Just in case your wondering...this is...
How Your Income Stacks Up
by Kevin McCormally
Wednesday, December 23, 2009
Where do you rank as a taxpayer? You may not feel rich earning $35,000 a year, but you're in the top half of taxpayers. Make $70,000, and you earn more than 75 percent of fellow taxpayers.
Even as the Great Recession ends, we know the economic wounds it inflicted will take years to heal. The national unemployment rate has breached 10 percent, and unemployment is higher than 12 percent in California and above 15 percent in Michigan. A new study from the Department of Agriculture found that nearly 50 million Americans struggled at some point in 2008 to get enough to eat.
More than 40 million Americans are officially living in poverty. And you might be surprised at how little income it takes to not be considered poor by the federal government. For 2008, the poverty threshold for a single person under age 65 was an income of $11,201, or less than $1,000 a month. For a family of four, the threshold was $21,834. For a family of six, $28,769.
With that perspective, you may wonder just how your income stacks up against that of your fellow citizens. New statistics from the IRS provide an answer. The numbers here come from an analysis of 2007 tax returns, the most recent ones that have been studied.
The data show that an income of $32,879 or more puts you in the top half of taxpayers. Earning a bit more than twice that much -- $66,532 -- earns you a spot among the top 25 percent of all earners. You crack the elite top 10 percent if you earn more than $113,018.
And $410,096 buys top bragging rights: Earn that much or more and you're among the top 1 percent of all American earners.
Kiplinger has developed an online calculator to quickly show you -- based on your personal adjusted gross income -- into which income category you fall and, as a bonus, what percentage of the nation's tax burden is borne collectively by you and your fellow citizens who are in that income category.
ech??? you believe this.....?
Monday, December 28, 2009
Sunday, December 27, 2009
Whoa....hold up wait a minute...
Hi every one....I've ran out of inspiration and money..so i've been on a sabatical to rebuild the coffers and find new inspiration to go out there and define my take on RE in LA...well I could go like everyone of us peeps that didnt have a banner year of sale after sale..it's been hard to stay motivated and focus..on the hustle harder mantra. Yeah that was where I was at in October,November..yeah get it done before November 30th yawn....well it has come and gone and now we plan for a new year of spectacular bargins for the investor and abysmal realties for the ones who could not hold on...sorry life is a tumble some times, you need to pick yourself up and keep trying..don't give up...you heard it before. So for my final 2009 post. Stay cool, tempered and smart...you will have a happy new year..(I'm smiling like eddie murphy in BH cop))laughing too....
Tuesday, December 1, 2009
Ok this is Good News?
Mortgage rates drop to record lows -- for those who can qualify
November 25, 2009 | 12:17 pm
Two weekly reports show Christmas has arrived early for mortgage borrowers, with rates at or near record lows.
In its survey for the week ending today, home-loan buyer Freddie Mac said the average rate for a 30-year fixed rate mortgage had dropped to 4.78%, tying a record set last April. The survey assumes borrowers have good credit, a 20% down payment or 20% equity if it's a refinance, and pay 0.7% of the loan balance in upfront fees and discount points to their lender.
Rates for 15-year fixed-rate loans were the lowest ever in Freddie's survey, averaging 4.32% with 0.6% in fees and points. Details about the methodology and other types of loans are in the release on the website of the McLean, Va., company.
BankRate.com, the North Palm Beach, Fla., financial information firm, is showing average rates at an even 5%, the lowest ever for its survey of large lenders. The mortgages in the survey had an average of 0.4 origination and discount points.
Details in today's announcement include the following caveat/observation from BankRate's Holden Lewis:
"The good news is that mortgage rates are so low. The bad news is that unemployment is high and rising, causing more homeowners to fall behind on their mortgage payments. As a result, it's harder to get a mortgage because lenders are tightening their underwriting standards -- for example, requiring bigger down payments and scrutinizing borrowers' finances."
Another bad sign for housing in recent weeks has been dwindling applications for loans to purchase homes, perhaps because buyers thought an $8,000 federal tax credit program for first-time buyers would expire.
But with Congress having extended the tax credit and broadened it to include a $6,500 credit for trade-up buyers, the Mortgage Bankers Assn. said today that purchase applications rose 9.6% last week after accounting for seasonal factors. That reversed six straight weeks of purchase-loan declines in the association's weekly surveys.
The bankers association said that, overall, the seasonally adjusted volume of loan applications was down 4.5% from the previous week as efforts to refinance homes dropped off.
-- E. Scott Reckard
hey Scott, tell the truth..this is not good news..
November 25, 2009 | 12:17 pm
Two weekly reports show Christmas has arrived early for mortgage borrowers, with rates at or near record lows.
In its survey for the week ending today, home-loan buyer Freddie Mac said the average rate for a 30-year fixed rate mortgage had dropped to 4.78%, tying a record set last April. The survey assumes borrowers have good credit, a 20% down payment or 20% equity if it's a refinance, and pay 0.7% of the loan balance in upfront fees and discount points to their lender.
Rates for 15-year fixed-rate loans were the lowest ever in Freddie's survey, averaging 4.32% with 0.6% in fees and points. Details about the methodology and other types of loans are in the release on the website of the McLean, Va., company.
BankRate.com, the North Palm Beach, Fla., financial information firm, is showing average rates at an even 5%, the lowest ever for its survey of large lenders. The mortgages in the survey had an average of 0.4 origination and discount points.
Details in today's announcement include the following caveat/observation from BankRate's Holden Lewis:
"The good news is that mortgage rates are so low. The bad news is that unemployment is high and rising, causing more homeowners to fall behind on their mortgage payments. As a result, it's harder to get a mortgage because lenders are tightening their underwriting standards -- for example, requiring bigger down payments and scrutinizing borrowers' finances."
Another bad sign for housing in recent weeks has been dwindling applications for loans to purchase homes, perhaps because buyers thought an $8,000 federal tax credit program for first-time buyers would expire.
But with Congress having extended the tax credit and broadened it to include a $6,500 credit for trade-up buyers, the Mortgage Bankers Assn. said today that purchase applications rose 9.6% last week after accounting for seasonal factors. That reversed six straight weeks of purchase-loan declines in the association's weekly surveys.
The bankers association said that, overall, the seasonally adjusted volume of loan applications was down 4.5% from the previous week as efforts to refinance homes dropped off.
-- E. Scott Reckard
hey Scott, tell the truth..this is not good news..
Tuesday, November 24, 2009
Home values in Los Angeles,....are expected to dive another 20.2% over by June 2010,....
Homes: About to get much cheaper
By Les Christie, CNNMoney.com staff writer
On 11:07 am EDT, Tuesday October 20, 2009
Buzz up! 1270 Print.If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower.
Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.
Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. For the following year, the firm anticipates some stabilization with prices rising 3.6%.
In the past, Fiserv anticipated the rapid decline in home-sale prices over the past few years -- though it underestimated the scope.
Mark Zandi, chief economist with Moody's Economy.com, agreed with Fiserv's current assessments. "I think more price declines are coming because the foreclosure crisis is not over," he said.
In fact, those areas with high concentrations of foreclosure sales will experience the steepest drops, according to Fiserv. Miami, for example, is expected to be the biggest loser. Prices are forecast to plunge 29.9% by next June -- after having already fallen a whopping 48% during the past three years.
If Fiserv's forecast holds, Miami real median home price will tumble to $142,000 by June 2011.
In Orlando, Fla., the second-worst performing market, Fiserv anticipates a 27% price collapse by June 2010, followed by a less severe drop the following year. In Hanford, Calif., prices are estimated to drop 26.9% and continue falling 9.5% in 2011; in Naples, Fla., they're expected to fall 26.8% and then flatten out.
Other notable losers include Las Vegas, where prices have already fallen 54.6% and are expected to lose another 23.9% by June 2010. In Phoenix values have already collapsed by 54% and could fall another 23.4%. In both cities, Fiserv anticipates the losses to continue into 2011, but they will be less than 5%.
Prices had stabilized
The latest forecast is at odds with the past few months of the S&P/Case-Shiller Home Price index. That report has given hope that most housing markets may have already stabilized because the composite index of 20 cities rose in May, June and July. Nationally, it found that home prices have gained 3.6%.
Brad Hunter, chief economist for Metrostudy, which provides housing market information to the industry, however, expects a change in fortunes, however.
"I'm afraid Case-Shiller may be just a temporary reprieve," he said.
He pointed out that the tax credit for first-time home buyers helped support prices during the three months of Case-Shiller gains. By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors. But the market assistance ends when the credit expires on Dec. 1.
Hunter also sees a new wave of foreclosure problems coming from higher priced loans and prime mortgages. He expects a high failure rate for option ARM loans that were issued to prime customers so they could buy homes in bubble markets, such as California and Florida. In those areas, prices for even modest homes had skyrocketed.
Winners
A handful of metro areas will buck the trend, according to Fiserv. Six markets will remain flat, and 33 will actually post gains. The biggest winner will be the Kennewick, Wash., metro area, where home prices have ramped up 8.9% over the past three years and are expected to increase another 3.4% by June 2010.
Fairbanks, Alaska, prices are anticipated to rise 2.5%, while Anchorage will climb 2.1%. Elmira, N.Y., prices may inch up 1.8%.
The nation's biggest metro area, New York City, will underperform the nation as a whole over the next two years, according to Fiserv. Prices, which have already fallen 21.7% to a median of $375,000, are expected to fall 17.4% by June 2011.
Home values in the nation's second largest city, Los Angeles, have fallen 43.3% since June 2006 to a median of $313,000. They are expected to dive another 20.2% over by June 2010, and then start to climb in 2011. Chicago prices, which have fallen 25.2% to $227,000, will drop only 4.1% over the next 12 months and then starting to climb.
The Detroit metro area now has the dubious distinction of having the lowest home prices in the country. Prices have dropped 51.7% to a median of $50,000. They're expected to fall another 9.1% and then stabilize.
By Les Christie, CNNMoney.com staff writer
On 11:07 am EDT, Tuesday October 20, 2009
Buzz up! 1270 Print.If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower.
Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.
Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. For the following year, the firm anticipates some stabilization with prices rising 3.6%.
In the past, Fiserv anticipated the rapid decline in home-sale prices over the past few years -- though it underestimated the scope.
Mark Zandi, chief economist with Moody's Economy.com, agreed with Fiserv's current assessments. "I think more price declines are coming because the foreclosure crisis is not over," he said.
In fact, those areas with high concentrations of foreclosure sales will experience the steepest drops, according to Fiserv. Miami, for example, is expected to be the biggest loser. Prices are forecast to plunge 29.9% by next June -- after having already fallen a whopping 48% during the past three years.
If Fiserv's forecast holds, Miami real median home price will tumble to $142,000 by June 2011.
In Orlando, Fla., the second-worst performing market, Fiserv anticipates a 27% price collapse by June 2010, followed by a less severe drop the following year. In Hanford, Calif., prices are estimated to drop 26.9% and continue falling 9.5% in 2011; in Naples, Fla., they're expected to fall 26.8% and then flatten out.
Other notable losers include Las Vegas, where prices have already fallen 54.6% and are expected to lose another 23.9% by June 2010. In Phoenix values have already collapsed by 54% and could fall another 23.4%. In both cities, Fiserv anticipates the losses to continue into 2011, but they will be less than 5%.
Prices had stabilized
The latest forecast is at odds with the past few months of the S&P/Case-Shiller Home Price index. That report has given hope that most housing markets may have already stabilized because the composite index of 20 cities rose in May, June and July. Nationally, it found that home prices have gained 3.6%.
Brad Hunter, chief economist for Metrostudy, which provides housing market information to the industry, however, expects a change in fortunes, however.
"I'm afraid Case-Shiller may be just a temporary reprieve," he said.
He pointed out that the tax credit for first-time home buyers helped support prices during the three months of Case-Shiller gains. By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors. But the market assistance ends when the credit expires on Dec. 1.
Hunter also sees a new wave of foreclosure problems coming from higher priced loans and prime mortgages. He expects a high failure rate for option ARM loans that were issued to prime customers so they could buy homes in bubble markets, such as California and Florida. In those areas, prices for even modest homes had skyrocketed.
Winners
A handful of metro areas will buck the trend, according to Fiserv. Six markets will remain flat, and 33 will actually post gains. The biggest winner will be the Kennewick, Wash., metro area, where home prices have ramped up 8.9% over the past three years and are expected to increase another 3.4% by June 2010.
Fairbanks, Alaska, prices are anticipated to rise 2.5%, while Anchorage will climb 2.1%. Elmira, N.Y., prices may inch up 1.8%.
The nation's biggest metro area, New York City, will underperform the nation as a whole over the next two years, according to Fiserv. Prices, which have already fallen 21.7% to a median of $375,000, are expected to fall 17.4% by June 2011.
Home values in the nation's second largest city, Los Angeles, have fallen 43.3% since June 2006 to a median of $313,000. They are expected to dive another 20.2% over by June 2010, and then start to climb in 2011. Chicago prices, which have fallen 25.2% to $227,000, will drop only 4.1% over the next 12 months and then starting to climb.
The Detroit metro area now has the dubious distinction of having the lowest home prices in the country. Prices have dropped 51.7% to a median of $50,000. They're expected to fall another 9.1% and then stabilize.
Friday, November 13, 2009
Work..but don't burnout..here's how...
It's important that you always remain motivated. Here are some secrets to help you avoid burnout.
Put in 15 minutes.
When the thought of sitting down to the computer late at night makes you want to cry, convince yourself to put in just 15 minutes. At the very least you will get a little something done.
But don't be surprised if once you begin your task, you get more done. Sometimes the hardest part is getting started.
Keep it realistic.
Setting high goals is good, but make sure they are realistic. Setting your sights too high can backfire when you aren't able to reach them and this can actually ruin your motivation if you start feeling like a failure.
Jot down goals on paper, but keep assessing your progress and make adjustments when necessary. Remember there are many ways to get to the finish line. Keep evaluating because your initial course may not be the best way if it proves to be unrealistic.
Keep a gratitude journal.
One sure way to have a positive attitude is to keep a gratitude journal. Jotting down everything you are thankful for on a consistent basis will help you keep things in perspective and realize just how good you have it.
Maintaining a positive, upbeat attitude will help you to feel thankful for this opportunity and keep you motivated to make the most of it.
Get inspired.
Put together an "Inspiration Binder". This can consist of inspiring quotes and letters of encouragement from friends and family. Be sure to include a letter to yourself.
Putting your own strengths on paper is not conceited but rather a great way to pump yourself up when negative self-talk gets down. Don't underestimate the power of motivating words.
Put in 15 minutes.
When the thought of sitting down to the computer late at night makes you want to cry, convince yourself to put in just 15 minutes. At the very least you will get a little something done.
But don't be surprised if once you begin your task, you get more done. Sometimes the hardest part is getting started.
Keep it realistic.
Setting high goals is good, but make sure they are realistic. Setting your sights too high can backfire when you aren't able to reach them and this can actually ruin your motivation if you start feeling like a failure.
Jot down goals on paper, but keep assessing your progress and make adjustments when necessary. Remember there are many ways to get to the finish line. Keep evaluating because your initial course may not be the best way if it proves to be unrealistic.
Keep a gratitude journal.
One sure way to have a positive attitude is to keep a gratitude journal. Jotting down everything you are thankful for on a consistent basis will help you keep things in perspective and realize just how good you have it.
Maintaining a positive, upbeat attitude will help you to feel thankful for this opportunity and keep you motivated to make the most of it.
Get inspired.
Put together an "Inspiration Binder". This can consist of inspiring quotes and letters of encouragement from friends and family. Be sure to include a letter to yourself.
Putting your own strengths on paper is not conceited but rather a great way to pump yourself up when negative self-talk gets down. Don't underestimate the power of motivating words.
Thursday, November 5, 2009
Honestly...I dont know how I feel about this..
Fannie Mae to rent out homes instead foreclosing
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – Thu Nov 5, 10:02 am ET
WASHINGTON – Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.
The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.
The program will "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.
But the effort is likely to affect a relatively small number of homeowners. In the first half of the year, Fannie Mae took back about 1,200 properties through this process, known as a deed-in-lieu of foreclosure. That pales in comparison to the 57,000 foreclosed properties the company repossessed in the period.
While neither option is particularly attractive for the homeowner, a deed-in-lieu does less harm to the borrower's credit record.
The rental program is designed to help homeowners who don't qualify for a loan modification under the Obama administration's plan, but still want to remain in their homes. Fannie Mae is not planning to market the homes for sale during the one-year rental period.
Fannie Mae has hired an outside company, which officials declined to identify, to manage the properties.
To qualify, homeowners have to live in the home as their primary residence and prove that they can afford the market rent, which would be determined by the management company. The rent can't be more than 31 percent of their pretax income.
Fannie Mae's sibling company, Freddie Mac, launched a similar effort in March. That policy, however, requires the foreclosure to be complete and only allows month-to-month leases. A Freddie Mac spokesman declined to say how many borrowers have participated.
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – Thu Nov 5, 10:02 am ET
WASHINGTON – Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.
The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.
The program will "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.
But the effort is likely to affect a relatively small number of homeowners. In the first half of the year, Fannie Mae took back about 1,200 properties through this process, known as a deed-in-lieu of foreclosure. That pales in comparison to the 57,000 foreclosed properties the company repossessed in the period.
While neither option is particularly attractive for the homeowner, a deed-in-lieu does less harm to the borrower's credit record.
The rental program is designed to help homeowners who don't qualify for a loan modification under the Obama administration's plan, but still want to remain in their homes. Fannie Mae is not planning to market the homes for sale during the one-year rental period.
Fannie Mae has hired an outside company, which officials declined to identify, to manage the properties.
