Mortgage rates have hit bottom...which way do they go from a bottom?
Click on the title above or the link below to review the entire New York Times article.
http://www.nytimes.com/2010/12/26/realestate/26mort.html?_r=1
Wednesday, December 29, 2010
Who's going to be next???
Coming soon to a town or city or state near you - failed pension funds!
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40791768/
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40791768/
Going UP!
Rising rates, dropping demand - Happy Holidays!
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40674451
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40674451
Tuesday, December 14, 2010
Ron Paul to have influence over the Fed?
What changes could be in store? How will this impact, well, many, many things?
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40638095//
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40638095//
Mortgage rates are starting to rise...more to come
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40587006
http://www.cnbc.com/id/40587006
Federal Government pushing to have Fannie & Freddie reduce loan balances...
We went to our favorite housing market expert, Kirk Nace, and asked his thoughts. He suggested we consider the following questions:
As balances are written down aren't those losses suffered by ALL taxpayers, not just the people who made or took out these loans?
When principal amounts are reduced and loans are "handed off" to the federal government, doesn't that mean tax payers will be even more on the hook?
When people owe less, what will stop them from selling for less?
How will that impact prices?
IF these programs are more easily accessed by those who are behind on mortgage payments, what are we encouraging people to do?
Click on the title above or the link below to review the entire Wall Street Journal article.
http://online.wsj.com/article/SB10001424052748703963704576005990436624546.html?mod=googlenews_wsj
As balances are written down aren't those losses suffered by ALL taxpayers, not just the people who made or took out these loans?
When principal amounts are reduced and loans are "handed off" to the federal government, doesn't that mean tax payers will be even more on the hook?
When people owe less, what will stop them from selling for less?
How will that impact prices?
IF these programs are more easily accessed by those who are behind on mortgage payments, what are we encouraging people to do?
Click on the title above or the link below to review the entire Wall Street Journal article.
http://online.wsj.com/article/SB10001424052748703963704576005990436624546.html?mod=googlenews_wsj
Good news for those who like working...
Americans will NEVER be able to retire...
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40563715
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40563715
Piling on?
As if homeownership hasn't taken enough of a beating (oh don't worry, plenty more to come). Here's a list of 20 hidden costs to homeownership - enjoy!
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40458216//
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40458216//
U.S. Underbuilt???
According to this nonsense there exists a deficit of single family housing - really? Can you tell me where single family prices are going up because demand is exceeding supply? I asked Kirk Nace, the top housing market analyst, his thoughts of this and he had this to share..."This is the type of nonsensical gibberish our elected officials, and the leaders of the real estate, mortgage and housing industries expect the public to accept, and far too often our nation of Sheeple simply accept it, as 'thought' is far too often foreign concept!"
Click on the title above or the link below to review the entire Real Estate Channel article.
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-national-association-of-home-builders-nahb-single-family-housing-production-housing-shortage-underbuilt-housing-market-credit-crisis-3518.php
Click on the title above or the link below to review the entire Real Estate Channel article.
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-national-association-of-home-builders-nahb-single-family-housing-production-housing-shortage-underbuilt-housing-market-credit-crisis-3518.php
Wealthy Americans opting to rent instead of own their homes...hmmm
We asked Kirk Nace his thoughts and he responded with "What message is that sending about the future of the U.S. Housing Market? The savvy clients I have had the privilege of working with have been making this shift for over 5 years, we will see the trend continue as it is simply the financially wise choice in many cases."
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40260336
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40260336
Schilling predicts another 20% + drop in housing prices
We couldn't resist asking Kirk Nace to comment on this and in his typical sarcastic manner he simply said "No, really, you must be kidding me. I mean the National Association of Realtors, AND my elected officials told me things are getting better." When prompted for more of a response he simply suggested we go back to what he has been sharing for many years and that "we have at least another 25% to 35% to go and it has the potential to be a lot more than that if the government doesn't get out of the market and allow the pieces to fall until the collapse is complete at which time healing, or rebuilding could commence. Every time they put another band aid on, it only extends the suffering longer and causes even more pain!"
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40431286
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/40431286
...and DON'T come back!
Recently I received an email from NAR (National Association of REALTORS) about a "Call for Action" regarding the Mortgage Interest Deduction or MID. Here is the email:
Dear Think,
The Mortgage Interest Deduction (MID) is vital to both home ownership and our economy. I'm disappointed that anyone in Congress - or on a Presidential Commission - would even suggest limits to the Mortgage Interest Deduction. Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect all 75 million home owners in the United States. We must act now to make sure the MID is not changed.
Ever since the Deficit Commission announced its conclusions, the news media have been buzzing about the report. And what do they emphasize? Proposals to limit or even eliminate the Mortgage Interest Deduction. I'm concerned because all this does is scare the public - and potential buyers - away from the housing market. The last thing the housing industry needs right now (and for the foreseeable future) is another bucket of ice water to be thrown on the market. People who hear these news reports don't differentiate between a proposal and a done deal. The just know that a tax provision they actually understand and rely on is under siege. This is just unacceptable.
I am asking you to call to your representative's office today to ask him or her to defend the Mortgage Interest Deduction from any cuts or reduction as outlined in the Deficit Commission Report.
