Go Toby’s excellent Newsletter article (http://bit.ly/cGzRuZ) describes class action suits being filed because of banks failure to process the U.S. Treasury Department’s Home Affordable Modification Program (HAMP). Here are details about HAMP From my edited version of the article in the Florida Realtors News and Events newsletter:
"WASHINGTON – Feb. 26, 2010 – A federal program designed to help owners losing their homes – those owners who cannot hold onto their property even with existing federal aid ...
The U.S. Treasury Department’s Home Affordable Modification Program (HAMP) was designed to help owners stay in homes by lowering principal, lowering interest rates and/or extending the payment period. However, some homeowners still don’t have the ability to hold onto their property under HAMP, and will inevitably lose their homes, either through foreclosure or deed-in-lieu of foreclosure (homeowners voluntarily cede ownership to the lender by mailing in their keys). To help these owners, the Home Affordable Foreclosure Alternatives (HAFA) was created.
HAFA created a standardized process for short sales. It benefits real estate licensees, homeowners and lenders in some ways – including a faster short sale process – but it also creates rules that impact some real estate company policies. If dealing with HAFA short sales, however, buyers, sellers and real estate licensees must accept the terms.
For licensees, a contract that does not follow the law could be illegal; more importantly, however, a contract that does not adhere to the terms of HAFA won’t be accepted by a lender, further bogging down the slow short sale process even more and further frustrating buyers and sellers.
HAFA does not impact all short sales. Created to help only the most needy homeowners, the rules apply only under the following conditions:
• The property must be the borrower’s principal residence.
• The loan was originated on or before Jan. 1, 2009.
• The loan is delinquent or a default is reasonably foreseeable.
• The unpaid balance on the mortgage is less than $729,750 (higher for two-to-four unit properties).
• The total monthly mortgage payment exceeds 31 percent of a borrower’s gross income.
For properties that qualify under HAFA rules, real estate licensees and brokers must adhere to the following limitations:
• There can be no agreements to share any portion of a commission after the deal closes to the buyer or seller. This negates any form of commission rebate offered by some licensees.
• The transaction must be “arm’s length,” meaning the buyer, seller and Realtor cannot have a personal or familial relationship.
• A real estate licensee cannot earn a commission through the sale of his or her own house.
• A buyer must agree to not resell the home within 90 calendar days.
• A seller cannot have any expectation of buying or renting the property back after the sale.
Under HAFA... a HAFA sale fully releases them from future liability for the first mortgage debt. The program also offers financial incentives to some participants.
HAFA becomes effective April 5, 2010, but servicers may implement HAFA earlier, providing the servicer is able to collect and report all required information described in the reporting requirements. Borrowers may be accepted into HAFA if the short sale agreement is fully executed by the borrower and received by the servicer on or before Dec. 31, 2012."
THE LINK: http://bit.ly/danmnw
Sunday, February 28, 2010
Friday, February 26, 2010
Shoot The Bastard
Here's a doozie about an anti-gun senator in North Carolina shooting an intruder into his home!
"Long time Anti-Gun Advocate State Senator R.C. Soles, 74, shot one of two intruders at his home just outside Tabor City, N.C. about 5 p.m. Sunday, the prosecutor for the politician's home county said.
The victim, Kyle Blackburn, was taken to a South Carolina hospital, but the injuries were not reported to be life-threatening, according to Rex Gore, district attorney for Columbus, Bladen and Brunswick counties.
The State Bureau of Investigation and Columbus County Sheriff's Department are investigating the shooting, Gore said. Senator Soles who was not arrested, declined to discuss the incident Sunday evening. "I am not in a position to talk to you," Soles said by telephone. "I'm right in the middle of an investigation."
The Senator, who has made a career of being against gun ownership for the general public, didn't hesitate to defend himself with his own gun when he believed he was in immediate danger and he was the victim.
In typical hypocritical liberal fashion, the "Do As I Say And Not As I Do" Anti-Gun Activist Lawmaker picked up his gun and took action in what apparently was a self-defense shooting. Why hypocritical you may ask? It is because his long legislative record shows that the actions that he took to protect his family, his own response to a dangerous life threatening situation, are actions that he feels ordinary citizens should not have if they were faced with an identical situation.
It has prompted some to ask if the Senator believes his life and personal safety is more valuable than yours or mine.
