Posts
© Business Wire 2008
2008-07-09 04:04:06 -
- Prospect Mortgage has signed an agreement to acquire the majority of IndyMac Bancorp's retail mortgage branches. Terms of the transaction were not disclosed. The transaction encompasses approximately 750 employees along with more than 60 branch offices which will be rebranded as Prospect Mortgage. John Johnston and Ron Bergum will remain in leadership roles with the retail branch group
and report to Mark Filler, CEO of Prospect Mortgage. "The IndyMac transaction benefits our loan officers, customers, sales managers and referral sources. This is growth for the right reasons, not just for the sake of growth," said Mr. Filler. "The IndyMac transaction will enable us to increase our investment and success in marketing, technology, and customer service levels." With completion of the IndyMac transaction, Prospect Mortgage projects that it will become one of the largest independent retail mortgage companies in the country.
-Jason Karpf with Prospect Mortgage. For more information, you can visit: http://www.pr-inside.com/prospect-mortgage-to-acquire-indymac-bancorp-r693108.htm or theimbreport.com
Currently, Indymac is being overseen by the Federal Government. The name is now Indymac Federal Bank. We are funding loans that are in the pipeline. We will be Prospect Mortgage as of 8/8/08. Please contact me with questions.
Staci McCarville
480-538-1402
Wednesday, July 30, 2008
Tuesday, July 29, 2008
THE SECRET IS OUT, PROPERTY VALUES ARE DOWN
It is what it is! I don't like it, but I am seeing it everyday. Property values have dropped and those that don't get it need to take their home off the market. They are doing more damage to their own value than they will ever comprehend. Many areas of the valley are beginning to see a bottom. The unfortunate fact is the sooner we get prices down, the sooner we get to recovery. Lower prices bring the buyers out. I have 3 clients who have been out bid on Full price offers over the last week!
Home Prices Fall by Record Amount
By J.W. ELPHINSTONE,
NEW YORK (July 29) - Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened in the U.S.
The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.Home values have fallen 18.4 percent since the 20-city index's peak in July 2006.Nine metropolitan cities - Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Detroit, Minneapolis, and Tampa, Fla. - posted record lows in May. And the value of housing in Detroit is now lower than it was in 2000.But a possible bright spot in an otherwise dismal report, seven metros - Tampa (Florida), Boston, Detroit, Minneapolis, New York, Dallas and Atlanta - showed smaller annual declines.Las Vegas recorded the worst drop, with prices plunging 28.4 percent in the month. Miami came in a close second, with prices down 28.3 percent.
http://www.walletpop.com/article/_a/home-prices-fall-by-record-amount/20080729092909990002
Home Prices Fall by Record Amount
By J.W. ELPHINSTONE,
NEW YORK (July 29) - Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened in the U.S.
The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.Home values have fallen 18.4 percent since the 20-city index's peak in July 2006.Nine metropolitan cities - Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Detroit, Minneapolis, and Tampa, Fla. - posted record lows in May. And the value of housing in Detroit is now lower than it was in 2000.But a possible bright spot in an otherwise dismal report, seven metros - Tampa (Florida), Boston, Detroit, Minneapolis, New York, Dallas and Atlanta - showed smaller annual declines.Las Vegas recorded the worst drop, with prices plunging 28.4 percent in the month. Miami came in a close second, with prices down 28.3 percent.
http://www.walletpop.com/article/_a/home-prices-fall-by-record-amount/20080729092909990002
Monday, July 28, 2008
AN ENERGY PLAN COULD SOLVE OUR HOUSING ISSUES
The answer, in this writers opinion to many of our problems lies in energy. We are sending $60 billion of our wealth to the OPEC nations each month. A clear plan on energy could create new investment in our economy, new investment in research and development, new research in our universities and lower oil prices today. Those lower prices are like a tax break to the American public. Think of a person who spent $400 per month on gasoline 2 years ago, that today needs $700 to $800 to pay for the same gas. Business that are paying double. Corn and everything made from corn is more expensive. It can't happen over night, but a clear plan will drive speculators out of the oil market and could lower oil $40 to $60 per barrel. That is a $300 to $1,000 bonus to most American households on a monthly basis. Way better than a one time $600 or $1,500 check. If the US government would have pledged $200 billion, or what ever the cost was from the recent stimulus plan, into an energy plan; the American public would benefit and so would our economy.