To qualify, homeowners have to live in the home as their primary residence and prove that they can afford the market rent, which would be determined by the management company. The rent can't be more than 31 percent of their pretax income.
Fannie Mae's sibling company, Freddie Mac, launched a similar effort in March. That policy, however, requires the foreclosure to be complete and only allows month-to-month leases. A Freddie Mac spokesman declined to say how many borrowers have participated.
Tuesday, November 3, 2009
10 Good jobs...remember...do what is natural...!!
10 Jobs With High Pay and Minimal Schooling Required!
by Michael Kling
Tuesday, November 3, 2009
provided by
You don't have to go to college earn a decent living. Some professions pay good salaries without requiring post-secondary schooling.
A college degree can be a great path towards a well-paying, satisfying profession, but a bachelor's degree isn't for everyone. In fact, some see advanced education as overrated. A surge in the number of college graduates have dampened the value of a college education. College comes intact with high tuition, room and board, and supplies fees - and that's not even factoring in debt payments that usually last for years, if not decades.
Trusting the 'Net
Beware of online lists of top-paying professions with little schooling. Some lists cite obscure professions or ones requiring long-term on-the-job training. Just because a profession doesn't officially require a degree is no indicator that and education wouldn't be advantageous, especially for inexperienced applicants in today's competitive job market.
Your New Career
Here's a list of top-paying jobs requiring little schooling, and their median annual earnings as of 2006, using the latest data available from the Bureau of Labor Statistics. Keep in mind that these jobs have their own challenges and often require some type of specialized schooling - sometimes on-the-job training.
1. Air Traffic Controllers: $117,200
These workers make sure airplanes land and take off safely, and they typically top lists of this nature. The median 50% earned between $86,860-142,210, with good benefits. Air traffic controllers are eligible to retire at age 50 with 20 years of service, or after 25 years at any age.
Watching blinking dots on a radar screen that control the lives of hundreds can be stressful, and the job require specialized FAA schooling and on-the-job training. Typically, two to four years of training are needed in order to become fully certified, although previous military experience can cut that time down significantly.
2. Industrial Production Managers: $77,670
They oversee manufacturing activities. A college degree is preferred, but not necessarily mandatory. They often work in industries such as aviation and automobiles.
3. First-Line Police and Detective Supervisors: $69,300
Police officers can advance through the ranks to become supervisors by passing exams and achieving good performance reviews, and advanced training can help win promotions.
4. Funeral Director: $49,620
College programs in mortuary science usually last from two to four years. You typically must also serve a one-year apprenticeship, pass an exam and obtain a state license. Hours can be long and irregular. Dealing with dead bodies and crying relatives isn't for everyone.
5. Police and Sheriff Patrol Officers: $47,460
Police corporals had an average minimum annual base salary of $44,160, according to the International City-County Management Association. But total income can significantly exceed base salary because of overtime pay. And police officers can often retire at half-pay after 25-30 years of service.
Applicants usually must have at least a high school education, and some departments require a year or two of college or even a degree. Rookies are trained at police academies.
6. Advertising Sales Agents: $42,750
20% have a high school degree or less, and 10% have an Associate's degree.
7. Real Estate Brokers and Sales Agents: $39,760
Don't let that figure fool you; the highest 10% earned more than $111,500. While advanced coursework is not necessarily required, new entrants must pass an exam and get a state license. Connections in the community and a willingness to work hard are what really count, but experience and a good housing market also help.
8. Occupational Therapist Assistants: $42,060
These workers usually need an associate degree or a certificate. They work with occupational therapists, helping injured patients recover from, or compensate for, lost motor skills. Job prospects are good in the growing health care field, especially for those with some post-secondary education.
9. Occupational Therapist Aides: $25,000
These employees receive most training on the job. Under supervision of occupational therapists, they also work with injured people. Competition for jobs is tougher for those with only a high school diploma.
10. Physical Therapist Assistants: $41,360
These workers deal with physical therapists, helping patents improve mobility, relieve pain or overcome injuries or disabilities. Those working in home health care services tend to make more on average. Aides, earning an average of $22,000, are trained on the job. Assistants, who have greater responsibilities, typically need an associate's degree.
The Bottom Line
Despite a recession, plenty of career paths can lead to well-paying professions without spending four years or more hitting the books, including opportunities in law enforcement, health care and sales. The goal is to find a job that matches your own particular talents and preferences in addition to supporting your lifestyle.
by Michael Kling
Tuesday, November 3, 2009
provided by
You don't have to go to college earn a decent living. Some professions pay good salaries without requiring post-secondary schooling.
A college degree can be a great path towards a well-paying, satisfying profession, but a bachelor's degree isn't for everyone. In fact, some see advanced education as overrated. A surge in the number of college graduates have dampened the value of a college education. College comes intact with high tuition, room and board, and supplies fees - and that's not even factoring in debt payments that usually last for years, if not decades.
Trusting the 'Net
Beware of online lists of top-paying professions with little schooling. Some lists cite obscure professions or ones requiring long-term on-the-job training. Just because a profession doesn't officially require a degree is no indicator that and education wouldn't be advantageous, especially for inexperienced applicants in today's competitive job market.
Your New Career
Here's a list of top-paying jobs requiring little schooling, and their median annual earnings as of 2006, using the latest data available from the Bureau of Labor Statistics. Keep in mind that these jobs have their own challenges and often require some type of specialized schooling - sometimes on-the-job training.
1. Air Traffic Controllers: $117,200
These workers make sure airplanes land and take off safely, and they typically top lists of this nature. The median 50% earned between $86,860-142,210, with good benefits. Air traffic controllers are eligible to retire at age 50 with 20 years of service, or after 25 years at any age.
Watching blinking dots on a radar screen that control the lives of hundreds can be stressful, and the job require specialized FAA schooling and on-the-job training. Typically, two to four years of training are needed in order to become fully certified, although previous military experience can cut that time down significantly.
2. Industrial Production Managers: $77,670
They oversee manufacturing activities. A college degree is preferred, but not necessarily mandatory. They often work in industries such as aviation and automobiles.
3. First-Line Police and Detective Supervisors: $69,300
Police officers can advance through the ranks to become supervisors by passing exams and achieving good performance reviews, and advanced training can help win promotions.
4. Funeral Director: $49,620
College programs in mortuary science usually last from two to four years. You typically must also serve a one-year apprenticeship, pass an exam and obtain a state license. Hours can be long and irregular. Dealing with dead bodies and crying relatives isn't for everyone.
5. Police and Sheriff Patrol Officers: $47,460
Police corporals had an average minimum annual base salary of $44,160, according to the International City-County Management Association. But total income can significantly exceed base salary because of overtime pay. And police officers can often retire at half-pay after 25-30 years of service.
Applicants usually must have at least a high school education, and some departments require a year or two of college or even a degree. Rookies are trained at police academies.
6. Advertising Sales Agents: $42,750
20% have a high school degree or less, and 10% have an Associate's degree.
7. Real Estate Brokers and Sales Agents: $39,760
Don't let that figure fool you; the highest 10% earned more than $111,500. While advanced coursework is not necessarily required, new entrants must pass an exam and get a state license. Connections in the community and a willingness to work hard are what really count, but experience and a good housing market also help.
8. Occupational Therapist Assistants: $42,060
These workers usually need an associate degree or a certificate. They work with occupational therapists, helping injured patients recover from, or compensate for, lost motor skills. Job prospects are good in the growing health care field, especially for those with some post-secondary education.
9. Occupational Therapist Aides: $25,000
These employees receive most training on the job. Under supervision of occupational therapists, they also work with injured people. Competition for jobs is tougher for those with only a high school diploma.
10. Physical Therapist Assistants: $41,360
These workers deal with physical therapists, helping patents improve mobility, relieve pain or overcome injuries or disabilities. Those working in home health care services tend to make more on average. Aides, earning an average of $22,000, are trained on the job. Assistants, who have greater responsibilities, typically need an associate's degree.
The Bottom Line
Despite a recession, plenty of career paths can lead to well-paying professions without spending four years or more hitting the books, including opportunities in law enforcement, health care and sales. The goal is to find a job that matches your own particular talents and preferences in addition to supporting your lifestyle.
Sunday, November 1, 2009
Numerology Anyone?
I thought this artical is worth consideration...It's the driving down the street and not noticing the trees analogy...check this out...
Number-Crushing: When Figures Get Personal Real-Estate Developers Factor In Love of 6 and 8, Fear of Unlucky 4 and 13;
What Happened to Floors 40 Through 59? By CARL BIALIK..
Everyone can agree that 1+1=2. But the idea that 7 is greater than 13 -- that some numbers are luckier than others -- makes no sense to some people. Such numerical biases can cause deep divisions.
And that is what happened earlier this month in Hong Kong. Property developer Henderson Land Development Co. made news for selling a condominium for $56.6 million, a price the developer called a residential record in Asia. But after that sale was announced, the property began making news for other unusual numbers. Henderson is labeling the floors of its property at 39 Conduit Road with numbers that increase, but not in the conventional 1-then-2 way. The floor above 39, for example, is 60. And the top three floors are consecutively labeled 66, 68 and 88.
When Numbers Add Up to More Than Math
Associated Press
In Las Vegas, where lucky numbers such as 7 are always welcome, couples gathered at Mandalay Bay to wed on July 7, 2007.
.This offended some people's sense of order. At a protest Sunday against high housing prices, Hong Kong Democratic Party legislators expressed dissatisfaction with the numbering scheme's tenuous relationship to reality. "You could call the ground floor the 88th floor, but it's meaningless," says Emily Lau. "When you say you live on the 88th floor, people expect you to be on the 88th floor, not the 10th floor or something."
Numerology, a belief that certain digits have greater meaning beyond merely their quantity, has long been been viewed as a kind of loony uncle to mathematics. Numerologists favor or fear certain numbers depending on factors such as the sound of the words for those numbers or the letter in the alphabet they correspond to. That kind of reasoning leads some mathematicians, who are governed by numerical laws and properties, to believe they have one up on numerologists.
But many mathematicians have their own emotional attachments to numbers that drove them to enter the field in the first place. Some will cop to having numerical crushes that might not look that different from numerologists'.
"The idea that numbers are somehow pure and immune to superstitious thinking, because they're somehow more 'objective' than words, doesn't take into account the fact that every concept exists (in our minds) in an interconnected tapestry of emotionally and culturally charged signifiers," Golan Levin, designer of the interactive project The Secret Lives of Numbers, which tracks the popularity of every whole number between one and one million, writes in an email. He considers most numerical superstitions harmless.
Thomas Garrity, a mathematician at Williams College, has always had a particular fondness for the number 9. The number 51, however, doesn't make his favorites list.
"This might stem from childhood, when I regularly thought that 51 should be prime, even though 51=3x17," he says, taking a trip down mathematical memory lane. But he doesn't base decisions on his preferences, for instance by avoiding the 51st floor of buildings, he says. "I can understand people having slightly irrational feelings about particular numbers," Prof. Garrity says. "I don't get, though, people making real decisions based on such feelings."
And yet some numerical superstitions do spread, especially when profits are involved. A Las Vegas casino that caters to Hong Kong high rollers also skips floors from 40 to 59, while Henderson's Hong Kong development omits the 13th floor to cater to Western tastes.
A Henderson spokeswoman says customers "don't want the fours and the unlucky numbers. These numbers are more interesting."
Henderson chose to name the floors as it did because of positive associations with 6 and 8, and negative ones with 4. In Cantonese and Mandarin, the word for eight sounds like "faat," which means prosperity. Hence the Beijing Olympics starting time of 8 p.m. on Aug. 8, 2008. The word for four, meanwhile, "sounds very much like 'death,' and is therefore avoided at all costs," says Hung-Hsi Wu, professor emeritus of mathematics at University of California, Berkeley, who was born in Hong Kong. Six is also considered lucky.
A preference for six over four also guided developers of the 42-floor Mandalay Bay casino in Las Vegas. There, penthouses are on the 60th, 61st and 62nd floor because Mandalay Bay skips the numbers 40 to 59.
Gordon Absher, spokesman for Mandalay owner MGM Mirage, says that decision was shaped by possible perceptions of high rollers when they are assigned to those floors. "You could think that we are trying to, as the casino, give you bad luck," Mr. Absher says.
Similarly, developers who would assuage fears of 13 can't avoid the existence of a 13th floor in buildings with 13 or more stories. But they can rename it out of existence. When a 13th floor was added to the Skirvin Hotel in Oklahoma City, in the 1930s, it was named the 14th floor. The hotel was shuttered in 1988 and reopened and renamed in 2007 by Hilton, which nonetheless kept the name for the top floor.
The 22-story headquarters of Chicago-based Marc Realty avoids throwing off the numbers in higher floors by labeling the 13th floor "14A." It labels the 14th floor "14B."
"That arrangement keeps the elevations of the upper floors straight in a physical sense," says Marc marketing coordinator Dan Krc. He adds that triskaidekaphobia, or fear of 13, appears to be fading, with floors labeled 13 in Marc properties showing occupancy rates are no lower than other floors.
The negative associations with 13 have been traced to the number of diners at the Last Supper, before the betrayal of Jesus. Some believed it went back to prehistoric times -- the lowest number that couldn't be counted on ten fingers and two feet. (Apparently, individual toes couldn't be counted).
But Underwood Dudley, retired professor of mathematics at Depauw University and author of "Numerology," says he wasn't able to verify any of these. "As far as I can tell, some number had to be unlucky, and it was 13," Dr. Dudley says.
Beverly Kay, a numerologist in Mequon, Wisc., doesn't buy fears of 13. However, she says her work reading meaning into clients' birth dates and names is consistent with math. "This is scientific," Ms. Kay says.
Psychologists and historians generally have tied such beliefs to the broader human tendency to seek patterns and systems where none exist. At its extreme, an emotional relationship to a number can creep into obsessive-compulsive behavior. In his book "Strange Brains and Genius," Clifford Pickover dug through case studies of numerical obsessive-compulsive disorder, and found that it could be tied to just about any numeral. Electricity pioneer Nikola Tesla demanded precisely 18 clean towels a day and showed an intense preference for multiples of three.
While mathematicians generally don't go to Tesla-like extremes, they possess a generally positive outlook about all numbers and that distinguishes them from numerologists, they say.
For example, Kenneth Ribet, a professor of mathematics at Berkeley, considers some prime numbers "friends," he says. One is 144,169, which reads like 12 squared followed by 13 squared; another the easily remembered number of 1,234,567,891.
"Mathematicians don't have numbers that they're afraid of or shy away from because we do really like all of the numbers," says Prof. Ribet. "On the other hand, some of us have favorites."
-- Jonathan Cheng in Hong Kong contributed to this article.
Learn more about this topic at WSJ.com/NumbersGuy. Email him at numbersguy@wsj.com.
Write to Carl Bialik at numbersguy@wsj.com
Corrections & Amplifications
The Book of Revelation identifies 666 as the number of the beast. A graphic accompanying the Numbers Guy column on October 28 incorrectly called it the Book of Revelations.
Number-Crushing: When Figures Get Personal Real-Estate Developers Factor In Love of 6 and 8, Fear of Unlucky 4 and 13;
What Happened to Floors 40 Through 59? By CARL BIALIK..
Everyone can agree that 1+1=2. But the idea that 7 is greater than 13 -- that some numbers are luckier than others -- makes no sense to some people. Such numerical biases can cause deep divisions.
And that is what happened earlier this month in Hong Kong. Property developer Henderson Land Development Co. made news for selling a condominium for $56.6 million, a price the developer called a residential record in Asia. But after that sale was announced, the property began making news for other unusual numbers. Henderson is labeling the floors of its property at 39 Conduit Road with numbers that increase, but not in the conventional 1-then-2 way. The floor above 39, for example, is 60. And the top three floors are consecutively labeled 66, 68 and 88.
When Numbers Add Up to More Than Math
Associated Press
In Las Vegas, where lucky numbers such as 7 are always welcome, couples gathered at Mandalay Bay to wed on July 7, 2007.
.This offended some people's sense of order. At a protest Sunday against high housing prices, Hong Kong Democratic Party legislators expressed dissatisfaction with the numbering scheme's tenuous relationship to reality. "You could call the ground floor the 88th floor, but it's meaningless," says Emily Lau. "When you say you live on the 88th floor, people expect you to be on the 88th floor, not the 10th floor or something."
Numerology, a belief that certain digits have greater meaning beyond merely their quantity, has long been been viewed as a kind of loony uncle to mathematics. Numerologists favor or fear certain numbers depending on factors such as the sound of the words for those numbers or the letter in the alphabet they correspond to. That kind of reasoning leads some mathematicians, who are governed by numerical laws and properties, to believe they have one up on numerologists.
But many mathematicians have their own emotional attachments to numbers that drove them to enter the field in the first place. Some will cop to having numerical crushes that might not look that different from numerologists'.
"The idea that numbers are somehow pure and immune to superstitious thinking, because they're somehow more 'objective' than words, doesn't take into account the fact that every concept exists (in our minds) in an interconnected tapestry of emotionally and culturally charged signifiers," Golan Levin, designer of the interactive project The Secret Lives of Numbers, which tracks the popularity of every whole number between one and one million, writes in an email. He considers most numerical superstitions harmless.
Thomas Garrity, a mathematician at Williams College, has always had a particular fondness for the number 9. The number 51, however, doesn't make his favorites list.
"This might stem from childhood, when I regularly thought that 51 should be prime, even though 51=3x17," he says, taking a trip down mathematical memory lane. But he doesn't base decisions on his preferences, for instance by avoiding the 51st floor of buildings, he says. "I can understand people having slightly irrational feelings about particular numbers," Prof. Garrity says. "I don't get, though, people making real decisions based on such feelings."
