sfsearch_state=&sfsearch_city=&sfsearch_zip=85037]Arizona[/url] and [url=http://www.walmart.com/storeLocator/ca_storefinder_details_short.do?rx_title=com.wm.http://www.apps.storelocator.page.serviceLink.title.default&edit_object_id=3578&rx_dest=%2Findex.gsp&sfsearch_state=&sfsearch_city=&sfsearch_zip=77050]Texas[/url] as the largest US retailer continues its drive to expand its dominance of the US grocery business.
The pilot stores, named Supermercado de Walmart, will open in Phoenix and Houston in remodelled 39,000 sq ft locations occupied previously by two of Wal-Mart’s Neighborhood Market stores.
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starleen
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Posted: Fri Mar 13th, 2009 06:42 pm |
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http://www.borgatavillage.com/index.php
Borgata Village movement - from an email I got:
"Construction is underway and grading is complete."
Lots from $125,000 (1/2 to 1 acre - I remember when they were over twice that price).
I wonder where GSTAC CORE stands on this development?
Looks like it is managed by the same folks bringing The Pecans and Bellaro. Must be a rough row to hoe, all these high end properties in these low end times.
http://www.acaciaproperties.com/community.html
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Bambi
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Posted: Sat Mar 7th, 2009 04:33 pm |
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DavidB wrote: "Crisis of massive need"
My new all time favorite Bambi-ism.
Hi there DB. I say that 4.4 million people losing their jobs in the last year represents massive needs by these people, for items that will help sustain them thru this crisis.
But then, you are still an employer with a viable business, so those needs haven't reached you perhaps, causing you difficulty in relating to these people and to that phrase. Understood.
In my opinion, we are all feeling the impact of economic changes to a new level of experience, sustainability and reward, if we can just make it thru the pain of change. I pesonally don't want to go thru this again, so changing the safeguards to prevent this from happening again and again, is imperative. The rest is up to the economists to figure out and implement, as I am a novice and don't feel qualified to address the "how it works" phase. Do you feel qualified?
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DavidB
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Posted: Sat Mar 7th, 2009 04:22 pm |
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"Crisis of massive need"
My new all time favorite Bambi-ism.
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Bambi
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Posted: Sat Mar 7th, 2009 12:22 am |
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I read the agreement that was from the Admin., and it says to contact your banks loan modification dept.....not that they will contact you. When I modified a loan with Chase at one time, I made the contact.
The guy says he works for Good Hands Loan Modification, and presents it to B of A. I looked them up and they do exist. I don't know. I just have bad feelings about this type of program getting into the wrong hands during this crisis of massive need.......especially when they ask for the fees up front, with the promise you'll get them back if you don't fully qualify for the modification.
I think I'll call B of A on Monday. Plus that Good Hands company. I have always dealt directly with the bank, and didn't realize they sub modifications out....just increases the fees I think.
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starleen
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Posted: Sat Mar 7th, 2009 12:05 am |
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Bambi wrote: Ok. Let's get back to the topic of real estate.
Big Stress Reducer:
 edit: As I think on it more, this could be scam material. I'll check into it more before any money is exchanged, etc. just sounds too good to be true and when that happens, all the predators show up for a feeding on the innocent.
http://www.financialstability.gov/makinghomeaffordable/
http://treas.gov/press/releases/tg48.htm
"The Obama Administration today announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan – announced by President Barack Obama just two weeks ago."
"sounds to good to be true" - yup, in typical Obama fashion. The predator is the government and the innocent are the taxpayers.
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Bambi
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Posted: Fri Mar 6th, 2009 10:03 pm |
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Ok. Let's get back to the topic of real estate.
Big Stress Reducer:
edit: As I think on it more, this could be scam material. I'll check into it more before any money is exchanged, etc. just sounds too good to be true and when that happens, all the predators show up for a feeding on the innocent.