Blah, blah, blah, blah blah...
So now that you've read the email, lets think about this for a minute...
Dear Think,
The Mortgage Interest Deduction (MID) is vital to both home ownership and our economy. I'm disappointed that anyone in Congress - or on a Presidential Commission - would even suggest limits to the Mortgage Interest Deduction. Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect all 75 million home owners in the United States. We must act now to make sure the MID is not changed.
Ever since the Deficit Commission announced its conclusions, the news media have been buzzing about the report. And what do they emphasize? Proposals to limit or even eliminate the Mortgage Interest Deduction. I'm concerned because all this does is scare the public - and potential buyers - away from the housing market. The last thing the housing industry needs right now (and for the foreseeable future) is another bucket of ice water to be thrown on the market. People who hear these news reports don't differentiate between a proposal and a done deal. The just know that a tax provision they actually understand and rely on is under siege. This is just unacceptable.
I am asking you to call to your representative's office today to ask him or her to defend the Mortgage Interest Deduction from any cuts or reduction as outlined in the Deficit Commission Report.
Blah, blah, blah, blah blah...
So now that you've read the email, lets think about this for a minute...
- "The MID is vital to both home ownership and our economy." Really? Wouldn't a true housing bottom or perhaps jobs be vital to the economy and not a tax deduction that doesn't apply to most people?
- "I'm disappointed that anyone in Congress - or on a Presidential Commission..." Couldn't we just stop here with disappointed?
- "The proposed changes will affect ALL 75 million home owners." Really? Could you tell me how this change will affect those homeowners who own their homes free and clear? And do you really believe that ALL homeowners even qualify for this tax deduction?
- "I'm concerned because all this does is scare the public - and potential buyers - away from the housing market." So the public and potential buyers are only scared of the housing market because the MID might go away? A deduction in which if they qualify, they can pay $10 in interest and get $3 back (BTW if you give me $10 I will gladly give you $5 back)? You don't think that they might be scared because the job market is tight, lending is tight, and the fact that we have not reached a housing bottom yet?
- "They just know that a tax provision they actually understand and rely on is under siege." Come on are you kidding me? Do you REALLY believe that the public actually understands this tax deduction? And again how much do those homeowners who are free and clear rely on this? What about those who DO NOT own? How much are they relying on this?
- "This is just unacceptable." Yep! I agree that this email with this nonsense and lies is unacceptable. Please stop sending them immediately!
- "I am asking you to call to your representative's office today." Seriously??? You're asking a REALTOR to pick up the phone??? :)
Wednesday, December 1, 2010
Mortgage tax deduction GO AWAY . . .
Why should non homeowners continue to subsidize the foolery of home ownership by being subject to a different set of tax laws than those who have been sold on non sense like "The American Dream of Home Ownership" or "Your home is your largest asset?" I say let the deduction go away, allow mortgage rates and down payments to both escalate rapidly and thereby push real estate values, finally, to a true bottom. A bottom that will in fact be stable and will allow future growth based on certainty and knowing where things are and where they are going rather than the instability and uncertainty so prevalent in the housing market today.
In addition to rewarding the often uninformed choice to borrow money to buy a home by creating a tax credit for this insanity, tax payers further subsidize home ownership through our government's continued insistence on holding mortgage rates at levels not representing the risk involved with such loans AND by continuing to guarantee mortgages for people who have no real skin in the game (immediately force buyers to put down 20-30% and see what happens to the default rates!)
Will these changes be popular with the housing industry, the building industry or the financial industries? Of course not. Will they be beneficial to the good people of this country who are struggling to service an ever growing debt load? Extremely.
I have known Ouch! (Kirk Nace) for many years and during that time we have had numerous conversations relating to this subject. If we don't do something drastic, and soon, to change our course I am afraid Kirk will once again prove to be right and we will go the way of the FORMER USSR. Ending up as a series of smaller nation states who find survival only possible once they release themselves from the burdens associated with supporting a corrupt, inefficient, illogical, excessively bloated federal government.
How much does your state or commonwealth provide in tax revenue to the federal government? What do they get in return for these monies? How much longer can you and your neighbors afford this ridiculous expense?
In addition to rewarding the often uninformed choice to borrow money to buy a home by creating a tax credit for this insanity, tax payers further subsidize home ownership through our government's continued insistence on holding mortgage rates at levels not representing the risk involved with such loans AND by continuing to guarantee mortgages for people who have no real skin in the game (immediately force buyers to put down 20-30% and see what happens to the default rates!)
Will these changes be popular with the housing industry, the building industry or the financial industries? Of course not. Will they be beneficial to the good people of this country who are struggling to service an ever growing debt load? Extremely.
I have known Ouch! (Kirk Nace) for many years and during that time we have had numerous conversations relating to this subject. If we don't do something drastic, and soon, to change our course I am afraid Kirk will once again prove to be right and we will go the way of the FORMER USSR. Ending up as a series of smaller nation states who find survival only possible once they release themselves from the burdens associated with supporting a corrupt, inefficient, illogical, excessively bloated federal government.
How much does your state or commonwealth provide in tax revenue to the federal government? What do they get in return for these monies? How much longer can you and your neighbors afford this ridiculous expense?
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