And yet some numerical superstitions do spread, especially when profits are involved. A Las Vegas casino that caters to Hong Kong high rollers also skips floors from 40 to 59, while Henderson's Hong Kong development omits the 13th floor to cater to Western tastes.
A Henderson spokeswoman says customers "don't want the fours and the unlucky numbers. These numbers are more interesting."
Henderson chose to name the floors as it did because of positive associations with 6 and 8, and negative ones with 4. In Cantonese and Mandarin, the word for eight sounds like "faat," which means prosperity. Hence the Beijing Olympics starting time of 8 p.m. on Aug. 8, 2008. The word for four, meanwhile, "sounds very much like 'death,' and is therefore avoided at all costs," says Hung-Hsi Wu, professor emeritus of mathematics at University of California, Berkeley, who was born in Hong Kong. Six is also considered lucky.
A preference for six over four also guided developers of the 42-floor Mandalay Bay casino in Las Vegas. There, penthouses are on the 60th, 61st and 62nd floor because Mandalay Bay skips the numbers 40 to 59.
Gordon Absher, spokesman for Mandalay owner MGM Mirage, says that decision was shaped by possible perceptions of high rollers when they are assigned to those floors. "You could think that we are trying to, as the casino, give you bad luck," Mr. Absher says.
Similarly, developers who would assuage fears of 13 can't avoid the existence of a 13th floor in buildings with 13 or more stories. But they can rename it out of existence. When a 13th floor was added to the Skirvin Hotel in Oklahoma City, in the 1930s, it was named the 14th floor. The hotel was shuttered in 1988 and reopened and renamed in 2007 by Hilton, which nonetheless kept the name for the top floor.
The 22-story headquarters of Chicago-based Marc Realty avoids throwing off the numbers in higher floors by labeling the 13th floor "14A." It labels the 14th floor "14B."
"That arrangement keeps the elevations of the upper floors straight in a physical sense," says Marc marketing coordinator Dan Krc. He adds that triskaidekaphobia, or fear of 13, appears to be fading, with floors labeled 13 in Marc properties showing occupancy rates are no lower than other floors.
The negative associations with 13 have been traced to the number of diners at the Last Supper, before the betrayal of Jesus. Some believed it went back to prehistoric times -- the lowest number that couldn't be counted on ten fingers and two feet. (Apparently, individual toes couldn't be counted).
But Underwood Dudley, retired professor of mathematics at Depauw University and author of "Numerology," says he wasn't able to verify any of these. "As far as I can tell, some number had to be unlucky, and it was 13," Dr. Dudley says.
Beverly Kay, a numerologist in Mequon, Wisc., doesn't buy fears of 13. However, she says her work reading meaning into clients' birth dates and names is consistent with math. "This is scientific," Ms. Kay says.
Psychologists and historians generally have tied such beliefs to the broader human tendency to seek patterns and systems where none exist. At its extreme, an emotional relationship to a number can creep into obsessive-compulsive behavior. In his book "Strange Brains and Genius," Clifford Pickover dug through case studies of numerical obsessive-compulsive disorder, and found that it could be tied to just about any numeral. Electricity pioneer Nikola Tesla demanded precisely 18 clean towels a day and showed an intense preference for multiples of three.
While mathematicians generally don't go to Tesla-like extremes, they possess a generally positive outlook about all numbers and that distinguishes them from numerologists, they say.
For example, Kenneth Ribet, a professor of mathematics at Berkeley, considers some prime numbers "friends," he says. One is 144,169, which reads like 12 squared followed by 13 squared; another the easily remembered number of 1,234,567,891.
"Mathematicians don't have numbers that they're afraid of or shy away from because we do really like all of the numbers," says Prof. Ribet. "On the other hand, some of us have favorites."
-- Jonathan Cheng in Hong Kong contributed to this article.
Learn more about this topic at WSJ.com/NumbersGuy. Email him at numbersguy@wsj.com.
Write to Carl Bialik at numbersguy@wsj.com
Corrections & Amplifications
The Book of Revelation identifies 666 as the number of the beast. A graphic accompanying the Numbers Guy column on October 28 incorrectly called it the Book of Revelations.
Friday, October 30, 2009
Senators agree to extend $8,000 housing tax credit for first-time buyers -- latimes.com
Yea.....I hope this helps..I'm always optimistic....check this link.
Senators agree to extend $8,000 housing tax credit for first-time buyers -- latimes.com
Posted using ShareThis
Senators agree to extend $8,000 housing tax credit for first-time buyers -- latimes.com
Posted using ShareThis
Wednesday, October 28, 2009
This is the otherside of the home sales coin...
New home sales fall 3.6 percent
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – 33 mins ago
WASHINGTON – Sales of new homes dropped unexpectedly last month as the effects of a soon-to-expire tax credit for first-time owners started to wane.
The Commerce Department said Wednesday that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000.
It was the first decline since March. Sales in September were down 7.8 percent from a year ago.
The median sales price of $204,800 was off 9.1 percent from $225,200 a year earlier, but up 2.5 percent from August's level of $199,900.
The drop in sales was driven by a nearly 11 percent decline in the West and a 10 percent drop in the South. Sales rose 35 percent in the Midwest and were unchanged in the Northeast.
The data reflect contracts to buy homes, not completed sales. Many new homes are sold while they are still under construction, and buyers may be worried that they won't be able to complete the deal before the Nov. 30 deadline to take advantage of a tax credit of up to $8,000 for first-time buyers.
Congress is considering extending the tax credit through March 31 and gradually phasing it out over the rest of next year.
"If they don't extend it, then I think the pullback could be quite significant," said Brad Hunter, chief economist with Metrostudy, a real estate research firm.
Even builders of more upscale homes have felt the impact of the looming deadline. That's because those move-up buyers will have trouble selling their homes without the incentive of the credit.
"The fact that the first-time homebuyer tax credit runs out is hurting," said Bob Mitchell, chief executive of Rockville, Md.-based builder Mitchell & Best, who has gone from selling 80 to 100 homes annually to around 30 this year. Still, he noted, "we're at least selling something."
There were 251,000 new homes for sale at the end of September, down 3.8 percent from August and the lowest inventory in nearly 17 years. At the current sales pace, that represents 7.5 months of supply.
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – 33 mins ago
WASHINGTON – Sales of new homes dropped unexpectedly last month as the effects of a soon-to-expire tax credit for first-time owners started to wane.
The Commerce Department said Wednesday that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000.
It was the first decline since March. Sales in September were down 7.8 percent from a year ago.
The median sales price of $204,800 was off 9.1 percent from $225,200 a year earlier, but up 2.5 percent from August's level of $199,900.
The drop in sales was driven by a nearly 11 percent decline in the West and a 10 percent drop in the South. Sales rose 35 percent in the Midwest and were unchanged in the Northeast.
The data reflect contracts to buy homes, not completed sales. Many new homes are sold while they are still under construction, and buyers may be worried that they won't be able to complete the deal before the Nov. 30 deadline to take advantage of a tax credit of up to $8,000 for first-time buyers.
Congress is considering extending the tax credit through March 31 and gradually phasing it out over the rest of next year.
"If they don't extend it, then I think the pullback could be quite significant," said Brad Hunter, chief economist with Metrostudy, a real estate research firm.
Even builders of more upscale homes have felt the impact of the looming deadline. That's because those move-up buyers will have trouble selling their homes without the incentive of the credit.
"The fact that the first-time homebuyer tax credit runs out is hurting," said Bob Mitchell, chief executive of Rockville, Md.-based builder Mitchell & Best, who has gone from selling 80 to 100 homes annually to around 30 this year. Still, he noted, "we're at least selling something."
There were 251,000 new homes for sale at the end of September, down 3.8 percent from August and the lowest inventory in nearly 17 years. At the current sales pace, that represents 7.5 months of supply.
Tuesday, October 27, 2009
Monday, October 26, 2009
Loan Agent Retribution....I thought we we're helping you..NOT!!!!
5 charged with beating, robbing loan agents
A couple and three associates are held on $1-million bail in attack.
By Baxter Holmes
October 26, 2009 | 7:40 p.m.
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A La Cañada Flintridge couple trying to save their home from foreclosure were arrested along with three others on suspicion of beating, torturing and robbing a pair of loan modification agents they believed had done nothing to help them rescue the residence.
Daniel Weston and Mary Ann Parmelee, both 52, allegedly sought mortgage assistance from Lamond Dean and Luis Garcia, two loan modification specialists, according to the Los Angeles County district attorney's office.
Authorities said the homeowners thought agents had taken their money and done nothing to help them.
On Oct. 20, the agents were lured to a meeting in Glendale where Weston and another man, Gustavo Canez, 36, allegedly beat and robbed them, prosecutors said.
Authorities said a handgun and wooden knuckles were used in the attack.
The attack took place in front of Parmelee, who is a real estate agent; Mario Solomon Gonzales, 47, of Glendale; and Marissa Parker, 49, of Sylmar. Gonzalez and Parker work with Parmelee to refer loan cases to Dean and Garcia, officials said.
Dean and Garcia were treated and released from a local hospital, officials said.
Parmelee, Gonzales and Parker face two counts each of torture, false imprisonment by violence and second-degree robbery. Gonzales also faces one count of possession of a deadly weapon because he was allegedly carrying the wooden knuckles, the complaint states.
Parmelee, Gonzales and Parker pleaded not guilty Friday. Weston and Canez were in court Monday, and their cases were continued to Nov. 2.
All are being held on $1-million bail.
A couple and three associates are held on $1-million bail in attack.
By Baxter Holmes
October 26, 2009 | 7:40 p.m.
E-mail Print Share Text Size
A La Cañada Flintridge couple trying to save their home from foreclosure were arrested along with three others on suspicion of beating, torturing and robbing a pair of loan modification agents they believed had done nothing to help them rescue the residence.
Daniel Weston and Mary Ann Parmelee, both 52, allegedly sought mortgage assistance from Lamond Dean and Luis Garcia, two loan modification specialists, according to the Los Angeles County district attorney's office.
Authorities said the homeowners thought agents had taken their money and done nothing to help them.
On Oct. 20, the agents were lured to a meeting in Glendale where Weston and another man, Gustavo Canez, 36, allegedly beat and robbed them, prosecutors said.
Authorities said a handgun and wooden knuckles were used in the attack.
The attack took place in front of Parmelee, who is a real estate agent; Mario Solomon Gonzales, 47, of Glendale; and Marissa Parker, 49, of Sylmar. Gonzalez and Parker work with Parmelee to refer loan cases to Dean and Garcia, officials said.
Dean and Garcia were treated and released from a local hospital, officials said.
Parmelee, Gonzales and Parker face two counts each of torture, false imprisonment by violence and second-degree robbery. Gonzales also faces one count of possession of a deadly weapon because he was allegedly carrying the wooden knuckles, the complaint states.
Parmelee, Gonzales and Parker pleaded not guilty Friday. Weston and Canez were in court Monday, and their cases were continued to Nov. 2.
All are being held on $1-million bail.
Thursday, October 15, 2009
On your mark, get set...go!!!!
Time Running Out For First-Time Homebuyers
Wednesday, 14 October 2009
By Chris Levister –
The clock is ticking for first-time home buyers scrambling to take advantage of an $8,000 tax credit set to expire November 30 – unless Congress decides to extend it.
This week, the White House said its economic team is evaluating the credit’s impact on home sales and will make a recommendation to President Barack Obama.
The National Association of Realtors and the National Association of Home Builders have launched marketing campaigns touting the credit and have pushed Congress to keep it going. But some lawmakers are balking at the cost, which may hit $15 billion – more than double the amount projected in February’s economic stimulus bill.
Unlike the home buyer tax credit Congress enacted in July of 2008, this allowance does not have to be repaid.
The federal tax credit covers up to 10 percent of the home price, or up to $8,000, for first-time buyers. Combined with low mortgage rates and falling prices the incentive is drawing first-time buyers like Alisha Baeza 30, and George Gonzalez 29 of San Bernardino.
In June Baeza used the tax credit to buy a 3-bedroom 2-and-a half bath home with a pool for $248,000. She enlisted veteran Spellacy Associates realtor Alice Wilson, and a San Bernardino program aimed at first-time home buyers. City staffers helped Baeza save money, lower her debt and arrange for a down payment.
“I started thinking about buying a home almost 2 years ago and at the time I couldn’t afford it,” recalls Baeza, a dietary manager at Saint Bernardine Hospital. Alice kept encouraging me - ‘you need to be a home owner’. Then she told me about the city program. It worked out great because they advanced the 20% down payment.
Baeza admits qualifying for a loan in the midst of a recession-caused credit crunch and wading through the mounds of required paperwork was no fun. “It was grueling – but worth it. I say to young people - go do it.” Her boyfriend George Gonzales an anesthesia equipment technician also saw his fortunes change after recently qualifying for a home loan. This weekend the couple went house hunting.
“Five years ago I couldn’t afforded a home. My credit wasn’t that good and home prices were outrageous. I figured I’d never own property,” said Gonzalez.
“When I got approved I jumped for joy, called Alisha and said come on let’s go celebrate. Now I tell people go fix your credit, save some money and see what you qualify for.”
Housing experts say first-time homebuyers snapped up three out of 10 homes sold in July. That’s about 10 percent below the average for the previous six years, according to the National Association of Realtors.
Alice Wilson says it’s a new era in home buying and home sales will struggle to rebound without a tax credit extension.
“Prices and home values are falling, banks are holding on to their wallets and there’s not a lot of housing inventory out there. That’s kept many would-be buyers on the sidelines,” she said.
She said with or without a tax break, consumers in this economy are looking for a bargain much like they are with retail sales and auto sales.
“Banks are being extra cautious, worried about the still-dire unemployment situation. The turn of the year isn’t likely to yield much good news on the job front so I don’t see a full-blown recovery on the horizon.”
Realtor Jeanine, Alice’s daughter, says while the tax credit has succeeded in energizing buyers and helping clear a glut of lower-priced homes, including foreclosed properties that are dragging down home values, buyers expecting to find a plentiful home inventory will be disappointed.
“For every decent home on the market – there are at least four or five people sometimes more bidding on it. A home can fall out of escrow and a week later its back in – with another buyer.” The problem is made worst said Jeanine because many banks are reluctant to put foreclosed properties back on the market. “Simply put, it’s very hard out there.”
The best approach is honesty said Alice.
“We tell prospective buyers with bad credit and or unstable employment. It’s just not going to happen.”
“The good ole days are behind us. Get your house in order before you dip your toes into the market,” added Jeanine, “Its bitter medicine. We’re just praying people don’t get discouraged.”
Couldn't have said it better....
Wednesday, 14 October 2009
By Chris Levister –
The clock is ticking for first-time home buyers scrambling to take advantage of an $8,000 tax credit set to expire November 30 – unless Congress decides to extend it.
This week, the White House said its economic team is evaluating the credit’s impact on home sales and will make a recommendation to President Barack Obama.
The National Association of Realtors and the National Association of Home Builders have launched marketing campaigns touting the credit and have pushed Congress to keep it going. But some lawmakers are balking at the cost, which may hit $15 billion – more than double the amount projected in February’s economic stimulus bill.
Unlike the home buyer tax credit Congress enacted in July of 2008, this allowance does not have to be repaid.
The federal tax credit covers up to 10 percent of the home price, or up to $8,000, for first-time buyers. Combined with low mortgage rates and falling prices the incentive is drawing first-time buyers like Alisha Baeza 30, and George Gonzalez 29 of San Bernardino.
In June Baeza used the tax credit to buy a 3-bedroom 2-and-a half bath home with a pool for $248,000. She enlisted veteran Spellacy Associates realtor Alice Wilson, and a San Bernardino program aimed at first-time home buyers. City staffers helped Baeza save money, lower her debt and arrange for a down payment.
“I started thinking about buying a home almost 2 years ago and at the time I couldn’t afford it,” recalls Baeza, a dietary manager at Saint Bernardine Hospital. Alice kept encouraging me - ‘you need to be a home owner’. Then she told me about the city program. It worked out great because they advanced the 20% down payment.
Baeza admits qualifying for a loan in the midst of a recession-caused credit crunch and wading through the mounds of required paperwork was no fun. “It was grueling – but worth it. I say to young people - go do it.” Her boyfriend George Gonzales an anesthesia equipment technician also saw his fortunes change after recently qualifying for a home loan. This weekend the couple went house hunting.
“Five years ago I couldn’t afforded a home. My credit wasn’t that good and home prices were outrageous. I figured I’d never own property,” said Gonzalez.
“When I got approved I jumped for joy, called Alisha and said come on let’s go celebrate. Now I tell people go fix your credit, save some money and see what you qualify for.”
Housing experts say first-time homebuyers snapped up three out of 10 homes sold in July. That’s about 10 percent below the average for the previous six years, according to the National Association of Realtors.
Alice Wilson says it’s a new era in home buying and home sales will struggle to rebound without a tax credit extension.
“Prices and home values are falling, banks are holding on to their wallets and there’s not a lot of housing inventory out there. That’s kept many would-be buyers on the sidelines,” she said.
She said with or without a tax break, consumers in this economy are looking for a bargain much like they are with retail sales and auto sales.
“Banks are being extra cautious, worried about the still-dire unemployment situation. The turn of the year isn’t likely to yield much good news on the job front so I don’t see a full-blown recovery on the horizon.”
Realtor Jeanine, Alice’s daughter, says while the tax credit has succeeded in energizing buyers and helping clear a glut of lower-priced homes, including foreclosed properties that are dragging down home values, buyers expecting to find a plentiful home inventory will be disappointed.
“For every decent home on the market – there are at least four or five people sometimes more bidding on it. A home can fall out of escrow and a week later its back in – with another buyer.” The problem is made worst said Jeanine because many banks are reluctant to put foreclosed properties back on the market. “Simply put, it’s very hard out there.”
The best approach is honesty said Alice.