But, this is to be expected from those who believe they can run our lives, raise our kids, and protect our families better than we can."
I follow closelythe debate about arming citizens. I have a carry permit. I think Florida has been a real positive bellweather on this issue.
LINK TO ARTICLE: http://bit.ly/RZv1A
"Long time Anti-Gun Advocate State Senator R.C. Soles, 74, shot one of two intruders at his home just outside Tabor City, N.C. about 5 p.m. Sunday, the prosecutor for the politician's home county said.
The victim, Kyle Blackburn, was taken to a South Carolina hospital, but the injuries were not reported to be life-threatening, according to Rex Gore, district attorney for Columbus, Bladen and Brunswick counties.
The State Bureau of Investigation and Columbus County Sheriff's Department are investigating the shooting, Gore said. Senator Soles who was not arrested, declined to discuss the incident Sunday evening. "I am not in a position to talk to you," Soles said by telephone. "I'm right in the middle of an investigation."
The Senator, who has made a career of being against gun ownership for the general public, didn't hesitate to defend himself with his own gun when he believed he was in immediate danger and he was the victim.
In typical hypocritical liberal fashion, the "Do As I Say And Not As I Do" Anti-Gun Activist Lawmaker picked up his gun and took action in what apparently was a self-defense shooting. Why hypocritical you may ask? It is because his long legislative record shows that the actions that he took to protect his family, his own response to a dangerous life threatening situation, are actions that he feels ordinary citizens should not have if they were faced with an identical situation.
It has prompted some to ask if the Senator believes his life and personal safety is more valuable than yours or mine.
But, this is to be expected from those who believe they can run our lives, raise our kids, and protect our families better than we can."
I follow closelythe debate about arming citizens. I have a carry permit. I think Florida has been a real positive bellweather on this issue.
LINK TO ARTICLE: http://bit.ly/RZv1A
A ‘Palm Coast Sunday’ Drive…Black Bear Scenic Byway
Rah, Ray, Northern Florida! I was reading this article in Camping.com. I think it might be a nice drive one Sunday after church. Have lunch someplace in God’s country and say thanks for my blessings. When? Maybe I will wait for spring blossoming and warm weather!
THE ARTICLE:
“The Florida Black Bear Scenic Byway provides an amazingly scenic drive through some of Florida's (and the United States') most unique ecosystems. Along the way you'll enjoy rivers, lakes, forests, rare plants and animals, natural springs, and much much more.
The byway encompasses about 123 miles of road along SR 40 and SR 19. The western point of the byway lies in Silver Springs and the eastern-most point of the byway is in the city of Ormond Beach. Should you wish to take a shorter route, you can remain on SR 40 and drive between Silver Springs and Ormond Beach. This abbreviation of the byway still has a great deal of amazing sights and activities to enjoy. However, the part of the byway on SR 19, which travels right through the Ocala National Forest, will lead you to some of the most amazing sights that Florida has to offer.
If you drive west to east, you will start your journey in Silver Springs. This delightful town has plenty to offer any and all visitors. It has entertainment, fresh food, and much more. The greatest attraction of this town is the Sliver Springs themselves. Silver Springs is one of the largest spring systems in the world, and it feeds the beautiful Silver River. Visitors simply must take a ride on the glass bottom boats, which ferry people across the springs. From these boats, visitors can marvel at the vents that feed the springs.
The centerpiece of the byway is the Ocala National Forest. SR 19 bisects the forest from north to south and SR 40 crosses it from west to east. The Ocala National Forest is home to some of the rarest and most unique habitats, plants, and animals in the United States. It is the oldest National Forest east of the Mississippi and it is also the most southern National Forest in the continental United States.
The byway crosses the Big Scrub within the Ocala National Forest. The Big Scrub is the world's largest scrub forest, also called a sand pine scrub. The sand pine scrub is a very rare ecosystem that provides a home to plants and animals found nowhere else in the world. The sand pine scrub is a very desert-like ecosystem. The poor soil quickly draws the water down and away from the reach of the root systems. This scrub forest also relies on the occurrence of fires every 20-80 years in order to remain healthy. The sand pine scrub is a stunningly beautiful and remarkably rare sight, and it alone is worth a visit on the Florida Black Bear Scenic Byway.