Below is an article I enjoyed by Thomas Friedman.
9/11 and 4/11
'By THOMAS L. FRIEDMAN
new_york_times:http://www.nytimes.com/2008/07/20/opinion/20friedman.html
By THOMAS L. FRIEDMAN
Published: July 20, 2008
I am reliably told by a Bush administration official that there is an old saying in Texas that goes like this: “If all you ever do is all you’ve ever done, then all you’ll ever get is all you ever got.”
Could anyone possibly come up with a better description of President Bush’s energy policy? America is in the midst of its worst energy crisis in years and what is the big decision our Decider has decided? Drum roll, please: Our Decider decided to lift the executive orders banning drilling for oil and natural gas off the country’s shoreline — even though he knew this was a meaningless gesture because a Congressional moratorium on drilling passed in 1981 remains in force.
The economist Paul Romer once said to me that “a crisis is a terrible thing to waste.” President Bush is well on his way to being remembered as the leader who wasted not one but two crises: 9/11 and 4/11. The average price of gasoline in the U.S. last week, according to the Energy Information Administration, was $4.11.
After 9/11, Mr. Bush had the chance to summon the country to a great nation-building project focused on breaking our addiction to oil. Instead, he told us to go shopping. After gasoline prices hit $4.11 last week, he had the chance to summon the country to a great nation-building project focused on clean energy. Instead, he told us to go drilling.
Neither shopping nor drilling is the solution to our problems.
What doesn’t the Bush crowd get? It’s this: We don’t have a “gasoline price problem.” We have an addiction problem. We are addicted to dirty fossil fuels, and this addiction is driving a whole set of toxic trends that are harming our nation and world in many different ways. It is intensifying global warming, creating runaway global demand for oil and gas, weakening our currency by shifting huge amounts of dollars abroad to pay for oil imports, widening “energy poverty” across Africa, destroying plants and animals at record rates and fostering ever-stronger petro-dictatorships in Iran, Russia and Venezuela.
When a person is addicted to crack cocaine, his problem is not that the price of crack is going up. His problem is what that crack addiction is doing to his whole body. The cure is not cheaper crack, which would only perpetuate the addiction and all the problems it is creating. The cure is to break the addiction.
http://www.nytimes.com/2008/07/20/opinion/20friedman.html?_r=1&oref=slogin
Below is an article I enjoyed by Thomas Friedman.
9/11 and 4/11
'By THOMAS L. FRIEDMAN
new_york_times:http://www.nytimes.com/2008/07/20/opinion/20friedman.html
By THOMAS L. FRIEDMAN
Published: July 20, 2008
I am reliably told by a Bush administration official that there is an old saying in Texas that goes like this: “If all you ever do is all you’ve ever done, then all you’ll ever get is all you ever got.”
Could anyone possibly come up with a better description of President Bush’s energy policy? America is in the midst of its worst energy crisis in years and what is the big decision our Decider has decided? Drum roll, please: Our Decider decided to lift the executive orders banning drilling for oil and natural gas off the country’s shoreline — even though he knew this was a meaningless gesture because a Congressional moratorium on drilling passed in 1981 remains in force.
The economist Paul Romer once said to me that “a crisis is a terrible thing to waste.” President Bush is well on his way to being remembered as the leader who wasted not one but two crises: 9/11 and 4/11. The average price of gasoline in the U.S. last week, according to the Energy Information Administration, was $4.11.
After 9/11, Mr. Bush had the chance to summon the country to a great nation-building project focused on breaking our addiction to oil. Instead, he told us to go shopping. After gasoline prices hit $4.11 last week, he had the chance to summon the country to a great nation-building project focused on clean energy. Instead, he told us to go drilling.
Neither shopping nor drilling is the solution to our problems.
What doesn’t the Bush crowd get? It’s this: We don’t have a “gasoline price problem.” We have an addiction problem. We are addicted to dirty fossil fuels, and this addiction is driving a whole set of toxic trends that are harming our nation and world in many different ways. It is intensifying global warming, creating runaway global demand for oil and gas, weakening our currency by shifting huge amounts of dollars abroad to pay for oil imports, widening “energy poverty” across Africa, destroying plants and animals at record rates and fostering ever-stronger petro-dictatorships in Iran, Russia and Venezuela.