Making Home Affordable Modifications
If you can no longer afford to make your monthly loan payments, either because your interest rate has increased or you have less income or you are experiencing a hardship that has increased your expenses (like medical bills), you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.
Do I qualify for a Home Affordable Modification? Answer these questions:
- Is your home your primary residence?
- Is the amount you owe on your first mortgage equal to or less than $729,750?
- Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
- Did you get your current mortgage before January 1, 2009?
What do I do next?
If you answered yes to all of these questions, you may qualify for a Home Affordable Modification. The next step is to gather the information you will need to provide to your lender. This includes:
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Your most recent income tax return.
- Information about your assets
- Information about any second mortgage on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- A letter describing the circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.).
After you have this information, you should call your mortgage servicer and ask to be considered for a Home Affordable Modification. The number is on your monthly mortgage bill or coupon book.
Please be patient
Servicers received the detailed program requirements on March 4, 2009 and it may take some time before they are fully operational. However, Treasury has encouraged servicers to immediately assist delinquent borrowers at the greatest risk of foreclosure.
IN THE MEANTIME, MANY LENDERS HAVE MADE A COMMITTMENT TO DELAY FORECLOSURE ON ALL LOANS THAT MEET THE MINIMUM ELIGIBILITY CRITERIA FOR A HOME AFFORDABLE MODIFICATION.
Last edited on Fri Mar 6th, 2009 11:16 pm by
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americana
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Posted: Fri Mar 6th, 2009 07:12 am |
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Last edited on Sat Mar 7th, 2009 04:00 pm by americana
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starleen
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Posted: Fri Mar 6th, 2009 05:35 am |
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americana wrote: HELLO ... IS ANYONE AWARE OF THIS SIMPLE CALCULUS
Now there's an oxymoron - "simple calculus." americana, you are out of your league. You should seek another forum where your concepts are appreciated.
Calculus (Latin, calculus, a small stone used for counting) is a branch of mathematics that includes the study of limits, derivatives, integrals, and infinite series, and constitutes a major part of modern university education. Historically, it has been referred to as "the calculus of infinitesimals", or "infinitesimal calculus". Most basically, calculus is the study of change, in the same way that geometry is the study of space.
Calculus has widespread applications in science, economics, and engineering and is used to solve problems for which algebra alone is insufficient. Calculus builds on algebra, trigonometry, and analytic geometry and includes two major branches, differential calculus and integral calculus, that are related by the fundamental theorem of calculus. In more advanced mathematics, calculus is usually called analysis and is defined as the study of functions.
More generally, calculus (plural calculi) may refer to any method or system of calculation guided by the symbolic manipulation of expressions. Some examples of other well-known calculi are propositional calculus, predicate calculus, relational calculus, and lambda calculus.
Last edited on Fri Mar 6th, 2009 05:37 am by starleen
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americana
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Posted: Fri Mar 6th, 2009 12:38 am |
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Last edited on Sat Mar 7th, 2009 04:01 pm by americana
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azcats_01
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Posted: Wed Mar 4th, 2009 02:01 am |
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starleen wrote: azcats_01 wrote: Fannie Mae Eases Credit To Aid Mortgage Lending
by STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
Um, excuse me? Isn't this what got us into this mess in the first place? Unbelievable. Of course it is, but the liberal media and the Dems in Congress have most sheeple believing it was all Bush's fault.
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starleen
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Posted: Wed Mar 4th, 2009 12:34 am |
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azcats_01 wrote: Fannie Mae Eases Credit To Aid Mortgage Lending
by STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
Um, excuse me? Isn't this what got us into this mess in the first place? Unbelievable.
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bobthebuilder
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Posted: Tue Mar 3rd, 2009 09:25 pm |
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Life savings? Do you really think that most of the people in this mess had any savings to speak of? If anyone is like me, we're all heavily in debt. We have no savings to speak of and I'm becoming more convinced that was an incredibly stupid thing to do.