Another interesting feature of the scenic byway is the Florida black bear. The Ocala National Forest comprises much of the habitat for the Florida black bear. This bear is related to the American black bear, but it is smaller and makes its home in Florida. Not surprisingly, the byway is named after this amazing animal. As you travel through the forest, be on the lookout for these bears, especially in the early morning.
Beyond the amazing scrub forest and the Florida black bear, the Ocala National Forest has much to offer. Within the forest, visitors will find springs, lakes, and plenty of hiking. Nature lovers will have the opportunity to view plants and animals found nowhere else in the world. The recreational opportunities range from camping, canoeing, and kayaking to swimming and scuba diving.
Travelers on the scenic byway should also spend some time enjoying the waters at some of the springs along the way. Juniper Springs is one of the best and most popular swimming spots. The water is always a pleasant 70-73 degrees. At this spring you can swim, snorkel, and just relax in the beautiful water.
Along SR 19, near the town of Salt Springs, byway travelers can take a dip in the Salt Springs. The Salt Springs provide a home to a variety of wildlife normally found only in ocean habitats, but because of the high salt content in the water these species have found a home at Salt Springs. The salt content comes from a salt deposit that the spring water rises through.
Birders and day hikers alike will also love a visit to Salt Springs. From this town, you can take the 2 mile round trip hike on the Salt Springs Trail, which will lead hikers to the Salt Springs Run. There, visitors can enjoy amazing vistas and keep a look out for birds from the observation platform. This short hike is only one of many great options for hikers along the scenic byway. Over 100 miles of the Florida National Scenic Trail run through the same area as the byway, and there are many trailheads and access points along this route.”
THE LINK: http://www.camping.com/hit-the-road/2003
THE ARTICLE:
“The Florida Black Bear Scenic Byway provides an amazingly scenic drive through some of Florida's (and the United States') most unique ecosystems. Along the way you'll enjoy rivers, lakes, forests, rare plants and animals, natural springs, and much much more.
The byway encompasses about 123 miles of road along SR 40 and SR 19. The western point of the byway lies in Silver Springs and the eastern-most point of the byway is in the city of Ormond Beach. Should you wish to take a shorter route, you can remain on SR 40 and drive between Silver Springs and Ormond Beach. This abbreviation of the byway still has a great deal of amazing sights and activities to enjoy. However, the part of the byway on SR 19, which travels right through the Ocala National Forest, will lead you to some of the most amazing sights that Florida has to offer.
If you drive west to east, you will start your journey in Silver Springs. This delightful town has plenty to offer any and all visitors. It has entertainment, fresh food, and much more. The greatest attraction of this town is the Sliver Springs themselves. Silver Springs is one of the largest spring systems in the world, and it feeds the beautiful Silver River. Visitors simply must take a ride on the glass bottom boats, which ferry people across the springs. From these boats, visitors can marvel at the vents that feed the springs.
The centerpiece of the byway is the Ocala National Forest. SR 19 bisects the forest from north to south and SR 40 crosses it from west to east. The Ocala National Forest is home to some of the rarest and most unique habitats, plants, and animals in the United States. It is the oldest National Forest east of the Mississippi and it is also the most southern National Forest in the continental United States.
The byway crosses the Big Scrub within the Ocala National Forest. The Big Scrub is the world's largest scrub forest, also called a sand pine scrub. The sand pine scrub is a very rare ecosystem that provides a home to plants and animals found nowhere else in the world. The sand pine scrub is a very desert-like ecosystem. The poor soil quickly draws the water down and away from the reach of the root systems. This scrub forest also relies on the occurrence of fires every 20-80 years in order to remain healthy. The sand pine scrub is a stunningly beautiful and remarkably rare sight, and it alone is worth a visit on the Florida Black Bear Scenic Byway.
Another interesting feature of the scenic byway is the Florida black bear. The Ocala National Forest comprises much of the habitat for the Florida black bear. This bear is related to the American black bear, but it is smaller and makes its home in Florida. Not surprisingly, the byway is named after this amazing animal. As you travel through the forest, be on the lookout for these bears, especially in the early morning.
Beyond the amazing scrub forest and the Florida black bear, the Ocala National Forest has much to offer. Within the forest, visitors will find springs, lakes, and plenty of hiking. Nature lovers will have the opportunity to view plants and animals found nowhere else in the world. The recreational opportunities range from camping, canoeing, and kayaking to swimming and scuba diving.