When a person is addicted to crack cocaine, his problem is not that the price of crack is going up. His problem is what that crack addiction is doing to his whole body. The cure is not cheaper crack, which would only perpetuate the addiction and all the problems it is creating. The cure is to break the addiction.
http://www.nytimes.com/2008/07/20/opinion/20friedman.html?_r=1&oref=slogin
NEW HOUSING RECUE PLAN
Boy, I have been absent from the blog. I have been working day and night. The buyers are coming out like crazy. On the other hand, I have written many offers for several buyers, as we continue to get out bid for homes. What a crazy market. It just depends on where you are in the market.
The new housing rescue plan is out. I don't know how it will affect us here in Arizona. I do know about 82% of the homes selling are FHA. Most of those loans have seller assistance, whether for down payment or for closing costs. The new law outlaws seller assistance towards the down payment after October 1, 2008. This should cause a little spike in sales, but afterward who knows.
If you don't know what a Loan Modification or Loan Workout is, call us, we can help.
480-502-7699
We are also partnered up with an attorney who is offering a FREE consultation to our clients regarding short sales, foreclosure and housing.
Here is what USA today has to say about the new plan.
Who Benefits From Housing Rescue Plan?
By Anna Bahney,
USA Today
Is it a remedy for the worst housing slump the nation has suffered in decades? Or merely a taxpayer-funded bailout that will fail to reverse the plunge in home prices, the surge in foreclosures and the grave threat that overhangs the economy?
The housing act, which won final approval in Congress on Saturday and which President Bush has said he will sign, is historic in its sweep and ambition. It aims to provide relief to homeowners, incentives to buyers, guidance to lenders and oversight to vital government-sponsored entities, such as Fannie Mae and Freddie Mac.
Who, really, will benefit? And for how long? Will the legislation make a real difference for those who most desperately need help?
It depends on whom you ask. The act has plenty of fans. But skepticism abounds, too.
"The bill is not a silver bullet," says Mark Zandi, chief economist of Moody's Economy.com. "We have to string together several platinum bullets."
Yet Zandi endorses the legislation as among the most important steps that can be done now to prop up the housing market.
On paper, the act holds out help for thousands in need:
--Up to 400,000 homeowners at risk of losing their homes to foreclosure.
--First-time buyers who can't afford full down payments.
--States and cities that will receive money to redevelop abandoned and foreclosed homes.
--People in need of mortgage counseling.
--Fannie Mae and Freddie Mac, which own or guarantee nearly half of the nation's mortgages and which now have a rescue plan.
But is it enough? Even if 400,000 homeowners can avoid foreclosure - a figure that a few critics dispute - some estimates put the number of potential foreclosures from 2007 through 2012 at up to 6 million.
"We're not getting enough for our money," says John Vogel, an adjunct professor at Tuck School of Business at Dartmouth. "Sure, some number of families - 100,000 or 200,000 - will be helped, and that's not insignificant. But it will not address the problem as fully as we would have liked."
Vogel notes that those in danger of foreclosure won't benefit unless their lenders agree to reduce the balances on their mortgages; for the lenders, it's purely voluntary.
Not since the National Housing Act of 1934 has legislation addressed a class as large as homeowners, without restricting the benefits to veterans, urban dwellers or low-income people. The 1934 law created the Federal Housing Administration and authorized the creation of Fannie Mae.
The question now is whether the current measure, sprawling as it is, will do what it's designed to do and serve those it aims to help. Here's a look at six groups that are intended to benefit.
HOMEOWNERS: $300 billion in FHA loans for refinancing
http://money.aol.com/news/articles/_a/bbdp/who-benefits-from-housing-rescue-plan/103559
The new housing rescue plan is out. I don't know how it will affect us here in Arizona. I do know about 82% of the homes selling are FHA. Most of those loans have seller assistance, whether for down payment or for closing costs. The new law outlaws seller assistance towards the down payment after October 1, 2008. This should cause a little spike in sales, but afterward who knows.
