Daily Real Estate News
April 29, 2010
Investment Bank Predicts Rising Foreclosures
Foreclosed homes owned by banks, Fannie Mae, Freddie Mac, and other mortgage investors topped 480,000 at the end of February, Barclays Capital estimates in a new study.
Barclays expects housing inventory to rise further over the next 20 months, peaking at 536,000 homes in January 2012. Barclays also predicts 1.6 million sales of distressed properties in 2010 and 2011, declining to 1.5 million in 2012, with about 30 percent of all home sales this year and next foreclosure related. Normally, only 6 percent of sales are related to foreclosures.
Barclays also expects home prices to fall another 3 percent to 5 percent over the next two years, assuming that unemployment will decline to 8 percent within the next two years.
Source: The Wall Street Journal, James R. Hagerty (04/28/2010)
Copyright National Association of REALTORS®. Reprinted with permission
Wednesday, April 28, 2010
Hump day, I know a lot of my friends are longing for the weekend but don't pine for tomorrow or wine about yesterday BUT live for today. "This is the day the Lord hath made we will rejoice and be glad in it."
The older I get the more this becomes real to me. I and many people like me have spent to much time on the "woulda, coulda, shoulda's" of life and not enjoyed each day for what wonders it brings. This is especially true in these troubled times in real estate. Sit back and focus on today and make the most out of it.
Friday, April 23, 2010
I recently ran across this explaination of the Stimulus Bill and Plan.
Shortly after class, an economics student approaches his economics professor and says, "I don't understand this stimulus bill. Can you explain it to me?"
The professor replied, "I don't have any time to explain it at my office, but if you come over to my house on Saturday and help me with my weekend project, I'll be glad to explain it to you."
The student agreed.
At the agreed-upon time, the student showed up at the professor's house. The professor stated that the weekend project involved his backyard pool.
They both went out back to the pool, and the professor handed the student a bucket. Demonstrating with his own bucket, the professor said, "First, go over to the deep end, and fill your bucket with as much water as you can." The student did as he was instructed.
The professor then continued, "Follow me over to the shallow end, and then dump all the water from your bucket into it." The student was naturally confused, but did as he was told.
The professor then explained they were going to do this many more times, and began walking back to the deep end of the pool.
The confused student asked, "Excuse me, but why are we doing this?"
The professor matter-of-factly stated that he was trying to make the shallow end much deeper.
The student didn't think the economics professor was serious, but figured that he would find out the real story soon enough.
However, after the 6th trip between the shallow end and the deep end, the student began to become worried that his economics professor had gone mad.
The student finally replied, "All we're doing is wasting valuable time and effort on unproductive pursuits. Even worse, when this process is all over, everything will be at the same level it was before, so all you'll really have accomplished is the destruction of what could have been truly productive action!"
The professor put down his bucket and replied with a smile, "Congratulations. You now understand the stimulus bill."
Wednesday, April 7, 2010
Your dream land come true. Watch the sun come up on your 70+ acres of undeveloped land located on beautiful Lake Walk In Water (Weohyakapka). The lake front is one of the highest points around the lake. This 7,528 acre lake is nationally known for trophy large-mouth bass fishing. From the paved road drive back approximately 1 mile through the beautiful wooded lane your private home site. The cabin on the lake has no economic value. The electricity for the well, cabin, small window a/c on cabin, and bath house works on a generator. Cabin has a propane water heater and stove. Electric service is to the site but was disconnected several years ago.