Travelers on the scenic byway should also spend some time enjoying the waters at some of the springs along the way. Juniper Springs is one of the best and most popular swimming spots. The water is always a pleasant 70-73 degrees. At this spring you can swim, snorkel, and just relax in the beautiful water.
Along SR 19, near the town of Salt Springs, byway travelers can take a dip in the Salt Springs. The Salt Springs provide a home to a variety of wildlife normally found only in ocean habitats, but because of the high salt content in the water these species have found a home at Salt Springs. The salt content comes from a salt deposit that the spring water rises through.
Birders and day hikers alike will also love a visit to Salt Springs. From this town, you can take the 2 mile round trip hike on the Salt Springs Trail, which will lead hikers to the Salt Springs Run. There, visitors can enjoy amazing vistas and keep a look out for birds from the observation platform. This short hike is only one of many great options for hikers along the scenic byway. Over 100 miles of the Florida National Scenic Trail run through the same area as the byway, and there are many trailheads and access points along this route.”
THE LINK: http://www.camping.com/hit-the-road/2003
Tuesday, February 23, 2010
There is money and help available to avoid foreclosure, but try to find it!
If you are getting threats of foreclosure, there are programs and there is money. Just no clear, well-marked, well publicized path to it. They don’t want too many applicants.
I received a Florida Realtors post this morning… “A year into the program, 116,297 permanent loan modifications, including 14,598 in Florida, have been completed”
EXCERPTS FROM THE POST:
President announces $1.5 billion plan to help struggling homeowners
LAS VEGAS – Feb. 22, 2010 – A plan to channel $1.5 billion to housing agencies in five states hit hardest by the real estate crash has Florida officials hopeful they can keep more people in their homes and out of foreclosure.
Those solutions are expected to plug holes in the administration’s earlier Making Home Affordable Program, which has struggled to help unemployed homeowners who don’t have the income to qualify for a loan modification.
The program offers incentives to banks to reduce mortgage payments by cutting interest rates or principal amounts, but has been panned by critics for not reaching enough people.
The $1.5 billion in taxpayer money, which is coming from the federal Troubled Asset Relief Program, can be used to help negotiate with lenders to write down mortgages on underwater loans.
A year into the program, 116,297 permanent loan modifications, including 14,598 in Florida, have been completed. But that’s only a fraction of the estimated 3.4 million loans nationwide that are 60 or more days delinquent.
Boynton Beach resident Lenore Cohen, 81, said she’s been overwhelmed by the loan modification process, which she said has included harassing letters from her bank and notices of non-payment, even when she paid.
LINK TO POST:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=233453
The post referred to the FLORIDA HOUSIING COALITION
“Jaimie Ross is President of the Florida Housing Coalition”
I looked it up. Here is some stuff about it….
“Our Vision:
The Florida Housing Coalition is the State of Florida’s affordable housing training and technical assistance provider. The Florida Housing Coalition is commonly acknowledged as the foremost authority in Florida on affordable housing, community development and related issues, as a clearinghouse for information, a provider of training and technical assistance, and an advocate at the state and national levels for people in need of affordable housing. Every Florida community, large and small, practices a community ethic reflecting a belief that access to housing that is decent, safe, affordable and of a person’s own choosing, is a fundamental right and that at least one active, viable community-based organization plays an important role in delivering affordable housing and related services in each community.
The Coalition provides information, training and technical assistance on affordable housing and related issues; supports community-based partnerships in leveraging
resources; and advocates for policies, programs and use of funding resources that maximize the availability and improve the quailty of affordable housing in Florida. The Coalition carries out this mission recognizing that affordable housing is an integral part of community revitalization and economic development.
The Florida Housing Coalition is based in Tallahassee and has six other offices throughout Florida. Our technical assistance team consists of a highly skilled and geographically dispersed network of professional staff providing technical assistance in all areas of affordable housing planning, finance, and development. Our professional technical assistance team also includes the expertise of our twenty five member board of directors. Our team is one of the largest and most accomplished statewide providers of training and technical assistance in the nation.