The only real way out I see is to knuckle down and get out of debt as quickly as possible. And that includes paying off these stupid houses. The mortgage interest we'll save will far more than offset the perceived loss in equity.
Can we really afford to wait for the government to rescue us? I'm thinking we're back to the "old school" thought of "If you get a mortgage, the best way to get equity in your house is to pay it down."
So we're going to have to stop eating at Applebees, Starbucks, and Cravings, stop leasing brand new cars, stop buying brand new furniture when we're broke and put a majority of our income toward paying off the plastic.
In the process, we will capitalize our banks with our own money by paying them regularly and by putting actual green money into savings accounts so they can make more loans...that we need to not get more of.
And when we're out of debt, we can take the monthly payments we aren't sending in anymore and buy cars and big screen tv's without going into debt over it.
Come on people. Stop waiting for a handout and work at changing your debt. The longer we wait, the worse this will get.
You can start by sending your income tax refund to your credit card company.
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anne.reed
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Posted: Tue Mar 3rd, 2009 08:09 pm |
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My question is:
Where do we go from here? I don't find Fannie or Freddie more culpable that the corrupt congress who sat on their hands touting the virtues of the free market as our life savings eroded to near non-existence. Corparations are driven by profit. Resultantly, Americans need regulation to protect us from the oligarchy that has increasingly driven Washington for the past two decades. We can look clear back to the Keating five debacle and the junk bonds that Michael Millican (sic) used to first defraud the American people. In my opinion, it's been a downhill slide ever since.
If the rule of law were abandoned and murder was no longer illegal, would it be any less offensive or evil? No... A complete meltdown of ethical government and business practice, and the pervasive and destructive forces of greed that Americans indulged themselves, can be credited for the situaltion we all face now.
But again, the question is: Where do we go from here? Is there a path forward that will reinstate the opportunity that once made America the most desirable homeland among all the worlds nations? Or, are we destined to a 3rd world economy?
Write your congressmen and senators. Tell them you will no longer tolerate the abuses that we've come to accept as common practice, especially in Arizona. Let's create a productive atmosphere in Arizona that draws business and citizens from around the nation and around the world to our state, heal our economic woes, educate our children for tomorrows economic challenges, reform our grossly wasteful healthcare system and create the jobs that will renew prosperity and hope to those who live in our borders.
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azcats_01
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Posted: Tue Mar 3rd, 2009 04:43 pm |
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The following article was published in the New York Times September 30, 1999. But the media tells us it's all Bush's fault...
Fannie Mae Eases Credit To Aid Mortgage Lending
by STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.
In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.
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anne.reed
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Posted: Tue Mar 3rd, 2009 02:57 pm |
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The peril America faces is far greater than any we've faced in past eras. In the past, we were able to act in ways that feathered our own nests. In the global marketplace this is no longer an option. We must not only bolster the faltering American economy but do so in ways that do not offend our neighbors (creditors).
There is only one answer to our dilemma, sustainable jobs. Without this component any efforts by any entity, private or public. are doomed to failure. While development has been the economic driver for Arizona in decades past, and currently supplies much needed jobs to Arizonans, we cannot continue to allow them to devalue the primary assets of most Arizonans, their homes. We must put a floor to the housing market and this means reducing inventories not increasing them.
I wish I could say I was surprised to hear that Jan Brewer is considering selling our state buildings to private investors and leasing them back. This is so typical of the failed economic model that has driven us to this place of economic despair. The governor and the congress have no right to sell off the assets of our state without a clearly defined proposition being approved by the citizens of Arizona. Like the past efforts of conservative leadership (to sell off our national forests and our ports) this plan bites. We cannot afford to allow our state facilities to be privately owned as an eventual conflict of interest cannot be avoided. Investors are driven by profit motives and our state facilities cannot be allowed to wind up on the auction block and subject to purchase by foreign powers.