If you don't know what a Loan Modification or Loan Workout is, call us, we can help.
480-502-7699
We are also partnered up with an attorney who is offering a FREE consultation to our clients regarding short sales, foreclosure and housing.
Here is what USA today has to say about the new plan.
Who Benefits From Housing Rescue Plan?
By Anna Bahney,
USA Today
Is it a remedy for the worst housing slump the nation has suffered in decades? Or merely a taxpayer-funded bailout that will fail to reverse the plunge in home prices, the surge in foreclosures and the grave threat that overhangs the economy?
The housing act, which won final approval in Congress on Saturday and which President Bush has said he will sign, is historic in its sweep and ambition. It aims to provide relief to homeowners, incentives to buyers, guidance to lenders and oversight to vital government-sponsored entities, such as Fannie Mae and Freddie Mac.
Who, really, will benefit? And for how long? Will the legislation make a real difference for those who most desperately need help?
It depends on whom you ask. The act has plenty of fans. But skepticism abounds, too.
"The bill is not a silver bullet," says Mark Zandi, chief economist of Moody's Economy.com. "We have to string together several platinum bullets."
Yet Zandi endorses the legislation as among the most important steps that can be done now to prop up the housing market.
On paper, the act holds out help for thousands in need:
--Up to 400,000 homeowners at risk of losing their homes to foreclosure.
--First-time buyers who can't afford full down payments.
--States and cities that will receive money to redevelop abandoned and foreclosed homes.
--People in need of mortgage counseling.
--Fannie Mae and Freddie Mac, which own or guarantee nearly half of the nation's mortgages and which now have a rescue plan.
But is it enough? Even if 400,000 homeowners can avoid foreclosure - a figure that a few critics dispute - some estimates put the number of potential foreclosures from 2007 through 2012 at up to 6 million.
"We're not getting enough for our money," says John Vogel, an adjunct professor at Tuck School of Business at Dartmouth. "Sure, some number of families - 100,000 or 200,000 - will be helped, and that's not insignificant. But it will not address the problem as fully as we would have liked."
Vogel notes that those in danger of foreclosure won't benefit unless their lenders agree to reduce the balances on their mortgages; for the lenders, it's purely voluntary.
Not since the National Housing Act of 1934 has legislation addressed a class as large as homeowners, without restricting the benefits to veterans, urban dwellers or low-income people. The 1934 law created the Federal Housing Administration and authorized the creation of Fannie Mae.
The question now is whether the current measure, sprawling as it is, will do what it's designed to do and serve those it aims to help. Here's a look at six groups that are intended to benefit.
HOMEOWNERS: $300 billion in FHA loans for refinancing
http://money.aol.com/news/articles/_a/bbdp/who-benefits-from-housing-rescue-plan/103559
Wednesday, July 16, 2008
NEEDED FHA MODERNIZATION AND LIMIT INCREASES
Below is a letter from National Association of Realtors thanking me for emailing the Senate regarding modernization of FHA and increasing loan limits. I suggest you all contact congress. This is what congress can do to help us. Create more demand for housing by creating more liquidity in the mortgage market.
Just my opinion...Jeff
Dear Jeff,
I want to personally thank you each of you for taking action on these latest Calls for Action in support of FHA Modernization. More than 90,000 REALTORS contacted the Senate urging passage of the Housing bill. On July 11th, the Senate voted 63 to 5 to approve the legislation. As a result of your efforts, HR 3221 creates affordable housing opportunities by setting loan limits up to $625,500 for Fannie Mae, Freddie Mac and FHA, and will stimulate housing demand with a temporary $8,000 home ownership tax credit. The bill also includes broad reform for Fannie Mae, Freddie Mac, and FHA, and creates a new FHA program to help homeowners at-risk for foreclosure.
This bill is critical to restoring confidence in the mortgage and housing markets and the nation’s entire economy. But it isn’t complete yet. Now, the bill goes to a conference committee before Congress can send it to the President. Negotiations begin over the next few days and weeks, and both House and Senate leaders hope to get the bill on the President’s desk before the August recess.
Of course, none of this would have been possible without members mobilizing in support of this crucial legislation. Our strong involvement included face to face meetings between members and their Senators and Representatives in their home states as well as in Washington, DC. NAR generated more than 250,000 e-mail messages and phone calls urging Congress to take action on the vitally important Housing bill.
