Archive for the ‘home ownership’ Category

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STOP massive sale of foreclosed homes.

December 16, 2011

There is a simple way to address our current housing crisis – the sale of distressed properties could be easily slowed or stopped with ONE SIMPLE STEP. Banks need to write down the loans on homes that are underwater and allow good borrowers to refinance at today’s lower interest rates.

The most distressing things for most homeowners is that their homes are so UNDERVALUED that they will NEVER see a time when their home will be worth what they owe on it. It’s a reality and it is discouraging. Banks can start to turn the economy and housing around by going to people who are not in distress and beginning the process of re-evaluating value and re-negotiating outstanding balances to make home ownership attractive. To ignore this is fact is going to result in increased defaults and more short sales and foreclosures. It’s going to happen!

Recently, Moody’s released the following statement on the sale of foreclosed homes: They found that on average, a foreclosed property will be valued about 18 percent lower than average home prices, and will be subject to an additional sales discount of about 15 percent.

The banking industry is creating the depreciation of home values when they are personally responsible for the sale of homes at 30% less than fair market rate resulting in the downturn in value on surrounding homes. Banks are making a bad situation worse. I am shocked that no one seems to address this issue in the media or in Congress.

Who wins? Investors. Who loses? Everyone else – especially the American public.

If this fact is true then why not reduce the principal balance on underwater loans by 30% thereby rewarding homeowners who choose to stay in their homes and pay their mortgages. Does anyone really think that people are going to pay their loans out of a sense of obligation and responsibility? Seriously? I predict a mass exodus as people figure out that they are better off renting and getting out from a debt they can never actually pay off and for which their home will never be worth.

Let’s get serious about solutions to real estate and the housing crisis. Do I think this is going to happen? Hell, no. We have a government that is ineffective and impotent and a banking industry getting rich on investments. The American public continues to struggle with no one reaching out a helping hand. Is there anyone out there who can make a stand for the people?

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One is the loneliest number

December 15, 2010

 

 

It’s that time of year – the time when everyone starts bombarding your email with solicitations for SEVEN ways to get rich, SIX steps for a better year, FOUR ways to get your home sold, THREE things you need to do to guarantee sales success. You get the picture. 

I don’t know who started this trend but the minute I see a number associated with an activity – I just zone out. I find the whole thing a little hokey. You want to be successful? ONE THING – WORK hard. You want more money? Work hard. You want happiness? Work hard. It’s really just that simple. 

We live in a culture that wants quick fixes to all our problems. That is simply not how life works although it would be nice in theory. To make your life successful you don’t need SEVEN secret tips…you just need to put one foot in front of the other toward your goal and make it work. I promise this is true. 

I have one suggestion for you today – decide to be succesful and happy and WORK hard to make it so.

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Survey says…NO PLACE LIKE HOME

February 26, 2009

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It’s not a good market outside, but it’s still home inside. A survey released by the Pew Research Center finds that 90 percent of homeowners say their home is a source of comfort, and only 9 percent consider it a burden. The remaining 4 percent think it’s a little bit of both. Happiness is not based on gender, race, age, income or education, according to researchers, though they did note a slight difference by region: Only 6 percent of homeowners in the South or the East consider their home a burden, but the number rises to 11 percent in the West and 14 percent in the Midwest. Overall, homeowners are happier than renters, but analysts point out that homeowners tend to have more money and be married, and overall happiness cannot be completely attributed to homeownership. To read more from the study, go to: http://pewresearch.org/pubs/1126/home-buy-sell-comfort-burden-polling