Arizona's leadership needs to wake up and accept that we are never going back to the economy that has served Arizonas interests in decades past. Either we will rise to the challenge and step boldly into a sustainable future or we will wallow in the spoils of past failures. Allready many Arizonan's are on the brink of walking away from their homes since jobs are evaporating at unprecented rates. If this scenario plays out, Arizona cvould become a ghost town.
Sustainable jobs are the path to prosperity. Whether they are created by the government or the private sector is of little consequence at this juncture. Just give us jobs, alllow us to pay our mortgages, maintain our cars or purchase new ones and begin the process of rebuilding our lives. Americans are resililent. We can surviive this crisis but the states that offer solutions to their citizens are the ones that will prosper going forward.
Regards,
Anne
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azcats_01
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Posted: Mon Mar 2nd, 2009 10:00 pm |
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washingtonpost.com
Wrong Turn on Housing
By Robert J. Samuelson
Monday, March 2, 2009;
Washington Post A17
How to rescue housing? The Obama administration doesn't have a plan -- or, more accurately, it has only half a plan. It presupposes that preventing or minimizing home foreclosures is a formula for revival. It isn't.
Almost everyone agrees that a housing recovery is essential for a broader economic upswing, in part because housing's collapse brought on the recession. Mortgage delinquencies triggered the financial crisis. Tumbling home prices (down 26 percent from their peak) ravaged consumer confidence, borrowing and spending. Since late 2007, housing-related jobs -- carpenters, real estate agents, appraisers -- have dropped by 1 million, a quarter of all lost jobs.
Housing's distress is too much supply chasing too little demand. Huge inventories of unsold homes have depressed prices and construction. Given that prices rose too high in the "bubble" -- homes were affordable only because credit was dispensed so recklessly -- much of this painful adjustment was unavoidable. But that process should be mostly complete.
Here's a little-known fact: Housing may be more affordable now than at any recent time, thanks to lower prices and falling mortgage rates (now about 5 percent). The National Association of Realtors has an "affordability index" that estimates the family income needed to buy a median-price house, assuming a 20 percent down payment and monthly mortgage payments equal to 25 percent of income. Affordability is now the highest since the index's start in 1970.
Unfortunately, demand hasn't followed affordability. In January, sales of new and existing homes continued prolonged declines, dropping 10.2 percent and 5.3 percent, respectively, from December. There's a buyers' strike. Why? Shouldn't lower prices spur demand?
Well, yes. There are many theories as to why they haven't. Perhaps prospective buyers can't get loans. Or people are so gloomy that they're afraid to buy. But the most important explanation is probably deflationary psychology. If yesterday's $250,000 house is now $200,000, it may be $175,000 by June. Waiting is better.
Unless such deflationary psychology is broken, it becomes self-fulfilling. The more buyers wait, the more prices fall; and the more prices fall, the more buyers wait. The Obama administration essentially ignores this problem, though it can be addressed.
The simplest way is to bribe prospective buyers not to wait. For example: Give them a 10 percent tax credit, up to $15,000, on the purchase of a new home. Anyone who bought a $150,000 home would get a $15,000 tax break. The credit would expire in a year. Waiting would be costly. Buyers would delay only if they thought home prices would drop as much or more.
Precisely this proposal comes from the National Association of Home Builders. Normally, it would be an atrocious idea, because it would reward people who would buy anyway and would be skewed toward wealthier buyers. But now it's worth trying.
Somehow, we need to cut bloated inventories (13 months of supply for unsold new homes), curb falling prices and stimulate new construction. The hope is that once buying improves, it would feed on itself. People would join from the sidelines. The NAHB says its plan would create 250,000 jobs and cost $40 billion -- big money, but tiny compared with the hundreds of billions lavished on recovery programs. The Senate included the plan in its stimulus, but it was later dropped.
It wasn't an Obama priority. Some administration proposals, focused on foreclosures, are desirable. It's sensible to allow Fannie Mae and Freddie Mac to refinance older mortgages, at lower interest rates, even if homeowners' equity has dropped below today's requirement of 20 percent.