By working “All Together” we have shown that when REALTORS stand united the American dream of homeownership is open to all. Thank you for your successful efforts!
Dick GaylordPresident NAR
Just my opinion...Jeff
Dear Jeff,
I want to personally thank you each of you for taking action on these latest Calls for Action in support of FHA Modernization. More than 90,000 REALTORS contacted the Senate urging passage of the Housing bill. On July 11th, the Senate voted 63 to 5 to approve the legislation. As a result of your efforts, HR 3221 creates affordable housing opportunities by setting loan limits up to $625,500 for Fannie Mae, Freddie Mac and FHA, and will stimulate housing demand with a temporary $8,000 home ownership tax credit. The bill also includes broad reform for Fannie Mae, Freddie Mac, and FHA, and creates a new FHA program to help homeowners at-risk for foreclosure.
This bill is critical to restoring confidence in the mortgage and housing markets and the nation’s entire economy. But it isn’t complete yet. Now, the bill goes to a conference committee before Congress can send it to the President. Negotiations begin over the next few days and weeks, and both House and Senate leaders hope to get the bill on the President’s desk before the August recess.
Of course, none of this would have been possible without members mobilizing in support of this crucial legislation. Our strong involvement included face to face meetings between members and their Senators and Representatives in their home states as well as in Washington, DC. NAR generated more than 250,000 e-mail messages and phone calls urging Congress to take action on the vitally important Housing bill.
By working “All Together” we have shown that when REALTORS stand united the American dream of homeownership is open to all. Thank you for your successful efforts!
Dick GaylordPresident NAR
HOME PRICES DROP 18% ACROSS THE VALLEY, SCOTTSDALE DROP IS 10%
Here are the numbers from ASU and prices are down. Well anyone out there knows this. Those who don't know are the sellers with over priced homes. I would suggest 25 to 30% of the homes listed for sell are listed so far above the market they will not sell. They can't sell, the lenders won't allow a home to sell today without recent comparable sales in the last 60 days.
If these sellers were to take their home off the market tomorrow, it would change our market and stop the decline in prices.
If you don't want to sell at today's price, take your home off the market. Let those feeling pain, short sellers and foreclosures run their course. Once we get better supply and demand balance, prices will stop dropping. Believe me, I am working with banks in both situations. They want market value, not below. They just understand market forces and know with supply and demand where it is prices will continue to decline.
Demand is so high in some local markets, priced properly, they are experiencing multiple offers. Prices are rebounding in those areas.
One other thing we would need is mortgage reform from congress, increasing FHA to $700,000. These 2 actions could change our market practically overnight.
ASU-RSI: Phoenix Home Prices Plummet in AprilPublished: July 15, 2008 in Knowledge@W.P. Carey
The overall price decline for the Phoenix metro housing market took a dramatic, 18 percent leap downward in April, which was unsettling since March numbers were already very weak.
Part of the problem has been a wave of foreclosures hitting the market; this tends to dramatically impact average housing prices, says Karl Guntermann, the Fred E. Taylor professor of real estate at the W. P. Carey School of Business. Guntermann and research associate Alex Horenstein compile the Arizona State University-Repeat Sales Index (ASU-RSI).
The April ASU-RSI report, which compares April 2008 home sales against the same month the year before, shows significantly sharper rates of decline from one year ago than was reported this past April. For the overall Phoenix metro area, home price declines hit double digits for the first time ever in March when they fell 13 percent from prices in March 2007. April then roared in with a troubling 18 percent off-the-cliff drop in home prices compared to April a year ago.
Read full article: http://knowledge.wpcarey.asu.edu/article.cfm?articleid=1639
If these sellers were to take their home off the market tomorrow, it would change our market and stop the decline in prices.
If you don't want to sell at today's price, take your home off the market. Let those feeling pain, short sellers and foreclosures run their course. Once we get better supply and demand balance, prices will stop dropping. Believe me, I am working with banks in both situations. They want market value, not below. They just understand market forces and know with supply and demand where it is prices will continue to decline.
Demand is so high in some local markets, priced properly, they are experiencing multiple offers. Prices are rebounding in those areas.
