I should post more often. Sorry that I don’t. But when the weathervane keeps spinning as if in a hurricane, it’s difficult to gather one’s thoughts as to where the real estate market is headed. January, with a couple of mild weeks of weather, showed promise. Then the snows in February shut the door just as it was beginning to …
The Fixx (not the band)
An idea came to me yesterday while reading and listening to various opinions and objections regarding the stimulus package. It seems there is a consensus of concern about how to use the money to make the most immediate positive impact on the economy. How do we get it into the system WITHOUT the banks snagging it and sitting on it? …
Damn Banks or…..Why Is it Taking So Long To Recover?
How do banks make money? They make loans. What if they don’t make loans? They sit on the money they have. What if they don’t have money to sit on? They threaten to fail and the Federal Government gives them money to sit on OR they “arrange” a managed failure with the help of the Federal Government, in the course …
2012: Welcome to Al-Qaidastan
One of our greatest concerns regarding Al-Quaida is that they find a way to obtain a nuclear weapon. I submit that perhaps our concerns have been misdirected, as I believe that our gravest threat is that within a few short years, waaay before Iran develops a nuclear weapon, Al-Quaida will obtain a nuclear country i.e., Pakistan. While we have dithered …
Hallelujah!
After 3+ years of refuting, critiquing and criticising the writings of The Seattle Time’s Elizabeth Rhodes on real estate matters, the Times has finally heard our pleas and replaced her with a new, actual Real Estate Editor. Meet Cindy Zetts. In her first article for the Times in yesterday’s Real Estate section, Cindy quickly demonstrates that “SHE GETS IT!” She has …
Left Out In The Cold?
The help that the Federal Government has pumped into the economy may take a awhile to help home-buyers and those seeking to refinance. The Sunday Seattle Times included an article by Jeff D. Opdyke and Jane J. Kim of The Wall Street Journal. Very good insights as to why we are not seeing conforming 30 year fixed rate mortgages drop to near 5% …
The Mortgage Professor
Jack Guttentag, aka “The Mortgage Professor”, is a syndicated columnist to the Seattle Times. He has often referenced his website: http://www.mtgprofessor.com/Default.htm. Today, I finally decided to pay a visit, as I am considering the alternatives available to me for refinancing my current Jumbo mortgage. There is a lot valuable information there. It is more important than ever to thoroughly research …
Rex Agreement: Avoid This Like The Plague
You would think that with the mortgage mess still unsorted, the last thing we would see is another exotic home equity product from a financial institution. The Rex Agreement has to be one of the most abusive instruments I can image. It’s just like taking your home equity to the pawn shop. According to the Sunday Seattle Times article: 1. …
What $1 Million Buys In Homes Across The U.S. by Forbes.com
Honestly, most of the news surrounding housing has me a little depressed lately. Actually, it’s not so much the housing, but the credit debacle that has caused banks across the country to lose their collective minds as evidenced by arcane C.Y.A. policies implemented in the last week: cancelled “HELOC’s” [home equity line of credit], and second position lenders refusing to …
More Waiting For True Jumbo Relief Required…..
Further exasperating the jumbo loan picture is the idea that Wall Street is going to segregate the new Fannie Mae and Freddie Mac loans that exceed the former conforming limits. This is going to limit the interest rate relief originally sought by the increased conforming loan limit initiative. Read this article from the Associated Press.