This would reduce defaults and increase borrowers' spending power.
Other ideas seem more dubious. For $75 billion, another proposal would subsidize homeowners so their monthly mortgage payments dropped to 31 percent of their income. Because that's still high, many of these homeowners would probably default anyway. Even worse is the "cramdown" proposal, backed by the administration. This would allow bankruptcy judges to cut mortgage payments. If passed, this would probably raise future mortgage costs because lenders would have less access to collateral.
In any case, minimizing foreclosures alone won't revive housing. If the recession and unemployment worsen, foreclosures will increase, because people without jobs and income can't make their monthly payments.
The best way to limit foreclosures is to promote an economic recovery by stimulating home buying. It's true that the recent "stimulus" plan included a tax credit of up to $8,000, but that was restricted to first-time buyers and made "refundable," meaning people could receive the money even if they didn't owe taxes. These are younger and poorer buyers -- the weak credit risks of today's crisis. They won't rescue housing.
All this is telling. The administration and Congress, though pledging to restore economic growth, care more about protecting foreclosure victims and promoting homeownership among the young and poor. Politics trumps economics.
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bobthebuilder
Member
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Posted: Fri Feb 27th, 2009 07:16 pm |
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One reason I am upset at some of my deadbeat neighbors...
If you pay the mortgage off faster, eventually the money you would have paid in interest over 30 years will surpass the loss in equity and you'll still make money. In fact a whole lot more.
But I guess it's easier to walk away. A lot of those people are apparently very bad at math.
Check this out...paying $264 extra per month on a $200,000 loan equals $100,000 in savings. The same as a 50% loss in equity thanks to a bad market.
Go here and figure out how much equity you will regain if you stop eating at McDonalds and Starbucks everyday:
http://www.bankingmyway.com/content/mortgage-loan-calculator
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Bambi
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Posted: Thu Feb 26th, 2009 02:42 pm |
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QCVillager wrote: Bambi wrote: sold
Bambi - my neighbor is looking for acreage to build a church on. i am sharing your contact info with them.
You did good. Thanks for driving business my way neighbor. It will sure help.
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QCVillager
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Posted: Thu Feb 26th, 2009 04:06 am |
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Bambi wrote: sold
Bambi - my neighbor is looking for acreage to build a church on. i am sharing your contact info with them.
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Bambi
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Posted: Tue Feb 24th, 2009 10:18 pm |
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| sold Last edited on Wed Feb 25th, 2009 01:45 am by
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Bambi
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Posted: Mon Feb 23rd, 2009 02:03 pm |
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Anticipation. Remember that song? This will/is the move to watch and "feel", as the "anticipatory" phase comes let's guess, about 6 months prior to us noticing any in "hard" change. And that's just over the horizon. So the stock market will continue to cry and complain as the people "begin" this phase, then stocks will start to reflect what people are "feeling."
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starleen
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Posted: Mon Feb 23rd, 2009 05:24 am |
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Bambi wrote: Thank you Starleen. I couldn't have said it better.
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Bambi
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Posted: Sun Feb 22nd, 2009 11:18 pm |
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starleen wrote: I think Bambi is saying there is an "invisible hand" of confidence moving the housing market. That the faith in the promises made by the Obama campaign last year have created a confidence in the future - a reasonable risk. Every investment has an element of risk based on future expectations, and Bambi thinks investors are being driven by faith in reduced risk of real property investments.
I'm thinking investment in land or housing is a better bet that in 401K or stocks - 401K and stocks have the potential to go to ZERO value, but land will always retain some value. I think. All I know is, I faithfully make my 401K payment twice a month and my employer matches 75%, and the value STILL goes down! Is patience a virtue or a folly in this case?
Thank you Starleen. I couldn't have said it better.