Florida Housing Coalition - Tallahassee Office
Phone: 850-878-4219
Hours: Monday to Friday, 8:30 a.m. to 5 p.m. ET
THE LINK:
http://www.flhousing.org/Home
The Post also refers to the US Government’s MAKING HOME AFFORDABLE PROGRAM. I looked it up:
http://makinghomeaffordable.gov/
This site is very complicated. It will take hours and hours of work to just to find out if you qualify and then to prepare the information needed before you can call a counselor and ask for help. They really don’t want applicants. It’s a political stall. Eventually, FANNY and FREDDIE will have to foreclose. The government will own a large share of the housing market, and will control housing (along with automobile manufacturing, banking…and)
We really are at a tipping point. European style “government control with some private enterprise” or “Private Enterprise with some government control. Make your choice and place your vote!
I received a Florida Realtors post this morning… “A year into the program, 116,297 permanent loan modifications, including 14,598 in Florida, have been completed”
EXCERPTS FROM THE POST:
President announces $1.5 billion plan to help struggling homeowners
LAS VEGAS – Feb. 22, 2010 – A plan to channel $1.5 billion to housing agencies in five states hit hardest by the real estate crash has Florida officials hopeful they can keep more people in their homes and out of foreclosure.
Those solutions are expected to plug holes in the administration’s earlier Making Home Affordable Program, which has struggled to help unemployed homeowners who don’t have the income to qualify for a loan modification.
The program offers incentives to banks to reduce mortgage payments by cutting interest rates or principal amounts, but has been panned by critics for not reaching enough people.
The $1.5 billion in taxpayer money, which is coming from the federal Troubled Asset Relief Program, can be used to help negotiate with lenders to write down mortgages on underwater loans.
A year into the program, 116,297 permanent loan modifications, including 14,598 in Florida, have been completed. But that’s only a fraction of the estimated 3.4 million loans nationwide that are 60 or more days delinquent.
Boynton Beach resident Lenore Cohen, 81, said she’s been overwhelmed by the loan modification process, which she said has included harassing letters from her bank and notices of non-payment, even when she paid.
LINK TO POST:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=233453
The post referred to the FLORIDA HOUSIING COALITION
“Jaimie Ross is President of the Florida Housing Coalition”
I looked it up. Here is some stuff about it….
“Our Vision:
The Florida Housing Coalition is the State of Florida’s affordable housing training and technical assistance provider. The Florida Housing Coalition is commonly acknowledged as the foremost authority in Florida on affordable housing, community development and related issues, as a clearinghouse for information, a provider of training and technical assistance, and an advocate at the state and national levels for people in need of affordable housing. Every Florida community, large and small, practices a community ethic reflecting a belief that access to housing that is decent, safe, affordable and of a person’s own choosing, is a fundamental right and that at least one active, viable community-based organization plays an important role in delivering affordable housing and related services in each community.
The Coalition provides information, training and technical assistance on affordable housing and related issues; supports community-based partnerships in leveraging
resources; and advocates for policies, programs and use of funding resources that maximize the availability and improve the quailty of affordable housing in Florida. The Coalition carries out this mission recognizing that affordable housing is an integral part of community revitalization and economic development.
The Florida Housing Coalition is based in Tallahassee and has six other offices throughout Florida. Our technical assistance team consists of a highly skilled and geographically dispersed network of professional staff providing technical assistance in all areas of affordable housing planning, finance, and development. Our professional technical assistance team also includes the expertise of our twenty five member board of directors. Our team is one of the largest and most accomplished statewide providers of training and technical assistance in the nation.
Florida Housing Coalition - Tallahassee Office
Phone: 850-878-4219
Hours: Monday to Friday, 8:30 a.m. to 5 p.m. ET
THE LINK:
http://www.flhousing.org/Home
The Post also refers to the US Government’s MAKING HOME AFFORDABLE PROGRAM. I looked it up:
http://makinghomeaffordable.gov/
This site is very complicated. It will take hours and hours of work to just to find out if you qualify and then to prepare the information needed before you can call a counselor and ask for help. They really don’t want applicants. It’s a political stall. Eventually, FANNY and FREDDIE will have to foreclose. The government will own a large share of the housing market, and will control housing (along with automobile manufacturing, banking…and)
We really are at a tipping point. European style “government control with some private enterprise” or “Private Enterprise with some government control. Make your choice and place your vote!
Tuesday, February 16, 2010
Conservative Humor?