One other thing we would need is mortgage reform from congress, increasing FHA to $700,000. These 2 actions could change our market practically overnight.
ASU-RSI: Phoenix Home Prices Plummet in AprilPublished: July 15, 2008 in Knowledge@W.P. Carey
The overall price decline for the Phoenix metro housing market took a dramatic, 18 percent leap downward in April, which was unsettling since March numbers were already very weak.
Part of the problem has been a wave of foreclosures hitting the market; this tends to dramatically impact average housing prices, says Karl Guntermann, the Fred E. Taylor professor of real estate at the W. P. Carey School of Business. Guntermann and research associate Alex Horenstein compile the Arizona State University-Repeat Sales Index (ASU-RSI).
The April ASU-RSI report, which compares April 2008 home sales against the same month the year before, shows significantly sharper rates of decline from one year ago than was reported this past April. For the overall Phoenix metro area, home price declines hit double digits for the first time ever in March when they fell 13 percent from prices in March 2007. April then roared in with a troubling 18 percent off-the-cliff drop in home prices compared to April a year ago.
Read full article: http://knowledge.wpcarey.asu.edu/article.cfm?articleid=1639
ENERGY COSTS DRIVE INFLATION
SHOCKER! No way is this a shocker, Hello, with oil near $150 per barrel, everything is getting more expensive. There is only so long that business can absorb this expense before passing it on to the consumer. WE NEED AN ENERGY PLAN TODAY! We ship over $60 billion a month to other companies for oil. Why? Because we have let the big oil companies keep our addiction up and high. I don't like government intervention, but if a $1 tax on gas had been applied 10 years ago at an incremental pace, then our SUV's would be getting 40 MPG today and gas would be around $3 per gallon including the tax. We would not be sending our equity to the OPEC nations.
Just my opinion,
Jeff Cameron
Inflation Rate Hits 26-Year High
By MARTIN CRUTSINGER,
AP
WASHINGTON (July 16) - U.S. consumer prices shot up in June at the fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.The Labor Department reported that consumer prices jumped 1.1 percent last month, much worse than had been expected. Energy prices rocketed upward by 6.6 percent, reflecting big gains for gasoline, home heating oil and natural gas.The big rise in prices cut deeply into consumers' earning power with average weekly wages, after adjusting for inflation, dropping by 0.9 percent in June, the biggest monthly decline since 1984.
http://money.aol.com/news/articles/_a/inflation-rate-hits-26-year-high/20080716092709990001
Just my opinion,
Jeff Cameron
Inflation Rate Hits 26-Year High
By MARTIN CRUTSINGER,
AP
WASHINGTON (July 16) - U.S. consumer prices shot up in June at the fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.The Labor Department reported that consumer prices jumped 1.1 percent last month, much worse than had been expected. Energy prices rocketed upward by 6.6 percent, reflecting big gains for gasoline, home heating oil and natural gas.The big rise in prices cut deeply into consumers' earning power with average weekly wages, after adjusting for inflation, dropping by 0.9 percent in June, the biggest monthly decline since 1984.
http://money.aol.com/news/articles/_a/inflation-rate-hits-26-year-high/20080716092709990001
Tuesday, July 15, 2008
WILL THE FEDS BAIL OUT FANNIE MAE AND FREDDIE MAC
A new leg in this 2 year old mortgage and real estate melt down. Fannie Mae and Freddie Mac have lost the markets confidence and they need capital to continue. It will take a Government bail out of some type to keep them afloat. However, the government is stating backing of new debt, but has not given any warranty of existing debt or equity ownership.