“We tell prospective buyers with bad credit and or unstable employment. It’s just not going to happen.”
“The good ole days are behind us. Get your house in order before you dip your toes into the market,” added Jeanine, “Its bitter medicine. We’re just praying people don’t get discouraged.”
Couldn't have said it better....
Thursday, October 8, 2009
Hustle
I saw this dude driving a Porsche cayenne...It look nice I gave him props and he said to me after I told him his car is my favorite and I hope to buy one too....and this is what he said to me..
Hustle Harder!!!!
It stuck in my mind and made me think how American that saying really is today...so to look up hustle is this blog..for today.
hustle - 4 dictionary results
hus⋅tle /ˈhÊŒsÉ™l/ Show Spelled Pronunciation [huhs-uhl] Show IPA verb, -tled, -tling, noun
Use hustle in a Sentence
See web results for hustle
See images of hustle
–verb (used without object) 1. to proceed or work rapidly or energetically: to hustle about putting a house in order.
2. to push or force one's way; jostle or shove.
3. to be aggressive, esp. in business or other financial dealings.
4. Slang. to earn one's living by illicit or unethical means.
5. Slang. (of a prostitute) to solicit clients.
–verb (used with object) 6. to convey or cause to move, esp. to leave, roughly or hurriedly: They hustled him out of the bar.
7. to pressure or coerce (a person) to buy or do something: to hustle the customers into buying more drinks.
8. to urge, prod, or speed up: Hustle your work along.
9. to obtain by aggressive or illicit means: He could always hustle a buck or two from some sucker.
10. to beg; solicit.
11. to sell in or work (an area), esp. by high-pressure tactics: The souvenir venders began hustling the town at dawn.
12. to sell aggressively: to hustle souvenirs.
13. to jostle, push, or shove roughly.
14. Slang. to induce (someone) to gamble or to promote (a gambling game) when the odds of winning are overwhelmingly in one's own favor.
15. Slang. to cheat; swindle: They hustled him out of his savings.
16. Slang. a. (of a prostitute) to solicit (someone).
b. to attempt to persuade (someone) to have sexual relations.
c. to promote or publicize in a lively, vigorous, or aggressive manner: an author hustling her new book on the TV talk shows.
–noun 17. energetic activity, as in work.
18. discourteous shoving, pushing, or jostling.
19. Slang. a. an inducing by fraud, pressure, or deception, esp. of inexperienced or uninformed persons, to buy something, to participate in an illicit scheme, dishonest gambling game, etc.
b. such a product, scheme, gambling game, etc.
20. Informal. a competitive struggle: the hustle to earn a living.
21. a fast, lively, popular ballroom dance evolving from Latin American, swing, rock, and disco dance styles, with a strong basic rhythm and simple step pattern augmented by strenuous turns, breaks, etc.
Hustle Harder!!!!
It stuck in my mind and made me think how American that saying really is today...so to look up hustle is this blog..for today.
hustle - 4 dictionary results
hus⋅tle /ˈhÊŒsÉ™l/ Show Spelled Pronunciation [huhs-uhl] Show IPA verb, -tled, -tling, noun
Use hustle in a Sentence
See web results for hustle
See images of hustle
–verb (used without object) 1. to proceed or work rapidly or energetically: to hustle about putting a house in order.
2. to push or force one's way; jostle or shove.
3. to be aggressive, esp. in business or other financial dealings.
4. Slang. to earn one's living by illicit or unethical means.
5. Slang. (of a prostitute) to solicit clients.
–verb (used with object) 6. to convey or cause to move, esp. to leave, roughly or hurriedly: They hustled him out of the bar.
7. to pressure or coerce (a person) to buy or do something: to hustle the customers into buying more drinks.
8. to urge, prod, or speed up: Hustle your work along.
9. to obtain by aggressive or illicit means: He could always hustle a buck or two from some sucker.
10. to beg; solicit.
11. to sell in or work (an area), esp. by high-pressure tactics: The souvenir venders began hustling the town at dawn.
12. to sell aggressively: to hustle souvenirs.
13. to jostle, push, or shove roughly.
14. Slang. to induce (someone) to gamble or to promote (a gambling game) when the odds of winning are overwhelmingly in one's own favor.
15. Slang. to cheat; swindle: They hustled him out of his savings.
16. Slang. a. (of a prostitute) to solicit (someone).
b. to attempt to persuade (someone) to have sexual relations.
c. to promote or publicize in a lively, vigorous, or aggressive manner: an author hustling her new book on the TV talk shows.
–noun 17. energetic activity, as in work.
18. discourteous shoving, pushing, or jostling.
19. Slang. a. an inducing by fraud, pressure, or deception, esp. of inexperienced or uninformed persons, to buy something, to participate in an illicit scheme, dishonest gambling game, etc.
b. such a product, scheme, gambling game, etc.
20. Informal. a competitive struggle: the hustle to earn a living.
21. a fast, lively, popular ballroom dance evolving from Latin American, swing, rock, and disco dance styles, with a strong basic rhythm and simple step pattern augmented by strenuous turns, breaks, etc.
Tuesday, October 6, 2009
Turn Small Savings Into a Big Nest Egg
Turn Small Into a Big Nest Egg
by Marv Dumon
Monday, October 5, 2009
provided by
According to the U.S. Bureau of Economic Analysis, the personal savings rate of Americans has ranged between -1% and approximately 4% between the years 2005 and 2009. Americans' nonchalance was reflected in the negative savings rate of fiscal 2005, which occurred as people reduced their savings and delved further into debt in order to purchase goods and services. Although the savings rate had rebounded to 6% by May of 2009, as global financial crisis forced many consumers to adopt more cautious spending habits. Despite the about-face in consumer spending habits, in many cases, the attempt at saving proved too little, too late. Read on to find out why you need to save no matter what the economic climate.
Why You Need to Save
More from Investopedia.com:
• How to Make Your First $1 Million
• 6 Traits That You Can Adopt
• 10 Retirement-Wrecking Moves
While individuals should avoid excess (and high interest) leverage/debt and prudently manage cash flow, there is also a longer-term need to ensure one has adequate funding set aside for a comfortable retirement. Given historical trends in the U.S. stock market and overall economic performance, people can be lulled into becoming overly optimistic about how much they need to save and their projected life expectancy. The only trends that are relevant for the individual, however, are those that occur over the course of one's lifetime.
Many companies are transitioning jobs (such as back office functions, IT, research and even higher margin services such as consulting and financial services) to other regions of the world, including Eastern Europe, India and China. The economic dynamics and implications of such movement are not comparable to the business settings of the past 50 years. Additionally, medical breakthroughs and other health-related variables have increased people's life expectancy. Certainly, it is better to have a conservative outlook in order to help ensure one has adequate retirement funds.
Financial Scenarios
Saving money and diverting cash away from unnecessary frills and wasteful spending into investment payments such as the stock market translate to huge differences in the size of one's retirement savings over the course of a lifetime. When you purchase a bicycle or go out for a lavish dinner, you are not simply incurring a cost of that bike or dinner (say $100). The amount of the receipt is actually misleading. When you incorporate the basic laws of finance, the opportunity cost of that $100 is much more.
If you eliminate $100 of wasteful spending per month and instead channel that cash to an investment vehicle that yields an annual interest rate of 10%, that translates to more than $75,000 over 20 years, and more than $500,000 over the course of 40 years. Granted, the buying power of figure is chewed up by inflation, but the prudent person still reaps the benefits of not wasting cash on unnecessary things.
Starting principal balance: $0
Monthly investment payments: $100
Interest rate: 10%
Future value: 20 years = $75,936
Future value: 40 years = $632,408
Starting principal balance: $0
Monthly investment payments: $250
Interest rate: 10%
Future value: 20 years = $189,842
Future value: 40 years = $1,581,019
If someone were motivated enough to find $500 a month and put it away in the form of investment payments, the results lead to an exponential increase in comfort during one's retirement. With an annual rate of return of 10% over 40 years, the figure approaches $3 million for your nest egg.
Starting principal balance: $0
Monthly investment payments: $500
Interest rate: 10%
Future value: 20 years = $379,684
Future value: 40 years = $3,162,039
How much more would your nest egg be if you work for a company that matches your 401(k) dollar for dollar up to a certain amount? Given that the federal government's social safety net programs such as Social Security and Medicare are expected to hit fiscal challenges as the baby boomers retire, such anticipated uncertainties encourage individuals to take their retirement circumstances into their own hands. Secondly, the high cost of healthcare in the United States is a primary driver for individuals and couples filing for personal bankruptcy. The power of compound interest can help one to avoid financial straits in the future.
From Wasteful Expenses to Monthly Investment
To redirect cash that might otherwise be spent on junk or unnecessary spending, explore savings opportunities that can increase your monthly contributions to your retirement accounts. These might include:
1.Fewer restaurant lunches and dinners can easily save the typical professional between $100 and $200 per month. Using our numbers above, $100 invested monthly in retirement accounts that earn 10% annually becomes $75,000 in 20 years.
2.Purchase discipline at groceries and malls. At the end of your life, it is not the accumulation of objects that provides meaning. A lifetime habit of impulse buying has a tremendous opportunity cost when you realize the power of compound interest. Most people can save between a hundred dollars to several hundred dollars a month with greater spending discipline.
The Bottom Line
If you work for a company that matches your retirement savings contributions, absolutely take advantage of it. It is basically free money. Additionally, the increase in monthly contributions translates into an exponentially larger nest egg over the course of a lifetime.
ADVERTISEMENT
Rates
See today's average rates across the country.
MortgageLoan Type Today Last Week
30 Year Fixed 5.10% 5.18%
15 Year Fixed 4.58% 4.63%
1 Year ARM 3.91% 3.93%
30 Year Fixed Jumbo 6.06% 6.11%
5/1 ARM 4.18% 4.21%
3/1 ARM 4.74% 4.80%
Source: Bankrate Home EquityLoan Type Today Last Week
$30K Home Equity Loan 8.44% 8.47%
$50K Home Equity Loan 8.46% 8.48%
$75K Home Equity Loan 8.49% 8.51%
$30K HELOC 5.25% 5.23%
$50K HELOC 4.99% 4.97%
$75K HELOC 5.00% 4.98%
Source: Bankrate SavingsSavings Type Today Last Week
6 month CD 1.19% 1.19%
1 year CD 1.64% 1.62%
3 year CD 2.30% 2.24%
MMA 1.09% 1.10%
$10K MMA 1.13% 1.13%
$25K MMA 1.37% 1.37%
Source: Bankrate AutoLoan Type Today Last Week
36 Month New Car Loan 7.10% 7.13%
48 Month New Car Loan 7.32% 7.36%
60 Month New Car Loan 7.39% 7.43%
36 Month Used Car Loan 7.61% 7.69%
48 Month Used Car Loan 7.81% 7.94%
Source: Bankrate Credit CardsCard Type Today Last Week
Business Credit Cards 9.80% 9.89%
Low Interest Credit Cards 12.10% 11.52%
Cash Back Credit Cards 12.36% 11.69%
Reward Credit Cards 12.61% 12.37%
Balance Transfer Credit Cards 13.10% 10.32%
Instant Approval Credit Cards 13.32% 13.32%
Source: CreditCards.com .View rates in your area
--------------------------------------------------------------------------------
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Most Popular ArticlesCommodities surge drives stock market higher
AP - Tue, Oct 6 - 11:26am ET
Nasdaq up 2 percent
Reuters - Tue, Oct 6 - 11:25am ET
Huntsman Goes Into Production With One of the World's Largest Industrial Wireless Applications
Marketwire - Tue, Oct 6 - 11:09am ET
Pepsi Bottling profit tops view, sales miss
Reuters - Tue, Oct 6 - 10:55am ET
View more popular articles
.More from Yahoo! Sources
by Marv Dumon
Monday, October 5, 2009
provided by
According to the U.S. Bureau of Economic Analysis, the personal savings rate of Americans has ranged between -1% and approximately 4% between the years 2005 and 2009. Americans' nonchalance was reflected in the negative savings rate of fiscal 2005, which occurred as people reduced their savings and delved further into debt in order to purchase goods and services. Although the savings rate had rebounded to 6% by May of 2009, as global financial crisis forced many consumers to adopt more cautious spending habits. Despite the about-face in consumer spending habits, in many cases, the attempt at saving proved too little, too late. Read on to find out why you need to save no matter what the economic climate.
Why You Need to Save
More from Investopedia.com:
• How to Make Your First $1 Million
• 6 Traits That You Can Adopt
• 10 Retirement-Wrecking Moves
While individuals should avoid excess (and high interest) leverage/debt and prudently manage cash flow, there is also a longer-term need to ensure one has adequate funding set aside for a comfortable retirement. Given historical trends in the U.S. stock market and overall economic performance, people can be lulled into becoming overly optimistic about how much they need to save and their projected life expectancy. The only trends that are relevant for the individual, however, are those that occur over the course of one's lifetime.
Many companies are transitioning jobs (such as back office functions, IT, research and even higher margin services such as consulting and financial services) to other regions of the world, including Eastern Europe, India and China. The economic dynamics and implications of such movement are not comparable to the business settings of the past 50 years. Additionally, medical breakthroughs and other health-related variables have increased people's life expectancy. Certainly, it is better to have a conservative outlook in order to help ensure one has adequate retirement funds.
Financial Scenarios
Saving money and diverting cash away from unnecessary frills and wasteful spending into investment payments such as the stock market translate to huge differences in the size of one's retirement savings over the course of a lifetime. When you purchase a bicycle or go out for a lavish dinner, you are not simply incurring a cost of that bike or dinner (say $100). The amount of the receipt is actually misleading. When you incorporate the basic laws of finance, the opportunity cost of that $100 is much more.
If you eliminate $100 of wasteful spending per month and instead channel that cash to an investment vehicle that yields an annual interest rate of 10%, that translates to more than $75,000 over 20 years, and more than $500,000 over the course of 40 years. Granted, the buying power of figure is chewed up by inflation, but the prudent person still reaps the benefits of not wasting cash on unnecessary things.
Starting principal balance: $0
Monthly investment payments: $100
Interest rate: 10%
Future value: 20 years = $75,936
Future value: 40 years = $632,408
Starting principal balance: $0
Monthly investment payments: $250
Interest rate: 10%
Future value: 20 years = $189,842
Future value: 40 years = $1,581,019
If someone were motivated enough to find $500 a month and put it away in the form of investment payments, the results lead to an exponential increase in comfort during one's retirement. With an annual rate of return of 10% over 40 years, the figure approaches $3 million for your nest egg.
Starting principal balance: $0
Monthly investment payments: $500
Interest rate: 10%
Future value: 20 years = $379,684
Future value: 40 years = $3,162,039
How much more would your nest egg be if you work for a company that matches your 401(k) dollar for dollar up to a certain amount? Given that the federal government's social safety net programs such as Social Security and Medicare are expected to hit fiscal challenges as the baby boomers retire, such anticipated uncertainties encourage individuals to take their retirement circumstances into their own hands. Secondly, the high cost of healthcare in the United States is a primary driver for individuals and couples filing for personal bankruptcy. The power of compound interest can help one to avoid financial straits in the future.
From Wasteful Expenses to Monthly Investment
To redirect cash that might otherwise be spent on junk or unnecessary spending, explore savings opportunities that can increase your monthly contributions to your retirement accounts. These might include:
1.Fewer restaurant lunches and dinners can easily save the typical professional between $100 and $200 per month. Using our numbers above, $100 invested monthly in retirement accounts that earn 10% annually becomes $75,000 in 20 years.
2.Purchase discipline at groceries and malls. At the end of your life, it is not the accumulation of objects that provides meaning. A lifetime habit of impulse buying has a tremendous opportunity cost when you realize the power of compound interest. Most people can save between a hundred dollars to several hundred dollars a month with greater spending discipline.
The Bottom Line
If you work for a company that matches your retirement savings contributions, absolutely take advantage of it. It is basically free money. Additionally, the increase in monthly contributions translates into an exponentially larger nest egg over the course of a lifetime.
ADVERTISEMENT
Rates
See today's average rates across the country.
MortgageLoan Type Today Last Week
30 Year Fixed 5.10% 5.18%
15 Year Fixed 4.58% 4.63%
1 Year ARM 3.91% 3.93%
30 Year Fixed Jumbo 6.06% 6.11%
5/1 ARM 4.18% 4.21%
3/1 ARM 4.74% 4.80%
Source: Bankrate Home EquityLoan Type Today Last Week
$30K Home Equity Loan 8.44% 8.47%
$50K Home Equity Loan 8.46% 8.48%
$75K Home Equity Loan 8.49% 8.51%
$30K HELOC 5.25% 5.23%
$50K HELOC 4.99% 4.97%
$75K HELOC 5.00% 4.98%
Source: Bankrate SavingsSavings Type Today Last Week
6 month CD 1.19% 1.19%
1 year CD 1.64% 1.62%
3 year CD 2.30% 2.24%
MMA 1.09% 1.10%
$10K MMA 1.13% 1.13%
$25K MMA 1.37% 1.37%
Source: Bankrate AutoLoan Type Today Last Week
36 Month New Car Loan 7.10% 7.13%
48 Month New Car Loan 7.32% 7.36%
60 Month New Car Loan 7.39% 7.43%
36 Month Used Car Loan 7.61% 7.69%
48 Month Used Car Loan 7.81% 7.94%
Source: Bankrate Credit CardsCard Type Today Last Week
Business Credit Cards 9.80% 9.89%
Low Interest Credit Cards 12.10% 11.52%
Cash Back Credit Cards 12.36% 11.69%
Reward Credit Cards 12.61% 12.37%
Balance Transfer Credit Cards 13.10% 10.32%
Instant Approval Credit Cards 13.32% 13.32%
Source: CreditCards.com .View rates in your area
--------------------------------------------------------------------------------
LendingTree® - Refi: As low as 3.84% APRADVERTISEMENT
Most Popular ArticlesCommodities surge drives stock market higher
AP - Tue, Oct 6 - 11:26am ET
Nasdaq up 2 percent
Reuters - Tue, Oct 6 - 11:25am ET
Huntsman Goes Into Production With One of the World's Largest Industrial Wireless Applications
Marketwire - Tue, Oct 6 - 11:09am ET
Pepsi Bottling profit tops view, sales miss
Reuters - Tue, Oct 6 - 10:55am ET
View more popular articles
.More from Yahoo! Sources
Monday, October 5, 2009
REPOST...The Glass is full for some
For young, recession offers deals of a lifetime
Buzz up!122 votes Send
Email IM .Share
Delicious Digg Facebook Fark Newsvine Reddit StumbleUpon Technorati Twitter Yahoo! Bookmarks .Print .. AP – Investor Daniel Lee, 30, poses for a photo in Scottsdale, Ariz., Monday, Oct. 5, 2009. Lee has taken …
.Economy Video:7News: Rates set to rise Australia 7 News .