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2 cents
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Posted: Sun Feb 22nd, 2009 09:59 pm |
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What was invested in may be going down but your money is seeing a 75% return with the employer match. Also, isn't your dollar buying more shares today if the asking price is less than it was yesterday?
curious 2
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starleen
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Posted: Sun Feb 22nd, 2009 07:44 pm |
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I think Bambi is saying there is an "invisible hand" of confidence moving the housing market. That the faith in the promises made by the Obama campaign last year have created a confidence in the future - a reasonable risk. Every investment has an element of risk based on future expectations, and Bambi thinks investors are being driven by faith in reduced risk of real property investments.
I'm thinking investment in land or housing is a better bet that in 401K or stocks - 401K and stocks have the potential to go to ZERO value, but land will always retain some value. I think. All I know is, I faithfully make my 401K payment twice a month and my employer matches 75%, and the value STILL goes down! Is patience a virtue or a folly in this case?
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QCVillager
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Posted: Sun Feb 22nd, 2009 07:23 pm |
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Bambi wrote:Now that could be argued that the market is self correcting itself, which I lean towards, but it wouldn't have happened perhaps if the Stimulus pkg and the sense of need hadn't been discussed and presented. In other words "the opportunity" presented itself thru our government's promise to look out for one's back, as a result of forfeiture caused by toxic lenders methods. That brought confidence to the choice to buy a home that is NOT is foreclosure and priced at a fair market price, not a distressed one.
Bambi, please help me understand what you are saying... are you saying that the RE market is starting to correct itself based on the stimulus $787B stimulus that Obama signed just five days ago ???
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Bambi
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Posted: Sun Feb 22nd, 2009 06:20 pm |
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You are partly right from my experience. When I speak to these buyers, they are indeed influenced by the actions of the government. It gave them confidence to go out there and take that leap of faith. They have been sitting back waiting for a "sign" then they moved. But the "autioning" process is definetly only related to the fact that those homes are foreclosures offering great deals so like in the times of the REO's in the 80's, those who saved and waited for a recession are out in the crowds, buying them up. We called them scavengers years ago....rich scavengers now.
Now that could be argued that the market is self correcting itself, which I lean towards, but it wouldn't have happened perhaps if the Stimulus pkg and the sense of need hadn't been discussed and presented. In other words "the opportunity" presented itself thru our government's promise to look out for one's back, as a result of forfeiture caused by toxic lenders methods. That brought confidence to the choice to buy a home that is NOT is foreclosure and priced at a fair market price, not a distressed one.
It all goes back to Wall Street and those subprime mortgages. Our Congress better be monitoriing those guys on a daily basis and what's holding up our Legislature from passing the new proposed law requiring licensing of loan officers in Az? Too much restriction and oversight on those lenders perhaps? Now who believes in that? Ah, the Republicans in the Legislature I bet. I wonder?
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starleen
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Posted: Sun Feb 22nd, 2009 04:57 pm |
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Bambi wrote: I just want to give this little "ray" of hope for the market. I say "things" are happening and it's the beginning of the "wave" of confidence, being propelled by supply and demand....
...Then I go home, turn on the tv. and hear how bad off we are out here. Or I come on here and witness many of you saying "it won't work". I say we are in the process of a healiing as supply and demand comes into play with the reduction of inventory and we should accept the fact that it is going to be a "slow" climb to recovery. It's happening.....exhaust the present low priced inventory and the market will correct itself, as there are still people out there that want to buy a nice home...not necessarily treated as an investment. The govt. is just trying to help the impact of the fall, but we have fallen and now it's time to start getting up and back to business.
I've been watching the "homes sold" numbers climbing - way before any of these stimulus packages were signed and even now it will be months before these bills have an impact (positive or negative). What is "working" now is capitalism - people with good credit, investors or people who want to live in the home, can get loans at good interest rates and buy homes for a reasonable value! The market is self-correcting, as it is designed to do. Let's please not confuse this with the consequences of stimulus or foreclosure bills (yet to be seen), or give any credit to the current administration.
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