Paulson sees mortgage assistance as backup
By MARTIN CRUTSINGER,
AP
Posted: 2008-07-15 11:54:52
WASHINGTON (AP) - Treasury Secretary Henry Paulson said Tuesday the Bush administration has no immediate plans to extend emergency loans to mortgage giants Freddie Mae and Freddie Mac or to purchase the stock of the two companies. Paulson told the Senate Banking Committee that the assistance plan put together by the administration and the Federal Reserve over the weekend was intended to serve as a backup if needed.
http://money.aol.com/news/articles/_a/paulson-sees-mortgage-assistance-as/n20080715115409990039
Paulson sees mortgage assistance as backup
By MARTIN CRUTSINGER,
AP
Posted: 2008-07-15 11:54:52
WASHINGTON (AP) - Treasury Secretary Henry Paulson said Tuesday the Bush administration has no immediate plans to extend emergency loans to mortgage giants Freddie Mae and Freddie Mac or to purchase the stock of the two companies. Paulson told the Senate Banking Committee that the assistance plan put together by the administration and the Federal Reserve over the weekend was intended to serve as a backup if needed.
http://money.aol.com/news/articles/_a/paulson-sees-mortgage-assistance-as/n20080715115409990039
BANK FORECLOSURE SOLD BY THE CAMERON TEAM
We have been working with Indymac bank to sell some of their Foreclosure homes. Last week we had our first closing. The home was located in Knoell Scottsdale, a subdivision in Scottsdale that was built in 1985. It was an interesting experience. With the real estate market in Scottsdale shifting, buyers are acting strangely. Within a few weeks of listing the Foreclosure home for sale we had 2 offers. Both were bottom fishing. But one stepped up and paid $270K for the home. One week before closing, he cancelled and lost his $2500 earnest money. He cancelled fearing the Scottsdale real estate market was declining and this Foreclosure was not a good enough deal. He just did not get that this was an adjusted price. The home sat for 2 weeks. I was shocked, then we got 4 offers over a weekend. We had an offer at full price, $275K, but the bank took the lower offer that was cash. An investor was bidding with others for this Foreclosure home in Scottsdale. This to me shows that in Scottsdale for this product in the real estate market THIS IS A BOTTOM!
Just my opinion,
Jeff Cameron
Just my opinion,
Jeff Cameron
Tuesday, July 8, 2008
FED MAKES CHANGES TO LENDING
The Federal Reserve is getting involved with controling the mortgage market.
Fed Plans New Rules on Home Lending
By JEANNINE AVERSA,
AP
WASHINGTON (July 8) - The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs. Fed Chairman Ben Bernanke spoke of the much-awaited rules in a broader speech Tuesday about the challenges confronting policymakers in trying to stabilize a shaky U.S. financial system. To that end, Bernanke said the Fed may give squeezed Wall Street firms more time to tap the central bank's emergency loan program. To prevent a repeat of the current mortgage mess, Bernanke said the Fed will adopt rules cracking down on a range of shady lending practices that has burned many of the nation's riskiest "subprime" borrowers - those with spotty
http://money.aol.com/news/articles/_a/fed-plans-new-rules-on-home-lending/20080708082309990001
Fed Plans New Rules on Home Lending
By JEANNINE AVERSA,
AP
WASHINGTON (July 8) - The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs. Fed Chairman Ben Bernanke spoke of the much-awaited rules in a broader speech Tuesday about the challenges confronting policymakers in trying to stabilize a shaky U.S. financial system. To that end, Bernanke said the Fed may give squeezed Wall Street firms more time to tap the central bank's emergency loan program. To prevent a repeat of the current mortgage mess, Bernanke said the Fed will adopt rules cracking down on a range of shady lending practices that has burned many of the nation's riskiest "subprime" borrowers - those with spotty
http://money.aol.com/news/articles/_a/fed-plans-new-rules-on-home-lending/20080708082309990001
Thursday, July 3, 2008
Monthly Email Question and help with the Answer
Monthly Email Question:
Jeff was in Sitka, Alaska, last week fishing, what is the name of the volcano located across the sound from Sitka?
The answer can be found below in a post Jeff put in from Alaska. It has a picture of him with a King Salmon, a picture of him with his Halibut and a picture of a boat with a volcano in the background. You can find the name below the last picture with the volcano.
Jeff was in Sitka, Alaska, last week fishing, what is the name of the volcano located across the sound from Sitka?
The answer can be found below in a post Jeff put in from Alaska. It has a picture of him with a King Salmon, a picture of him with his Halibut and a picture of a boat with a volcano in the background. You can find the name below the last picture with the volcano.
PAYROLLS SHRINK BY 60,000, BUT UNEMPLOYMENT RATE REMAINS AT 5.5%
Losing 60,000 jobs is a bummer, but it is better than losing 100,000 jobs. And the fact the unemployment rate remained unchanged is a plus. Jobs and the consumer have kept us from free falling, where they go from here is essential.