Play Video Economy Video:Ford CEO: Matching Production with Economy FOXBusiness .
Related Quotes Symbol Price Change
MTLQQ 0.00 0.00
^GSPC 1,040.46 0.00
^IXIC 2,068.15 +20.04
By CHIP CUTTER, AP Business Writer Chip Cutter, Ap Business Writer – Mon Oct 5, 5:09 pm ET
NEW YORK – The Great Recession has turned into the best of times for young investor Daniel Lee.
Early this year, the 30-year-old salesman in Scottsdale, Ariz., shelved expensive meals and vacation plans and threw "every spare dollar" into the stock market. The value of his portfolio has more than tripled as the market has rallied since March.
"This is like buying a swim suit in the fall or a winter jacket in the spring," he says. "Get in while it's a good deal."
Halfway across the country in Detroit, retiree Irvin Hall, 70, is living through the recession in a different way.
His mutual funds fell 35 percent during the stock market plunge that started last fall and continued for six months, and his monthly pension from General Motors dropped by 10 percent. He and his wife pay more for health care and medicine after the company reduced his insurance benefits.
"It takes your mind a while to really adjust to this," he says. "You're expecting, hey, I'm set for life, and then all of a sudden that's taken away."
The plight of baby boomers and retirees has been well-documented in the year after the financial meltdown. But for people in their 20s and 30s who have a good job and feel it's secure, this is the best of times. Many were renters and had little or no money in the stock market. They didn't take a six-figure hit to the value of a home or 401(k) account. Now they're positioned to invest at prices no one would have believed during the boom years.
Home prices are down 30 percent, on average, and 50 percent or more in some markets. The Standard & Poor's 500 stock index is nearly 34 percent below its record high in October 2007.
Young people are benefiting in other ways, too. The Cash for Clunkers program allowed them to trade in beaten-up used cars and buy new ones at a discount. "They're never going to see that again," says John Rogin, who owns a Buick dealership in Livonia, Mich.
The Consumer Price Index has recorded a rare drop over the past 12 months — 1.5 percent. And the decline for many goods and services has been much greater, allowing young people to put even more money into stocks and housing.
"This is a historic time," says George Jaramillo, 35, a business analyst in Atlanta, who recently purchased three homes, including two at foreclosure prices. "It's a great opportunity to make some great gains in the future."
Besides low prices, many have been spurred by low interest rates and a tax credit of up to $8,000 for first-time homebuyers. First-timers, many between 25 and 34, accounted for about 45 percent of home sales at the end of July, a figure that has risen steadily over the past two years, says Walter Molony, a spokesman with the National Association of Realtors. Only 39 percent of adults under 35 are homeowners, compared with 80 percent of those over 55, according to the U.S. Census Bureau. So the opportunity for those in their 20s and 30s to take advantage of the real estate crash is greater than for any other age group.
Young people also got a break with the stock market. Even with the surge since it hit a 12-year low on March 9, the S&P 500 index is nearly 30 percent lower than it was at the end of 1999. A recent study by T. Rowe Price, a money management company, highlights the benefits that young people can receive from investing in a down market.
The study compared how returns differ if someone starts investing during a weak decade for stocks that's followed by a strong one — and vice versa. Somebody who invested $500 a month in a fund replicating the S&P 500 starting in 1970 and continuing through the bull market of the 1980s would have ended 1989 with $589,707 — for an annualized rate of return of 11.5 percent.
The 1970s were characterized by high inflation and high unemployment and a flat market, setting the stage for the 1980s when the S&P 500 tripled.
If the decades are reversed, and the strong years of the 1980s were followed by the 1970s bear market, the account would be valued at $358,972, even though the annual rate of return would still be 11.5 percent. The difference is that the investor in the first situation would have been buying more shares of stock each month during the bad years of the '70s.
"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."
For young people to take advantage of deals, however, they need to have a job — and cash. Neither is a given.
The unemployment rate for workers ages 20 to 24 jumped to 14.9 percent in September, up from 10.8 percent in the same month a year ago. Unemployment for those 25 to 34 is 10.6 percent, almost a point above the rate of 9.8 percent for people of all ages.
And the skyrocketing cost of undergraduate education means graduating seniors who borrowed money for tuition enter the work force with an average of $23,118 in student-loan debt, according to the Department of Education. About 65 percent of students take out a loan to finance their education.
Plenty of people, though, are taking advantage of this recession's generation gap. Ann Seiden, 28, bought a home in Phoenix last November for 15 percent below the asking price.
Some people are casualties of the recession, she says. "And there are those who have kind of seized on the opportunities in it."
Buzz up!122 votes Send
Email IM .Share
Delicious Digg Facebook Fark Newsvine Reddit StumbleUpon Technorati Twitter Yahoo! Bookmarks .Print .. AP – Investor Daniel Lee, 30, poses for a photo in Scottsdale, Ariz., Monday, Oct. 5, 2009. Lee has taken …
.Economy Video:7News: Rates set to rise Australia 7 News .
Play Video Economy Video:Ford CEO: Matching Production with Economy FOXBusiness .
Related Quotes Symbol Price Change
MTLQQ 0.00 0.00
^GSPC 1,040.46 0.00
^IXIC 2,068.15 +20.04
By CHIP CUTTER, AP Business Writer Chip Cutter, Ap Business Writer – Mon Oct 5, 5:09 pm ET
NEW YORK – The Great Recession has turned into the best of times for young investor Daniel Lee.
Early this year, the 30-year-old salesman in Scottsdale, Ariz., shelved expensive meals and vacation plans and threw "every spare dollar" into the stock market. The value of his portfolio has more than tripled as the market has rallied since March.
"This is like buying a swim suit in the fall or a winter jacket in the spring," he says. "Get in while it's a good deal."
Halfway across the country in Detroit, retiree Irvin Hall, 70, is living through the recession in a different way.
His mutual funds fell 35 percent during the stock market plunge that started last fall and continued for six months, and his monthly pension from General Motors dropped by 10 percent. He and his wife pay more for health care and medicine after the company reduced his insurance benefits.
"It takes your mind a while to really adjust to this," he says. "You're expecting, hey, I'm set for life, and then all of a sudden that's taken away."
The plight of baby boomers and retirees has been well-documented in the year after the financial meltdown. But for people in their 20s and 30s who have a good job and feel it's secure, this is the best of times. Many were renters and had little or no money in the stock market. They didn't take a six-figure hit to the value of a home or 401(k) account. Now they're positioned to invest at prices no one would have believed during the boom years.
Home prices are down 30 percent, on average, and 50 percent or more in some markets. The Standard & Poor's 500 stock index is nearly 34 percent below its record high in October 2007.
Young people are benefiting in other ways, too. The Cash for Clunkers program allowed them to trade in beaten-up used cars and buy new ones at a discount. "They're never going to see that again," says John Rogin, who owns a Buick dealership in Livonia, Mich.
The Consumer Price Index has recorded a rare drop over the past 12 months — 1.5 percent. And the decline for many goods and services has been much greater, allowing young people to put even more money into stocks and housing.
"This is a historic time," says George Jaramillo, 35, a business analyst in Atlanta, who recently purchased three homes, including two at foreclosure prices. "It's a great opportunity to make some great gains in the future."
Besides low prices, many have been spurred by low interest rates and a tax credit of up to $8,000 for first-time homebuyers. First-timers, many between 25 and 34, accounted for about 45 percent of home sales at the end of July, a figure that has risen steadily over the past two years, says Walter Molony, a spokesman with the National Association of Realtors. Only 39 percent of adults under 35 are homeowners, compared with 80 percent of those over 55, according to the U.S. Census Bureau. So the opportunity for those in their 20s and 30s to take advantage of the real estate crash is greater than for any other age group.
Young people also got a break with the stock market. Even with the surge since it hit a 12-year low on March 9, the S&P 500 index is nearly 30 percent lower than it was at the end of 1999. A recent study by T. Rowe Price, a money management company, highlights the benefits that young people can receive from investing in a down market.
The study compared how returns differ if someone starts investing during a weak decade for stocks that's followed by a strong one — and vice versa. Somebody who invested $500 a month in a fund replicating the S&P 500 starting in 1970 and continuing through the bull market of the 1980s would have ended 1989 with $589,707 — for an annualized rate of return of 11.5 percent.
The 1970s were characterized by high inflation and high unemployment and a flat market, setting the stage for the 1980s when the S&P 500 tripled.
If the decades are reversed, and the strong years of the 1980s were followed by the 1970s bear market, the account would be valued at $358,972, even though the annual rate of return would still be 11.5 percent. The difference is that the investor in the first situation would have been buying more shares of stock each month during the bad years of the '70s.
"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."
For young people to take advantage of deals, however, they need to have a job — and cash. Neither is a given.
The unemployment rate for workers ages 20 to 24 jumped to 14.9 percent in September, up from 10.8 percent in the same month a year ago. Unemployment for those 25 to 34 is 10.6 percent, almost a point above the rate of 9.8 percent for people of all ages.
And the skyrocketing cost of undergraduate education means graduating seniors who borrowed money for tuition enter the work force with an average of $23,118 in student-loan debt, according to the Department of Education. About 65 percent of students take out a loan to finance their education.
Plenty of people, though, are taking advantage of this recession's generation gap. Ann Seiden, 28, bought a home in Phoenix last November for 15 percent below the asking price.
Some people are casualties of the recession, she says. "And there are those who have kind of seized on the opportunities in it."
Friday, October 2, 2009
worrry about that October 15 escrow deadline?
Forget about short sales
A short sale occurs when a homeowner is no longer able to make their mortgage payments and owes more on their home loan than what it can fetch in the current market.
They’re attractive from a price point, but they can take months to close. So if you’re after the tax credit, “you have no business looking at short sales,” says Steven Senter, a real estate broker and the owner of Keller Williams Fox Valley Realty in St. Charles, Ill. When making an offer on a short sale, not only does the seller have to accept the offer, but the bank must accept and approve it too – and that can take a while. “There’s no guarantee on when the bank is going to approve it – it may approve it in 30 days, maybe in 300 days,” Senter says.
A short sale occurs when a homeowner is no longer able to make their mortgage payments and owes more on their home loan than what it can fetch in the current market.
They’re attractive from a price point, but they can take months to close. So if you’re after the tax credit, “you have no business looking at short sales,” says Steven Senter, a real estate broker and the owner of Keller Williams Fox Valley Realty in St. Charles, Ill. When making an offer on a short sale, not only does the seller have to accept the offer, but the bank must accept and approve it too – and that can take a while. “There’s no guarantee on when the bank is going to approve it – it may approve it in 30 days, maybe in 300 days,” Senter says.
Wednesday, September 23, 2009
This is good News!!
Nearly 40 percent of first-time home buyers report federal tax credit played critical role in decision to purchase a home
LOS ANGELES (Sept. 18) – Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2009 First-time Home Buyers Tax Credit Survey.” Understanding the significance of the federal tax credit to the housing market’s recovery, C.A.R. surveyed 200 California first-time home buyers to gauge the impact it had on their purchase decisions.
“It is clear that the federal tax credit for first-time home buyers is working, as evidenced by the spike in home sales in recent months,” said C.A.R. President James Liptak. “This tax credit is arguably the most successful strategy employed by the government’s efforts to stimulate the housing market.
“Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers,” he said.
Nearly 70 percent of those surveyed said that the federal tax credit was either “very important” or “most important” in their decision to purchase a home. When ranking the importance of the tax credit, those who planned to use the tax credit gave it a 4.5 on a scale of one to five, with five being “most important.” That rank was tied with low home prices.
In California home prices have declined 59 percent from the peak to the current low in this cycle—contrasting with the national picture where the prices have declined by 28 percent.
“While affordability has improved in California over the past two years, it is still lower than affordability nationally. As a result, the tax credit is an even bigger factor in California compared with elsewhere in the country,” added Liptak. “Going forward, the credit will be even more important to the housing recovery.”
Income levels played a role in the decision of first-time buyers to apply for the federal tax credit. Ninety-four percent of respondents who earn an annual income of less than $100,000 planned to apply for the credit, while only 51 percent of first-timers earning $100,000 or more planned to apply for it.
Other key findings from C.A.R.’s “2009 First-time Home Buyers Tax Credit Survey” include:
· Ninety-four percent were aware of the federal first-time buyer tax credit.
· Eighty-two percent listed the ability to obtain financing as “very important” or “most important.”
· Ninety-one percent reported low home prices as “very important” or “most important.”
..............ok already....
So having the right price point is very, very important..having a tax credit does help but affordablity trumps all other factors in the case of home buying...so here's the call..
LOS ANGELES (Sept. 18) – Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2009 First-time Home Buyers Tax Credit Survey.” Understanding the significance of the federal tax credit to the housing market’s recovery, C.A.R. surveyed 200 California first-time home buyers to gauge the impact it had on their purchase decisions.
“It is clear that the federal tax credit for first-time home buyers is working, as evidenced by the spike in home sales in recent months,” said C.A.R. President James Liptak. “This tax credit is arguably the most successful strategy employed by the government’s efforts to stimulate the housing market.
“Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers,” he said.
Nearly 70 percent of those surveyed said that the federal tax credit was either “very important” or “most important” in their decision to purchase a home. When ranking the importance of the tax credit, those who planned to use the tax credit gave it a 4.5 on a scale of one to five, with five being “most important.” That rank was tied with low home prices.
In California home prices have declined 59 percent from the peak to the current low in this cycle—contrasting with the national picture where the prices have declined by 28 percent.
“While affordability has improved in California over the past two years, it is still lower than affordability nationally. As a result, the tax credit is an even bigger factor in California compared with elsewhere in the country,” added Liptak. “Going forward, the credit will be even more important to the housing recovery.”
Income levels played a role in the decision of first-time buyers to apply for the federal tax credit. Ninety-four percent of respondents who earn an annual income of less than $100,000 planned to apply for the credit, while only 51 percent of first-timers earning $100,000 or more planned to apply for it.
Other key findings from C.A.R.’s “2009 First-time Home Buyers Tax Credit Survey” include:
· Ninety-four percent were aware of the federal first-time buyer tax credit.
· Eighty-two percent listed the ability to obtain financing as “very important” or “most important.”
· Ninety-one percent reported low home prices as “very important” or “most important.”
..............ok already....
So having the right price point is very, very important..having a tax credit does help but affordablity trumps all other factors in the case of home buying...so here's the call..
Thursday, September 17, 2009
Wednesday, September 16, 2009
Sunday, September 13, 2009
You Have Less Than Four Weeks To Find A Home
September 8, 2009
First-Time Buyer Hoping To Get The $8,000 Tax Credit? You Have Less Than Four Weeks To Find A Home
The federal government is offering first-time home-buyers a tax credit of 10% of a home’s sales price up to $8,000. To qualify, you must close on a home by November 30th; if you close on December 1st, you’re out of luck.
If you’re a first-time buyer in Southern California, you have a little less than four weeks left to find a home, make an offer and negotiate terms if you hope to close in time to get the $8,000 tax credit.
Close By November 13th
In a normal month, about 20% of closings slip from the last week of a month to the next. This number will almost certainly be higher in November due to the expected rush of buyers trying to get the tax credit and because November 30th falls on the Monday after Thanksgiving.
If you’re hoping to get the tax credit, you want to make sure you’ve closed before the week of Thanksgiving because it’s not a full work week:
•Thursday, November 26th: Turkey day. A day to give thanks and watch the Detroit Lions go for six Thanksgiving Day losses in a row.
•Friday , November 27th: Los Angeles & Orange County offices are closed.
•Saturday & Sunday, November 28th & 29th: The banks aren’t open so you can’t close.
•Monday, November 30th: The last day to close and qualify for the first-time buyer tax credit. It’s going to be a goat rodeo.
To give yourself the best chance of getting the tax credit, plan on closing by November 13th. If you run into any problems during closing, you’ll have more than a week to work things out and still qualify for the tax credit.
Get An Offer Accepted By October 4th
Right now, it’s taking our clients in Southern California an average of 40 days to close once they reach initial agreement on terms. This means if you want to close by November 13th, you need to get an offer accepted by October 4th. That’s 26 days away.
For more information, check out the Home Buyer Tax Credit FAQ from the IRS and get all the details about the tax credit from the agency giving the credit. Also, check out the report that this program may be extended.
Find A Home You Like
Don’t rush into a purchase. Make sure you’re buying because you’ve found a home you want to live in, not because you want the $8,000. You don’t want to end up in the wrong house in the wrong neighborhood with the wrong commute just for a few thousand dollars
First-Time Buyer Hoping To Get The $8,000 Tax Credit? You Have Less Than Four Weeks To Find A Home
The federal government is offering first-time home-buyers a tax credit of 10% of a home’s sales price up to $8,000. To qualify, you must close on a home by November 30th; if you close on December 1st, you’re out of luck.
If you’re a first-time buyer in Southern California, you have a little less than four weeks left to find a home, make an offer and negotiate terms if you hope to close in time to get the $8,000 tax credit.
Close By November 13th
In a normal month, about 20% of closings slip from the last week of a month to the next. This number will almost certainly be higher in November due to the expected rush of buyers trying to get the tax credit and because November 30th falls on the Monday after Thanksgiving.
If you’re hoping to get the tax credit, you want to make sure you’ve closed before the week of Thanksgiving because it’s not a full work week:
•Thursday, November 26th: Turkey day. A day to give thanks and watch the Detroit Lions go for six Thanksgiving Day losses in a row.
•Friday , November 27th: Los Angeles & Orange County offices are closed.
•Saturday & Sunday, November 28th & 29th: The banks aren’t open so you can’t close.
•Monday, November 30th: The last day to close and qualify for the first-time buyer tax credit. It’s going to be a goat rodeo.
To give yourself the best chance of getting the tax credit, plan on closing by November 13th. If you run into any problems during closing, you’ll have more than a week to work things out and still qualify for the tax credit.
Get An Offer Accepted By October 4th
Right now, it’s taking our clients in Southern California an average of 40 days to close once they reach initial agreement on terms. This means if you want to close by November 13th, you need to get an offer accepted by October 4th. That’s 26 days away.
For more information, check out the Home Buyer Tax Credit FAQ from the IRS and get all the details about the tax credit from the agency giving the credit. Also, check out the report that this program may be extended.
Find A Home You Like
Don’t rush into a purchase. Make sure you’re buying because you’ve found a home you want to live in, not because you want the $8,000. You don’t want to end up in the wrong house in the wrong neighborhood with the wrong commute just for a few thousand dollars
Thursday, September 10, 2009
“Not now” doesn’t mean “never”
Home ownership is just not a realistic option for everyone right now, despite what may look like once-in-lifetime mortgage rates. If you fall into this category, don’t despair. Your financial circumstances could change, the economy is still very much in flux, and remember that the current mortgage crisis involved a lot of home buyers getting in over their heads. When it comes to a major purchase like a home, timing is critical.
"I like this idea of waiting to time a home purchase to when you are ready...Of course sales agents will tell you practically anything to get you to buy but ultimately you make the decision...So dont feel like this opportunity to purchase a home will not be there when you are ready..that's simply not true."
I would say planning and preparing yourself are the first steps...and then maybe soon you call me..I'm here to help.
"I like this idea of waiting to time a home purchase to when you are ready...Of course sales agents will tell you practically anything to get you to buy but ultimately you make the decision...So dont feel like this opportunity to purchase a home will not be there when you are ready..that's simply not true."
I would say planning and preparing yourself are the first steps...and then maybe soon you call me..I'm here to help.
Tuesday, September 8, 2009
Low rates keeping homes affordable
Low rates keeping homes affordable
INLAND REGION: The market is still shaky, but mortgage applications and refinancings are on the rise.
Falling interest rates are fueling a rise in home mortgage applications and refinancings in the Inland region, though experts aren't yet ready to declare the beleaguered local housing market on the road to full recovery.
Virginia-based Freddie Mac, a government-backed corporation that provides mortgage capital to lenders, released a study Thursday showing 30-year fixed-rate mortgages averaging 5.08 percent, down from 5.14 percent a week ago and 6.35 percent a year ago.
For full story, go to http://www.pe.com/business/local/stories/PE_Biz_S_mortgages04.38b40b4.html
INLAND REGION: The market is still shaky, but mortgage applications and refinancings are on the rise.
Falling interest rates are fueling a rise in home mortgage applications and refinancings in the Inland region, though experts aren't yet ready to declare the beleaguered local housing market on the road to full recovery.
Virginia-based Freddie Mac, a government-backed corporation that provides mortgage capital to lenders, released a study Thursday showing 30-year fixed-rate mortgages averaging 5.08 percent, down from 5.14 percent a week ago and 6.35 percent a year ago.
For full story, go to http://www.pe.com/business/local/stories/PE_Biz_S_mortgages04.38b40b4.html
Saturday, September 5, 2009
Get ready...now is the time.
Yes, the Housing Market Has Rarely Looked Better
by James B. Stewart
Wednesday, September 2, 2009
provided by
Passing through the Fort Myers, Fla., airport a few weeks ago, I noticed people eagerly signing up for a free bus tour of foreclosed real estate — with all properties offering water views. During the ride to my hotel, the young driver volunteered that he’d just bought his first house, paying $65,000 for a foreclosed property in nearby Cape Coral that had last sold for over $250,000. He said he’d never expected to be able to buy anything on a driver’s salary, let alone something that nice.
Last week, Standard & Poor’s reported that its S&P/Case-Shiller U.S. National Home Price index of real estate values increased this past quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales volume of existing homes was up 7.2% in July from June.
In short, the data suggest that real-estate prices hit a bottom some time during the second quarter, and have now begun to rise. There’s no way to be certain that this marks the end of the long, painful correction that followed the real-estate bubble, but clearly prices are no longer in free fall. That means if you’ve been sitting on the fence, it’s time to act.
Ordinarily I’d never try to time the real-estate market, but I can understand why buyers have been cautious. Few want to buy in down markets, just as stock buyers avoid bear markets. And for most people, of course, buying a house is a much bigger decision than buying a stock. But with real estate prices nationally now down about 30% from their 2006 peak, and showing signs of turning up, the prices aren’t likely to go much lower. Every real-estate market is local, and so there may be a few exceptions. Overall, though, I can’t imagine a better time to buy than right now.
In addition to bargain prices, buyers should find plenty of homes to choose from. The inventory of unsold homes was 4.09 million units in July, up 7.3% from June, according to the National Association of Realtors. And mortgage rates this week were at a two-month low of close to 5%, according to Zillow. Even the stricter appraisal process is working to the advantage of buyers. Appraisals are coming in far lower than most sellers have been expecting, forcing them to face the new reality of sharply lower prices. And with stricter standards, lenders aren’t going to let buyers borrow more than they can afford, which protects buyers and helps to keep prices down.
Unless you’re really prepared to accept the demands (and headaches) of being a landlord, I don’t recommend direct ownership of real estate as an investment. The days of buyers lining up to buy and flip Miami Beach and Las Vegas condos are mercifully gone. There are much easier ways to make money in real estate, such as real-estate investment trusts or buying shares in home builders and other housing-related businesses (such as Home Depot (HD)). Historically, the mean rate of return on real estate has been around 3%, according to research from Yale economist Robert Shiller, who co-developed the Case-Shiller index. Shares in REITs and other stocks have often done much better.
But there’s a good reason home ownership has been such a central part of the American dream. It delivers security, pride of ownership, a sense of community and decent investment returns as a bonus. I felt glad for my driver in Florida. He represents the other side of the foreclosure crisis. For every hardship story, and no doubt there are many, others are realizing their dreams of home ownership and getting what may well turn out to be the deals of their lives.
Copyrighted, SmartMoney.com. All Rights Reserved.
Reposted
by James B. Stewart
Wednesday, September 2, 2009
provided by
Passing through the Fort Myers, Fla., airport a few weeks ago, I noticed people eagerly signing up for a free bus tour of foreclosed real estate — with all properties offering water views. During the ride to my hotel, the young driver volunteered that he’d just bought his first house, paying $65,000 for a foreclosed property in nearby Cape Coral that had last sold for over $250,000. He said he’d never expected to be able to buy anything on a driver’s salary, let alone something that nice.
Last week, Standard & Poor’s reported that its S&P/Case-Shiller U.S. National Home Price index of real estate values increased this past quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales volume of existing homes was up 7.2% in July from June.
In short, the data suggest that real-estate prices hit a bottom some time during the second quarter, and have now begun to rise. There’s no way to be certain that this marks the end of the long, painful correction that followed the real-estate bubble, but clearly prices are no longer in free fall. That means if you’ve been sitting on the fence, it’s time to act.
Ordinarily I’d never try to time the real-estate market, but I can understand why buyers have been cautious. Few want to buy in down markets, just as stock buyers avoid bear markets. And for most people, of course, buying a house is a much bigger decision than buying a stock. But with real estate prices nationally now down about 30% from their 2006 peak, and showing signs of turning up, the prices aren’t likely to go much lower. Every real-estate market is local, and so there may be a few exceptions. Overall, though, I can’t imagine a better time to buy than right now.
In addition to bargain prices, buyers should find plenty of homes to choose from. The inventory of unsold homes was 4.09 million units in July, up 7.3% from June, according to the National Association of Realtors. And mortgage rates this week were at a two-month low of close to 5%, according to Zillow. Even the stricter appraisal process is working to the advantage of buyers. Appraisals are coming in far lower than most sellers have been expecting, forcing them to face the new reality of sharply lower prices. And with stricter standards, lenders aren’t going to let buyers borrow more than they can afford, which protects buyers and helps to keep prices down.
Unless you’re really prepared to accept the demands (and headaches) of being a landlord, I don’t recommend direct ownership of real estate as an investment. The days of buyers lining up to buy and flip Miami Beach and Las Vegas condos are mercifully gone. There are much easier ways to make money in real estate, such as real-estate investment trusts or buying shares in home builders and other housing-related businesses (such as Home Depot (HD)). Historically, the mean rate of return on real estate has been around 3%, according to research from Yale economist Robert Shiller, who co-developed the Case-Shiller index. Shares in REITs and other stocks have often done much better.
But there’s a good reason home ownership has been such a central part of the American dream. It delivers security, pride of ownership, a sense of community and decent investment returns as a bonus. I felt glad for my driver in Florida. He represents the other side of the foreclosure crisis. For every hardship story, and no doubt there are many, others are realizing their dreams of home ownership and getting what may well turn out to be the deals of their lives.
Copyrighted, SmartMoney.com. All Rights Reserved.
Reposted
Tuesday, September 1, 2009
What's wrong with the F2F.....
Social networks and cell phones... you and I may find these technologies sacrosanct, but for kids getting weaned on this stuff, relationships in the real world may be suffering badly.
With the average teen sending or receiving over 2,000 text messages a month and spending nine hours a week on social networking sites, experts are worried that in-person, face-to-face social interaction is beginning to take a back seat to this twitchy, impersonal, and detached form of communication. The problem: When people rely exclusively on short bursts of written communication, those doing the texting miss out on the subtleties that come with a verbal and (especially) face-to-face discussion.
As the Wall Street Journal suggests, looking at a smiley face in an email isn't the same as seeing an actual smile on an actual face, and text-addicted teens are simply failing to learn the intricacies of bodily cues like eye movement and physical motion, not to mention all the nuance that comes with verbal conversation, cues which are learned only though a lifetime of practice in the read world. The result: Many fear we are raising a generation of kids who simply can't carry on a conversation -- or even look another person in the eye.
Of course, teens aren't the only ones susceptible to this problem. As the linked story above notes, even work environments -- where technology is a critical part of getting your job done -- are struggling with the effects of laptops and cell phone messaging during the work day. The most noteworthy effect is that most meetings with more than a couple of attendees have become all but useless, as workers spend the entire time checking their phones and tapping away on Facebook, virtually ignoring the person standing at the whiteboard across the room. Now being called "continuous partial attention," the problem is now being combated by simply banning all technology from meeting rooms, much to the likely anger of those who attend the meetings.
The scary thing is that no one knows how severe the problem really is. This phenomenon is relatively new on the sociological time scale, and even attempting to study how a reliance on written messaging leads to real-world detachment is fraught with difficulty. As the WSJ notes, by the time a study could be put together to analyze the situation, any technology investigated would have changed again, making the study outdated before it was ever published.
Maybe it's just a phase? God help us.
WHOA....
Can you imagine what this world would be without a face to face conversation, real touch, feelings.....well I think we better understand that in life we really need each other...not just to communicate our ideas but to translate our humanity...I know with fear being so primal..and people assume the worst before they think about what real reasons they feel a certain way..
like the health care debate..here are these large corps elisting soldiers to fight their fight. Health care is a buisness and these guys dont like competition.they are very effective in getting in your face because nobody thinks rationally when someone is being confortational. I want to shut down or throw a punch. oooooo...that sensationalism that would look good on the networks I own and wow I can make more money from the advertisers...one big circle of corporate greed and profit off us...
when will we ever get angry enough....I am.
but to make a point we need to communicate essentially face to face to commune with others of like and unlike minds...sure texting and email is communicating but talking face to face shares the human element to all communications, and maybe we can calm fear, maybe we can really listen to each other and maybe we can really communicate the truth.
With the average teen sending or receiving over 2,000 text messages a month and spending nine hours a week on social networking sites, experts are worried that in-person, face-to-face social interaction is beginning to take a back seat to this twitchy, impersonal, and detached form of communication. The problem: When people rely exclusively on short bursts of written communication, those doing the texting miss out on the subtleties that come with a verbal and (especially) face-to-face discussion.
As the Wall Street Journal suggests, looking at a smiley face in an email isn't the same as seeing an actual smile on an actual face, and text-addicted teens are simply failing to learn the intricacies of bodily cues like eye movement and physical motion, not to mention all the nuance that comes with verbal conversation, cues which are learned only though a lifetime of practice in the read world. The result: Many fear we are raising a generation of kids who simply can't carry on a conversation -- or even look another person in the eye.
Of course, teens aren't the only ones susceptible to this problem. As the linked story above notes, even work environments -- where technology is a critical part of getting your job done -- are struggling with the effects of laptops and cell phone messaging during the work day. The most noteworthy effect is that most meetings with more than a couple of attendees have become all but useless, as workers spend the entire time checking their phones and tapping away on Facebook, virtually ignoring the person standing at the whiteboard across the room. Now being called "continuous partial attention," the problem is now being combated by simply banning all technology from meeting rooms, much to the likely anger of those who attend the meetings.
The scary thing is that no one knows how severe the problem really is. This phenomenon is relatively new on the sociological time scale, and even attempting to study how a reliance on written messaging leads to real-world detachment is fraught with difficulty. As the WSJ notes, by the time a study could be put together to analyze the situation, any technology investigated would have changed again, making the study outdated before it was ever published.
Maybe it's just a phase? God help us.
WHOA....
Can you imagine what this world would be without a face to face conversation, real touch, feelings.....well I think we better understand that in life we really need each other...not just to communicate our ideas but to translate our humanity...I know with fear being so primal..and people assume the worst before they think about what real reasons they feel a certain way..
like the health care debate..here are these large corps elisting soldiers to fight their fight. Health care is a buisness and these guys dont like competition.they are very effective in getting in your face because nobody thinks rationally when someone is being confortational. I want to shut down or throw a punch. oooooo...that sensationalism that would look good on the networks I own and wow I can make more money from the advertisers...one big circle of corporate greed and profit off us...
when will we ever get angry enough....I am.
but to make a point we need to communicate essentially face to face to commune with others of like and unlike minds...sure texting and email is communicating but talking face to face shares the human element to all communications, and maybe we can calm fear, maybe we can really listen to each other and maybe we can really communicate the truth.
Thursday, August 27, 2009
Wednesday, August 26, 2009
Tips for First Time Home Buyers
So you’re thinking about buying your first piece of real estate? Before you even begin looking at a potential property, you need to make sure you can qualify for a mortgage. The following are some useful “tips for first time home buyers
.”
The first thing any potential homeowner should do is obtain a free credit report, either from Annualcreditreport.com or via a free trial website.
Once you’ve got your credit report at your fingertips, analyze it and determine what your monthly expenditures are. You will see a monthly payment next to each liability on the credit report. Add up all those payments and jot it down somewhere. These are your total monthly liabilities and will be important when determining how much you can afford.
Also scan the credit report for derogatory accounts and clean them up as best you can. If you’ve got delinquent accounts, resolve them. If you see collections, call the companies the disputes are with and do your best to make a deal. If everything looks good, you can move on. If not, you may want to repair your credit to a mid-score above 680 or higher before beginning your property search.
*One important note: Do NOT open any new credit accounts or make any large purchases using your credit cards within a few months before applying for a mortgage. This includes buying that plasma screen on a Best Buy card for your new crib. It can drive your credit score down needlessly which will result in a much higher interest-rate.
Now that you’ve got your credit in order, it’s time to figure out how much you can afford. Most banks and lenders allow borrowers to have a debt-to-income ratio up to 45%. Read more about debt-to-income ratios.
By taking your total liabilities and adding it to a monthly housing payment, and dividing that number by your monthly gross income you’ll come up with your DTI.
Let’s look at an example:
$10,000 monthly gross income
$1,500 total monthly liabilities
We know from the above example that your total monthly payments can’t exceed $4,500, or 45% DTI based on your $10,000 gross monthly income.
So if you already have $1,500 in total monthly liabilities, you can add a housing payment of $3,000 a month. This doesn’t leave much room in this market.
Let’s look at the same example with a housing payment, including taxes and insurance based on California rates:
$550,000 purchase price
$440,000 loan amount
6.25% interest rate
$2291.66 monthly interest-only payment
$572.92 monthly taxes
$128.33 monthly insurance
$2,992.91 total monthly housing cost
In the above scenario, a potential homeowner making $10,000 gross income a month can barely afford a $440,000 loan paying the interest-only payment. What does this tell us?
It tells us that there are a ton of homeowners out there living paycheck to paycheck and overstating income to qualify for homes they simply can’t afford. At least not in the eyes of banks and lenders that require borrowers to keep their DTI below 45%.
So now you’ve got an idea of what you’ll be able to afford. There are a number of mortgage calculators out there that will give you a better idea of what you can qualify for.