Labor Market Remains Weak as Payrolls Shrink
By Reuters 03 Jul 2008 09:39 AM ET
U.S. employers cut workers from their payrolls for the sixth straight month in June for the longest losing employment streak since 2002, government data on Thursday showed.
AP
A separate report showed new applications for jobless benefits hurdling to 404,000, suggesting further weakness ahead for employment.
Another survey reported service companies such as airlines and restaurants that make up the bulk of the economy are being pinched by soaring costs and weakening demand and have responded by slashing staff.
U.S. stock futures rallied on the news, while prices on U.S. government debt retreated as investors shifted their attention toward the equities market.
http://www.cnbc.com/id/25509894
Labor Market Remains Weak as Payrolls Shrink
By Reuters 03 Jul 2008 09:39 AM ET
U.S. employers cut workers from their payrolls for the sixth straight month in June for the longest losing employment streak since 2002, government data on Thursday showed.
AP
A separate report showed new applications for jobless benefits hurdling to 404,000, suggesting further weakness ahead for employment.
Another survey reported service companies such as airlines and restaurants that make up the bulk of the economy are being pinched by soaring costs and weakening demand and have responded by slashing staff.
U.S. stock futures rallied on the news, while prices on U.S. government debt retreated as investors shifted their attention toward the equities market.
http://www.cnbc.com/id/25509894
Tuesday, July 1, 2008
METRO PHOENIX HOME INVENTORY LEVELS DROP AGAIN
Inventory of single family homes for sale in the Metro Phoenix area dropped by over 700 last night. Our inventory levels are at the lowest point in over a year. Today there are 42,800 single family homes listed for sale in the Arizona Multiple Listing Service. That is the lowest level I have recorded since April 16, 2007. Along with sales at a 2 year high and Pending home sales at a 2 year high, this is just another sign we are approaching a bottom. Where is the bottom? We will only know when we see it in the rear view mirror. However, we can use this statistics in order to know the market is turning. A market of this size does not turn quickly and will not turn over night.
I read this new article sounding off about a recovery, I hope you enjoy it.
Just my opinion,
Jeff Cameron
Over the horizon, a housing recovery: Harvard report finds immigration, other demographic trends will fuel housing demand over the next decade.
By Beth Braverman, CNNMoney.com contributing writer
NEW YORK (CNNMoney.com) -- The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise. When will things be better?
A new study from the Joint Center for Housing Studies of Harvard University, "The State of the Nation's Housing 2008," finds the country poised to see an increase in housing demand over the next decade.
"The good news is that we still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."
Social trends - people getting married later and divorced more often - are making single-person households the fastest growing household type, the study finds. In addition, a long-term net increase in potential home buyers will be driven by demographic factors: the aging of "echo boomers" into adulthood, an increased life expectancy for baby boomers and projected annual immigration of 1.2 million. http://realestate.aol.com/article/_a/over-the-horizon-a-housing-recovery/20080626120409990001?ncid=AOLCOMMre00DYNLprim0001&icid=200100397x1204780037x1200229763
I read this new article sounding off about a recovery, I hope you enjoy it.
Just my opinion,
Jeff Cameron
Over the horizon, a housing recovery: Harvard report finds immigration, other demographic trends will fuel housing demand over the next decade.
By Beth Braverman, CNNMoney.com contributing writer
NEW YORK (CNNMoney.com) -- The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise. When will things be better?
A new study from the Joint Center for Housing Studies of Harvard University, "The State of the Nation's Housing 2008," finds the country poised to see an increase in housing demand over the next decade.
"The good news is that we still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."
Social trends - people getting married later and divorced more often - are making single-person households the fastest growing household type, the study finds. In addition, a long-term net increase in potential home buyers will be driven by demographic factors: the aging of "echo boomers" into adulthood, an increased life expectancy for baby boomers and projected annual immigration of 1.2 million. http://realestate.aol.com/article/_a/over-the-horizon-a-housing-recovery/20080626120409990001?ncid=AOLCOMMre00DYNLprim0001&icid=200100397x1204780037x1200229763
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