Now that you’ve got your credit profile in check and you know what you can afford, you’ll need to make sure you’ve got a verifiable housing history and seasoned assets.
Most lenders ask that you verify your last 12 months housing history. You can do this with cancelled checks or a VOR (Verification of Rent) from your landlord. This is important to determine the payment shock effect on the borrower.
Liquid assets are always helpful when applying for a loan, and are almost always a necessity for a first-time homebuyer. Make sure you have an account with at least two months PITI (Principal, interest, taxes and insurance) available. Also make the money in said account has been there for at least two consecutive months to ensure that it is seasoned. Banks and mortgage lenders don’t give much weight to unseasoned assets, as any friend, relative, or even a broker or loan officer can easily dump assets into your account before you apply for a mortgage to boost your net worth.
Now that you’re prepared, it’s time to be vigilant and proactive. Avoid predatory lenders and do your interest rate homework. Check out a rate sheet from the bank or lender that you’re being quoted from. Ask what the rate adjustments are. Ask if the loan carries a prepayment penalty and for how long? Get all the facts before you sign anything. And once you like it, lock it!
With all this preparation behind you, the loan flow will be a comfortable process with few surprises. It might not be perfect, but if you follow these rules you will definitely save money and reduce stress!
Let’s review the tips for first time home buyers in a condensed format:
- Order a free credit report
- Review your credit and clear up any derogatory accounts
- Do NOT open any new credit accounts or make any large purchases
- Calculate your total monthly liabilities
- Figure out your DTI and what you can afford
- Make sure you have a 12-month verifiable housing history
- Make sure you have a seasoned asset account with at least 2 months PITI
- Do your interest rate homework
- Lock your interest rate
Need some loan advice..call Angelica
310 665 8688
want an agent to help
call me..818 422 2040
.”
The first thing any potential homeowner should do is obtain a free credit report, either from Annualcreditreport.com or via a free trial website.
Once you’ve got your credit report at your fingertips, analyze it and determine what your monthly expenditures are. You will see a monthly payment next to each liability on the credit report. Add up all those payments and jot it down somewhere. These are your total monthly liabilities and will be important when determining how much you can afford.
Also scan the credit report for derogatory accounts and clean them up as best you can. If you’ve got delinquent accounts, resolve them. If you see collections, call the companies the disputes are with and do your best to make a deal. If everything looks good, you can move on. If not, you may want to repair your credit to a mid-score above 680 or higher before beginning your property search.
*One important note: Do NOT open any new credit accounts or make any large purchases using your credit cards within a few months before applying for a mortgage. This includes buying that plasma screen on a Best Buy card for your new crib. It can drive your credit score down needlessly which will result in a much higher interest-rate.
Now that you’ve got your credit in order, it’s time to figure out how much you can afford. Most banks and lenders allow borrowers to have a debt-to-income ratio up to 45%. Read more about debt-to-income ratios.
By taking your total liabilities and adding it to a monthly housing payment, and dividing that number by your monthly gross income you’ll come up with your DTI.
Let’s look at an example:
$10,000 monthly gross income
$1,500 total monthly liabilities
We know from the above example that your total monthly payments can’t exceed $4,500, or 45% DTI based on your $10,000 gross monthly income.
So if you already have $1,500 in total monthly liabilities, you can add a housing payment of $3,000 a month. This doesn’t leave much room in this market.
Let’s look at the same example with a housing payment, including taxes and insurance based on California rates:
$550,000 purchase price
$440,000 loan amount
6.25% interest rate
$2291.66 monthly interest-only payment
$572.92 monthly taxes
$128.33 monthly insurance
$2,992.91 total monthly housing cost
In the above scenario, a potential homeowner making $10,000 gross income a month can barely afford a $440,000 loan paying the interest-only payment. What does this tell us?
It tells us that there are a ton of homeowners out there living paycheck to paycheck and overstating income to qualify for homes they simply can’t afford. At least not in the eyes of banks and lenders that require borrowers to keep their DTI below 45%.
So now you’ve got an idea of what you’ll be able to afford. There are a number of mortgage calculators out there that will give you a better idea of what you can qualify for.
Now that you’ve got your credit profile in check and you know what you can afford, you’ll need to make sure you’ve got a verifiable housing history and seasoned assets.
Most lenders ask that you verify your last 12 months housing history. You can do this with cancelled checks or a VOR (Verification of Rent) from your landlord. This is important to determine the payment shock effect on the borrower.
Liquid assets are always helpful when applying for a loan, and are almost always a necessity for a first-time homebuyer. Make sure you have an account with at least two months PITI (Principal, interest, taxes and insurance) available. Also make the money in said account has been there for at least two consecutive months to ensure that it is seasoned. Banks and mortgage lenders don’t give much weight to unseasoned assets, as any friend, relative, or even a broker or loan officer can easily dump assets into your account before you apply for a mortgage to boost your net worth.
Now that you’re prepared, it’s time to be vigilant and proactive. Avoid predatory lenders and do your interest rate homework. Check out a rate sheet from the bank or lender that you’re being quoted from. Ask what the rate adjustments are. Ask if the loan carries a prepayment penalty and for how long? Get all the facts before you sign anything. And once you like it, lock it!
With all this preparation behind you, the loan flow will be a comfortable process with few surprises. It might not be perfect, but if you follow these rules you will definitely save money and reduce stress!
Let’s review the tips for first time home buyers in a condensed format:
- Order a free credit report
- Review your credit and clear up any derogatory accounts
- Do NOT open any new credit accounts or make any large purchases
- Calculate your total monthly liabilities
- Figure out your DTI and what you can afford
- Make sure you have a 12-month verifiable housing history
- Make sure you have a seasoned asset account with at least 2 months PITI
- Do your interest rate homework
- Lock your interest rate
Need some loan advice..call Angelica
310 665 8688
want an agent to help
call me..818 422 2040
Thursday, August 13, 2009
Want to smile? read this...
Three Ways to Predict the End of the Housing Bounce
By Andrew Jeffery
On Thursday August 13, 2009, 12:20 pm EDT
Buzz up! 0 Print.Companies:Bank Of America CorporationCitigroup, Inc.Fannie Mae
The only question that really matters in the housing market right now is the following: Does the recent strengthening in sales data signal an imminent bottom, or are we smack in the middle of a dead-cat bounce?
Related Quotes
Symbol Price Change
BAC 16.83 +0.90
C 4.10 +0.12
FNM 1.06 +0.03
FRE 1.45 +0.08
WFC 27.81 +0.64
{"s" : "bac,c,fnm,fre,wfc","k" : "c10,l10,p20,t10","o" : "","j" : ""}
The answer, of course, is complicated. And as I've discussed in the past, the concept of a "bottom" in the housing market is meaningless, as stabilization and eventual recovery will happen on a localized, market-by-market basis.
Nevertheless, there are some key factors to watch that will provide clues as to how long this rally's legs really are, and what could trigger a reversion in the miserable state of the market we've become accustomed to over the past 4 years. Here are, in my mind, the top 3 "tells" to watch when it comes to the direction of the housing over the next 6-12 months:
1. Jobs
In the words of HousingWire's Paul Jackson, "If housing is central to recovery, and jobs are central to housing, and jobs aren't doing very well -- what's the real forecast for housing?"
Despite jobs data that appears to have stopped getting worse, the employment outlook in the US remains dismal. Government-backed loans through the Federal Housing Administration (FHA), Fannie Mae (FNM), and Freddie Mac (FRE) dominate the mortgage market right now, all of which have strict requirements for job stability. This means that even if companies start hiring again, recently laid-off workers will still have a hard time qualifying for a mortgage.
Furthermore, even though layoffs have slowed, the majority of firings that occurred in the past year haven't yet resulted in mortgage delinquency. As struggling homeowners gradually succumb to the pressures of losing a job, default and eventual foreclosure can occur many months after the layoff itself. We're yet to see any material improvement in default data, especially in high end markets. See, "What Does Employment Mean for the Market?"
2. The FHA
The FHA offers taxpayer-backed insurance for mortgages that are underwritten to their specific guidelines. Originally intended to provide home loans for low-income borrowers by requiring minimal down payments and overlooking blemished credit records, by the end of 2008, FHA loans accounted for almost 40% of all new loans -- up from less than 5% at the beginning of 2007, according to data compiled by Lender Processing Services (LPS).
In distressed markets, where ongoing foreclosure moratoria are keeping bank-owned homes off the market to artificially limit supply, FHA borrowers make up the vast majority of buyers. This has helped the likes of Wells Fargo (WFC), Bank of America (BAC), and Citigroup (C) unload foreclosures at higher prices, but it has prolonged the eventual recovery as banks slowly bleed out distressed homes into the market.
To help alleviate the housing crisis, Washington upped FHA limits so that in some areas, buyers can get an FHA loan for as much as $719,000. This widening of FHA's lending criteria has helped buoy many mid-tier markets, as borrowers can now buy $500,000 or $600,000 homes with a paltry 3% down. (Just ask Toll Brothers (TOL) if the FHA helped boost sales in the past 6 months. See, "Robert Toll, Robber Baron.")
If the FHA tightens its guidelines or lowers its loan limits, look out below, as a huge source of liquidity for the housing market will evaporate.
"THIS IS THE MOST IMPORTANT ATTENTION GRABBER"
3. November 30, 2009
This November, the $8,000 first-time homebuyer tax credit expires. If I were a betting man (which I'm not), I'd wager if the market stumbles even slightly between now and the end of the year, a new tax credit will be issued in some form. (They may extend it regardless of how the market performs.) Even if the credit is extended, many first-time homebuyers are already scrambling to make purchases while they can still get a check from Uncle Sam.
To wit, check out the advertisement currently running on ZipRealty, a popular online real estate brokerage:
Circle November 30 with a big red pen, because first-time buyers now account for fully one-third of purchase transactions according to the National Association of Realtors. If this demand dries up, sales could resume their downward spiral.
The bottom line is this: The outlook for housing is murky, at best.
Low-end markets are benefiting from government support on both the supply side (foreclosure moratoria) and demand side (tax credits, FHA) of the equation. Meanwhile, high-end markets -- as defaults on prime mortgages keep rising and the job market remains lousy -- are seeing steep home-price declines.
Anyone touting housing's so-called "bottom" is likely trying to sell you something -- namely, a house.
Nothing contained in this article is intended as a solicitation for business of any kind or for investment in the firm.
See this is the kinda news that realtors like me, read with glee but in reality this is good news..cheers!!
By Andrew Jeffery
On Thursday August 13, 2009, 12:20 pm EDT
Buzz up! 0 Print.Companies:Bank Of America CorporationCitigroup, Inc.Fannie Mae
The only question that really matters in the housing market right now is the following: Does the recent strengthening in sales data signal an imminent bottom, or are we smack in the middle of a dead-cat bounce?
Related Quotes
Symbol Price Change
BAC 16.83 +0.90
C 4.10 +0.12
FNM 1.06 +0.03
FRE 1.45 +0.08
WFC 27.81 +0.64
{"s" : "bac,c,fnm,fre,wfc","k" : "c10,l10,p20,t10","o" : "","j" : ""}
The answer, of course, is complicated. And as I've discussed in the past, the concept of a "bottom" in the housing market is meaningless, as stabilization and eventual recovery will happen on a localized, market-by-market basis.
Nevertheless, there are some key factors to watch that will provide clues as to how long this rally's legs really are, and what could trigger a reversion in the miserable state of the market we've become accustomed to over the past 4 years. Here are, in my mind, the top 3 "tells" to watch when it comes to the direction of the housing over the next 6-12 months:
1. Jobs
In the words of HousingWire's Paul Jackson, "If housing is central to recovery, and jobs are central to housing, and jobs aren't doing very well -- what's the real forecast for housing?"
Despite jobs data that appears to have stopped getting worse, the employment outlook in the US remains dismal. Government-backed loans through the Federal Housing Administration (FHA), Fannie Mae (FNM), and Freddie Mac (FRE) dominate the mortgage market right now, all of which have strict requirements for job stability. This means that even if companies start hiring again, recently laid-off workers will still have a hard time qualifying for a mortgage.
Furthermore, even though layoffs have slowed, the majority of firings that occurred in the past year haven't yet resulted in mortgage delinquency. As struggling homeowners gradually succumb to the pressures of losing a job, default and eventual foreclosure can occur many months after the layoff itself. We're yet to see any material improvement in default data, especially in high end markets. See, "What Does Employment Mean for the Market?"
2. The FHA
The FHA offers taxpayer-backed insurance for mortgages that are underwritten to their specific guidelines. Originally intended to provide home loans for low-income borrowers by requiring minimal down payments and overlooking blemished credit records, by the end of 2008, FHA loans accounted for almost 40% of all new loans -- up from less than 5% at the beginning of 2007, according to data compiled by Lender Processing Services (LPS).
In distressed markets, where ongoing foreclosure moratoria are keeping bank-owned homes off the market to artificially limit supply, FHA borrowers make up the vast majority of buyers. This has helped the likes of Wells Fargo (WFC), Bank of America (BAC), and Citigroup (C) unload foreclosures at higher prices, but it has prolonged the eventual recovery as banks slowly bleed out distressed homes into the market.
To help alleviate the housing crisis, Washington upped FHA limits so that in some areas, buyers can get an FHA loan for as much as $719,000. This widening of FHA's lending criteria has helped buoy many mid-tier markets, as borrowers can now buy $500,000 or $600,000 homes with a paltry 3% down. (Just ask Toll Brothers (TOL) if the FHA helped boost sales in the past 6 months. See, "Robert Toll, Robber Baron.")
If the FHA tightens its guidelines or lowers its loan limits, look out below, as a huge source of liquidity for the housing market will evaporate.
"THIS IS THE MOST IMPORTANT ATTENTION GRABBER"
3. November 30, 2009
This November, the $8,000 first-time homebuyer tax credit expires. If I were a betting man (which I'm not), I'd wager if the market stumbles even slightly between now and the end of the year, a new tax credit will be issued in some form. (They may extend it regardless of how the market performs.) Even if the credit is extended, many first-time homebuyers are already scrambling to make purchases while they can still get a check from Uncle Sam.
To wit, check out the advertisement currently running on ZipRealty, a popular online real estate brokerage:
Circle November 30 with a big red pen, because first-time buyers now account for fully one-third of purchase transactions according to the National Association of Realtors. If this demand dries up, sales could resume their downward spiral.
The bottom line is this: The outlook for housing is murky, at best.
Low-end markets are benefiting from government support on both the supply side (foreclosure moratoria) and demand side (tax credits, FHA) of the equation. Meanwhile, high-end markets -- as defaults on prime mortgages keep rising and the job market remains lousy -- are seeing steep home-price declines.
Anyone touting housing's so-called "bottom" is likely trying to sell you something -- namely, a house.
Nothing contained in this article is intended as a solicitation for business of any kind or for investment in the firm.
See this is the kinda news that realtors like me, read with glee but in reality this is good news..cheers!!
Saturday, August 1, 2009
Welcome to the bottom: Housing begins slow rebound
Housing begins to reverse 3-year recession in every US region, but 2nd half looks rocky
By Adrian Sainz, David Twiddy, Daniel Wagner, Alex Veiga, Associated Press Writers
On Saturday August 1, 2009, 10:39 am EDT
Buzz up! 74 Print.It was -- note the past tense -- the worst housing recession anyone but survivors of the Great Depression can remember.
From the frenzied peak of the real estate boom in 2005-2006 to the recession's trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.
A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.
Now take a deep breath and exhale. The worst is over.
By every measure, except foreclosures, the housing market has stabilized and many areas are recovering, according to a spate of data released in the past two weeks. Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period. And construction, while still anemic, has risen almost 20 percent since the beginning of the year.
Even home prices, down one third from the top, edged up in May, the first monthly increase since June 2006.
"The freefall is over," says Dean Baker of the Center for Economic and Policy Research.
The problem is that, Baker, like many economists, expects the housing market will "be bouncing around the bottom" for the second half of the year.
More story.....
http://finance.yahoo.com/news/Welcome-to-the-bottom-Housing-apf-1993519878.html?x=0&.v=1
my take.....well you wanted a bottom here it is....now are you still gonna sit on the fence..prices are getting a green light to rise..and even if they dont the interest rates will...my 2 cents.
By Adrian Sainz, David Twiddy, Daniel Wagner, Alex Veiga, Associated Press Writers
On Saturday August 1, 2009, 10:39 am EDT
Buzz up! 74 Print.It was -- note the past tense -- the worst housing recession anyone but survivors of the Great Depression can remember.
From the frenzied peak of the real estate boom in 2005-2006 to the recession's trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.
A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.
Now take a deep breath and exhale. The worst is over.
By every measure, except foreclosures, the housing market has stabilized and many areas are recovering, according to a spate of data released in the past two weeks. Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period. And construction, while still anemic, has risen almost 20 percent since the beginning of the year.
Even home prices, down one third from the top, edged up in May, the first monthly increase since June 2006.
"The freefall is over," says Dean Baker of the Center for Economic and Policy Research.
The problem is that, Baker, like many economists, expects the housing market will "be bouncing around the bottom" for the second half of the year.
More story.....
http://finance.yahoo.com/news/Welcome-to-the-bottom-Housing-apf-1993519878.html?x=0&.v=1
my take.....well you wanted a bottom here it is....now are you still gonna sit on the fence..prices are getting a green light to rise..and even if they dont the interest rates will...my 2 cents.
Tuesday, July 28, 2009
"Home prices increase from April to May"
This trend is a simmer coming to a slow boil...
2 hrs 5 mins ago
NEW YORK – A widely watched index shows home prices posted their first monthly increase since the summer of 2006, indicating prices are finally stabilizing.
The Standard & Poor's/Case-Shiller home price index of 20 major cities released Tuesday rose 0.5 percent from April, but was still 17.1 percent below May a year ago.
The 10-city index rose 0.4 percent from April, but was off 16.8 percent from May last year. It was the fourth consecutive month both indexes didn't post record annual decline. Home prices are now at levels not seen since mid-2003.
This NAR (the National Association of Realtors)..is flexing it's muscle...
but numbers dont lie....cough,,,why are there more fore closures than ever....something is just not adding up..oh well good news is better than bad news.
2 hrs 5 mins ago
NEW YORK – A widely watched index shows home prices posted their first monthly increase since the summer of 2006, indicating prices are finally stabilizing.
The Standard & Poor's/Case-Shiller home price index of 20 major cities released Tuesday rose 0.5 percent from April, but was still 17.1 percent below May a year ago.
The 10-city index rose 0.4 percent from April, but was off 16.8 percent from May last year. It was the fourth consecutive month both indexes didn't post record annual decline. Home prices are now at levels not seen since mid-2003.
This NAR (the National Association of Realtors)..is flexing it's muscle...
but numbers dont lie....cough,,,why are there more fore closures than ever....something is just not adding up..oh well good news is better than bad news.
Tuesday, July 21, 2009
Rates are going DOWN..DOWN...
Bad news equals low rates, and good news for struggling homeowners.
Mortgage rates slipped lower for the second week in a row thanks to concerns about the direction of the economy after the release of the June jobs report, according to mortgage financier Freddie Mac.
The classic 30-year fixed-rate mortgage averaged 5.20 percent during the week ending July 9, down from 5.32 percent a week ago and 6.37 percent a year earlier.
It’s still a bit higher than its record low of 4.78 percent set back in April when the refinance boom was in full swing, but not by much.
The 15-year fixed rung in at 4.69 percent, down from 4.77 percent a week earlier and 5.91 percent a year ago.
The five-year ARM averaged 4.82 percent, down from 4.88 percent a week ago and 5.82 percent this time last year.
The one-year ARM dipped to 4.82 percent from 4.94 percent, and remains below its year-ago average of 5.17 percent.
The rates above are good for conforming loan amounts with at least a 20 percent down payment.
Rates on jumbo loans continue to price higher, around 6.50 percent for a 30-year fixed.
The lower rates are encouraging, and may signal a return to a lending bonanza, though it’s too early to tell if rates will continue to fall.
"see.....this is where we're at and when the banks release that second wave of foreclosures..wow...BUY BUY BUY!!!!"
Mortgage rates slipped lower for the second week in a row thanks to concerns about the direction of the economy after the release of the June jobs report, according to mortgage financier Freddie Mac.
The classic 30-year fixed-rate mortgage averaged 5.20 percent during the week ending July 9, down from 5.32 percent a week ago and 6.37 percent a year earlier.
It’s still a bit higher than its record low of 4.78 percent set back in April when the refinance boom was in full swing, but not by much.
The 15-year fixed rung in at 4.69 percent, down from 4.77 percent a week earlier and 5.91 percent a year ago.
The five-year ARM averaged 4.82 percent, down from 4.88 percent a week ago and 5.82 percent this time last year.
The one-year ARM dipped to 4.82 percent from 4.94 percent, and remains below its year-ago average of 5.17 percent.
The rates above are good for conforming loan amounts with at least a 20 percent down payment.
Rates on jumbo loans continue to price higher, around 6.50 percent for a 30-year fixed.
The lower rates are encouraging, and may signal a return to a lending bonanza, though it’s too early to tell if rates will continue to fall.
"see.....this is where we're at and when the banks release that second wave of foreclosures..wow...BUY BUY BUY!!!!"
Friday, July 17, 2009
Affordability in Norwalk, you bet!!!
I can show them to you..call 818 422 2040 Mike J/Keller Williams for Updated list.
then get prequalified call Angelica...
1 310 665 8688...then let's write an offer...
then get prequalified call Angelica...
1 310 665 8688...then let's write an offer...
Tuesday, July 14, 2009
I'm re thinking why people buy a home ...
I believe the only reason people buy a home is because they feel a grounding in life is very important..whether it's a milestone like a mark in life.. a decision has been made to initiate a significate change. I want to stand, sleep, eat, bathe, have a family and protect my possessions in my house. This is mine. The house will represent stability, security and the investment for the future. Most importantly we all need to have a home, a roof over our heads to shelter us. A door to a home that within has peace of mind when it is closed and when it is open, lets in opportunity and hope.
I want everyone in this life to experience those feelings and I hope I will be the realtor that helps to bring that important moment in your life to reality.
I want everyone in this life to experience those feelings and I hope I will be the realtor that helps to bring that important moment in your life to reality.
Sunday, July 5, 2009
Are you getting ready or standing on the sidelines?
Looking at the nation as a whole, today through the spring of 2011 may be the window for those looking to buy a house at the bottom of the market, says Gary Hager, president and founder of Integrated Wealth Management, a New Jersey-based financial planning company.
Are you getting ready or standing on the sidelines?
the preceding annoucement is probably the best advice I would say to anyone interested in buying a home.
let's break it down..
The nation as a whole.......pretty self exclaimatory...yelling through a megaphone....
today..... that means right now!!
through the spring of 2011.....what that means as if you wait too long...it will be over..
what are you going to lose.....?
Affordability.
Call me 818 422 2040 or
Angelica @ 310 665 8689
thank you!
Are you getting ready or standing on the sidelines?
the preceding annoucement is probably the best advice I would say to anyone interested in buying a home.
let's break it down..
The nation as a whole.......pretty self exclaimatory...yelling through a megaphone....
today..... that means right now!!
through the spring of 2011.....what that means as if you wait too long...it will be over..
what are you going to lose.....?
Affordability.
Call me 818 422 2040 or
Angelica @ 310 665 8689
thank you!
Monday, June 29, 2009
Yesterday's Seminar
It was great. moving on....to the next phase of promotion. "WOM" and "F2F".
you ask what is F2F, (face to face), WOM (word of mouth) in your face, hand shaking, smile greeting, short gab,long talk, walk into the room, find some to relate to smoosing...networking. At it's finest,it is the best. Prepare your self..I will find you. and I will love to chat...Not just Real Estate!..The best dont talk buisness but get buisness done...thank you Angelica. we're moving to this next phase of buisness 101.
you ask what is F2F, (face to face), WOM (word of mouth) in your face, hand shaking, smile greeting, short gab,long talk, walk into the room, find some to relate to smoosing...networking. At it's finest,it is the best. Prepare your self..I will find you. and I will love to chat...Not just Real Estate!..The best dont talk buisness but get buisness done...thank you Angelica. we're moving to this next phase of buisness 101.
Thursday, June 25, 2009
Good bye 4% loans
Ok we said it was coming...and now the banks are closing in on your pocketbook or wallet, doesn't matter theyr'e coming to take your money because well you can say theyr'e good samaritains?....ok they want to help the community?, no I just remember they got paid (350bil),,,,oh and they paid it all back...nah...They want to keep the powder dry and go in for the kill....am I bitter..no can I say I told you so...no,,,we all knew it was coming...what can we do about it.....really become a better consumer...know what your getting into..dont procrastinate when it is obvisously a good deal and READ...the fine print on all contracts.....be good to your neighbors..smile and say thank you...that doesn't hurt and makes a day go better!
30 Year FRM *
5.42
Jun
15 Year FRM *
4.91
Jun
1 Year ARM *
4.93
Jun
per http://mortgage-x.com/general/mortgage_indexes.asp
30 Year FRM *
5.42
Jun
15 Year FRM *
4.91
Jun
1 Year ARM *
4.93
Jun
per http://mortgage-x.com/general/mortgage_indexes.asp
Thursday, June 18, 2009
Hey Potential cali home owners..
Despite the budget crisis..the state of california has thrown us a bigger, juicer real estate bone...
CalHFA offering 30-year, fixed rate first-time home buyer loans
The California Housing Finance Agency (CalHFA) recently announced it is offering Cal30, a fixed rate, 30-year loan with up to 95 percent
financing. This new loan program is available for eligible first-time home buyers.
In addition to the Cal30 program, CalHFA also offers the California Homebuyer’s Downpayment Assistance Program, which can provide loans of up to 3 percent of a home’s value to assist with down payments and closing costs; the School Facility Fee Down Payment Assistance Program, which provides conditional grants to buyers of newly constructed homes for down payments, closing costs, upgrades, or other costs associated with the first mortgage loan; and the Affordable Housing Partnership Program, a joint effort between CalHFA and more than 300 cities, counties, redevelopment agencies, housing authorities and nonprofit housing organizations to assist with down payments and closing costs.
http://CalHFA offering 30-year, fixed rate first-time home buyer loansThe California Housing Finance Agency (CalHFA) recently announced it is offering Cal30, a fixed rate, 30-year loan with up to 95 percentfinancing. This new loan program is available for eligible first-time home buyers.In addition to the Cal30 program, CalHFA also offers the California Homebuyer’s Downpayment Assistance Program, which can provide loans of up to 3 percent of a home’s value to assist with down payments and closing costs; the School Facility Fee Down Payment Assistance Program, which provides conditional grants to buyers of newly constructed homes for down payments, closing costs, upgrades, or other costs associated with the first mortgage loan; and the Affordable Housing Partnership Program, a joint effort between CalHFA and more than 300 cities, counties, redevelopment agencies, housing authorities and nonprofit housing organizations to assist with down payments and closing costs.
More info
http://www.calhfa.ca.gov/about/publications/press-releases/2009/pr2009-10.pdf
CalHFA offering 30-year, fixed rate first-time home buyer loans
The California Housing Finance Agency (CalHFA) recently announced it is offering Cal30, a fixed rate, 30-year loan with up to 95 percent
financing. This new loan program is available for eligible first-time home buyers.
In addition to the Cal30 program, CalHFA also offers the California Homebuyer’s Downpayment Assistance Program, which can provide loans of up to 3 percent of a home’s value to assist with down payments and closing costs; the School Facility Fee Down Payment Assistance Program, which provides conditional grants to buyers of newly constructed homes for down payments, closing costs, upgrades, or other costs associated with the first mortgage loan; and the Affordable Housing Partnership Program, a joint effort between CalHFA and more than 300 cities, counties, redevelopment agencies, housing authorities and nonprofit housing organizations to assist with down payments and closing costs.
http://CalHFA offering 30-year, fixed rate first-time home buyer loansThe California Housing Finance Agency (CalHFA) recently announced it is offering Cal30, a fixed rate, 30-year loan with up to 95 percentfinancing. This new loan program is available for eligible first-time home buyers.In addition to the Cal30 program, CalHFA also offers the California Homebuyer’s Downpayment Assistance Program, which can provide loans of up to 3 percent of a home’s value to assist with down payments and closing costs; the School Facility Fee Down Payment Assistance Program, which provides conditional grants to buyers of newly constructed homes for down payments, closing costs, upgrades, or other costs associated with the first mortgage loan; and the Affordable Housing Partnership Program, a joint effort between CalHFA and more than 300 cities, counties, redevelopment agencies, housing authorities and nonprofit housing organizations to assist with down payments and closing costs.
More info
http://www.calhfa.ca.gov/about/publications/press-releases/2009/pr2009-10.pdf
Tuesday, June 16, 2009
my latest craiglist ad is serious....
$250000 / 2br - PreApproved, first time home buyer (Los Angeles)
Skin in the game...Heard the expression before..you know what it means????..# 1 question you ask your self is Am I ready to purchase a home???, DO I have a down payment?("skin in the game") # 2 question you ask yourself...Am I pre approved?..# 3 question how important is it for me to accomplish this goal ?...I asked how important is getting the deal done, finished, door open, key in hand. Laugh but it's the essence of this advert. I'm so so serious...So many aren't. Why waste your time if you're not all the above. I'm the Facilitator, you need me I need you on my team...are you ready, Pre Approved first time home buyer? I have homes in all income ranges to show you anyday sunday through saturday...You wanna deal,you wanna finish this goal?...I know it's fustration dealing with going out looking, waiting, emotions up and down. I know, I know. but like a great team, you need a captain. Hire me. I will be there to answer your questions, show you the properties that meet your expectations and help you decide which one you want, that's worth the wait, the time, your and mine effort to make this as simple as possible. to make buying your home a good experience.
I'm adding this to the blog...
Oh by the way...the current intrest rates are low but are creeping higher...just a little every day, which means the banks are slowly reducing the amount of house (loan amount) you may qualify for.
From http://mortgage-x.com/general/mortgage_indexes.asp
CMT: Weekly Average Yields
Averages of Business Days
Week
Ending
May 29 June 5 Jun 12
1 Month 0.148 0.086 0.090
3 Months 0.160 0.150 0.188
6 Months 0.300 0.290 0.314
1 Year 0.485 0.496 0.556
2 Years 0.953 1.024 1.356
3 Years 1.472 1.586 1.962
5 Years 2.382 2.582 2.884
7 Years 3.137 3.308 3.530
10 Years 3.588 3.696 3.888
20 Years 4.465 4.546 4.672
30 Years 4.480 4.542 4.678
Year
Week 2009
# 22 2009
# 23 2009
# 24
Skin in the game...Heard the expression before..you know what it means????..# 1 question you ask your self is Am I ready to purchase a home???, DO I have a down payment?("skin in the game") # 2 question you ask yourself...Am I pre approved?..# 3 question how important is it for me to accomplish this goal ?...I asked how important is getting the deal done, finished, door open, key in hand. Laugh but it's the essence of this advert. I'm so so serious...So many aren't. Why waste your time if you're not all the above. I'm the Facilitator, you need me I need you on my team...are you ready, Pre Approved first time home buyer? I have homes in all income ranges to show you anyday sunday through saturday...You wanna deal,you wanna finish this goal?...I know it's fustration dealing with going out looking, waiting, emotions up and down. I know, I know. but like a great team, you need a captain. Hire me. I will be there to answer your questions, show you the properties that meet your expectations and help you decide which one you want, that's worth the wait, the time, your and mine effort to make this as simple as possible. to make buying your home a good experience.
I'm adding this to the blog...
Oh by the way...the current intrest rates are low but are creeping higher...just a little every day, which means the banks are slowly reducing the amount of house (loan amount) you may qualify for.
From http://mortgage-x.com/general/mortgage_indexes.asp
CMT: Weekly Average Yields
Averages of Business Days
Week
Ending
May 29 June 5 Jun 12
1 Month 0.148 0.086 0.090
3 Months 0.160 0.150 0.188
6 Months 0.300 0.290 0.314
1 Year 0.485 0.496 0.556
2 Years 0.953 1.024 1.356
3 Years 1.472 1.586 1.962
5 Years 2.382 2.582 2.884
7 Years 3.137 3.308 3.530
10 Years 3.588 3.696 3.888
20 Years 4.465 4.546 4.672
30 Years 4.480 4.542 4.678
Year
Week 2009
# 22 2009
# 23 2009
# 24
Thursday, June 11, 2009
tax incentives are hard to get?????
I heard that the tax incentives..the $8000 tax credit is real...whether you can use it as part of your down payment....drum roll.........no. no. no. deny by most lenders because it is way too much hassle and paperwork and for what the goverment wil pay lenders to do it, I think it's 200 bucks.. its just not worth it for them to process it as part of your downpayment...and maybe even the closing cost...lenders c'mon your in the buisness of lending money to make money..a little forthworthness and faith in the goverment for which you have taken the tarp money from should atleast help the people help them get homes. It's our community and it does take a village including the butcher, the baker, the banker!
Thursday, June 4, 2009
I need your help...
Ok, ok this is the real deal…how many people are really looking to take advantage of the $8000 tax credit $10,000 new construction credit ? You know if your ready to move I can help you find that home where more memories will begin to change your life.
I have taken the time to locate several homes in the first time home buyer category if your house hold is in the 50-100k income range… start with me, because the home you buy today won't be your last, when your ready to move to a nicer home,I will be there.
I have also located homes in the second home or additional home category up to about 500- 1 million range..I can help you buy that home too….yes it’s a great time to buy with home prices down in some areas almost 40% from 2006 levels but you need someone out there looking and I'm here to help you.
I’m a Real Estate life coach, I can cheer you and be there to answer your questions anytime….
I have taken the time to locate several homes in the first time home buyer category if your house hold is in the 50-100k income range… start with me, because the home you buy today won't be your last, when your ready to move to a nicer home,I will be there.
I have also located homes in the second home or additional home category up to about 500- 1 million range..I can help you buy that home too….yes it’s a great time to buy with home prices down in some areas almost 40% from 2006 levels but you need someone out there looking and I'm here to help you.
I’m a Real Estate life coach, I can cheer you and be there to answer your questions anytime….
Saturday, May 30, 2009
loan mods = more rentals or lease to owns
Well I think we're going to see more and more RTO's. Here's why when a home owner facing a reset is smart enough to modify the loan to a lower rate.. the owner now gets a choice....mmmm do I sell now or later,,ok....this is a benefit for the would be renters that want to buy a home and need time to get there deposit and financials together..I also believe that those tax credits will probably be extended...first dibs on this prediction...and the loan mods will continue too...
Owners want to delay the price on these properties till the end of the contract...there waiting for the market to change maybe in there favor, going up?, eventully..in the meanwhile..cash flow , keep the property..and wait for the tsunami of well qualify buyers with fistfulls of cash...tick tick tick...3 years later house prices....still flat...I'm not holding my breath..is it a good time to buy?
really depends on the local market...ok
Owners want to delay the price on these properties till the end of the contract...there waiting for the market to change maybe in there favor, going up?, eventully..in the meanwhile..cash flow , keep the property..and wait for the tsunami of well qualify buyers with fistfulls of cash...tick tick tick...3 years later house prices....still flat...I'm not holding my breath..is it a good time to buy?
really depends on the local market...ok
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