The two most important events in all of history were the invention of beer and the invention of the wheel. The wheel was invented to get man to the beer. These were the foundation of modern civilization and together were the catalyst for the splitting of humanity into two distinct subgroups:
1. Liberals
2. Conservatives
Once beer was discovered, it required grain and that was the beginning of agriculture. Neither the glass bottle nor aluminum can were invented yet, so while our early humans were sitting around waiting for them to be invented, they just stayed close to the brewery. That's how villages were formed.
Some men spent their days tracking and killing animals to B-B-Q at night while they were drinking beer. This was the beginning of what is known as the Conservative movement.
Other men who were weaker and less skilled at hunting learned to live off the conservatives by showing up for the nightly B-B-Q's and doing the sewing, fetching, and hair dressing. This was the beginning of the Liberal movement...
Some of these liberal men eventually evolved into women. The rest became known as girlie-men. Some noteworthy liberal achievements include the domestication of cats, the invention of group therapy, group hugs, and the concept of Democratic voting to decide how to divide the meat and beer that conservatives provided.
Over the years conservatives came to be symbolized by the largest, most powerful land animal on earth, the elephant. Liberals are symbolized by the jackass.
Modern liberals like imported beer (with lime added), but most prefer white wine or imported bottled water. They eat raw fish but like their beef well done. Sushi, tofu, and French food are standard liberal fare. Another interesting evolutionary side note: most of their women have higher testosterone levels than their men. Most social workers, personal injury attorneys, journalists, dreamers in Hollywood and group therapists are liberals. Liberals invented the designated hitter rule because it wasn't fair to make the pitcher also bat.
Conservatives drink domestic beer, mostly Bud.. They eat red meat and still provide for their women. Conservatives are big-game hunters, rodeo cowboys, lumberjacks, construction workers, firemen, medical doctors, police officers, corporate executives, athletes, members of the military, airline pilots and generally anyone who works productively. Conservatives who own companies hire other conservatives who want to work for a living.
Liberals produce little or nothing. They like to govern the producers and decide what to do with the production. Liberals believe Europeans are more enlightened than Americans.
1. Liberals
2. Conservatives
Once beer was discovered, it required grain and that was the beginning of agriculture. Neither the glass bottle nor aluminum can were invented yet, so while our early humans were sitting around waiting for them to be invented, they just stayed close to the brewery. That's how villages were formed.
Some men spent their days tracking and killing animals to B-B-Q at night while they were drinking beer. This was the beginning of what is known as the Conservative movement.
Other men who were weaker and less skilled at hunting learned to live off the conservatives by showing up for the nightly B-B-Q's and doing the sewing, fetching, and hair dressing. This was the beginning of the Liberal movement...
Some of these liberal men eventually evolved into women. The rest became known as girlie-men. Some noteworthy liberal achievements include the domestication of cats, the invention of group therapy, group hugs, and the concept of Democratic voting to decide how to divide the meat and beer that conservatives provided.
Over the years conservatives came to be symbolized by the largest, most powerful land animal on earth, the elephant. Liberals are symbolized by the jackass.
Modern liberals like imported beer (with lime added), but most prefer white wine or imported bottled water. They eat raw fish but like their beef well done. Sushi, tofu, and French food are standard liberal fare. Another interesting evolutionary side note: most of their women have higher testosterone levels than their men. Most social workers, personal injury attorneys, journalists, dreamers in Hollywood and group therapists are liberals. Liberals invented the designated hitter rule because it wasn't fair to make the pitcher also bat.
Conservatives drink domestic beer, mostly Bud.. They eat red meat and still provide for their women. Conservatives are big-game hunters, rodeo cowboys, lumberjacks, construction workers, firemen, medical doctors, police officers, corporate executives, athletes, members of the military, airline pilots and generally anyone who works productively. Conservatives who own companies hire other conservatives who want to work for a living.
Liberals produce little or nothing. They like to govern the producers and decide what to do with the production. Liberals believe Europeans are more enlightened than Americans.
Monday, February 15, 2010
Ted Wants to Know About Your Vacant Lot
As a Buyer's Agent, I am dedicated to finding my customers/clients the best location at the best price. That includes locations that are not on the market. I would like to include your lot in my inventory of prospective locations if you think you have a great location and would sell it.
I do not want to list your lot or promote your lot, and will not make public the possibility of it being able to be purchased.
Cleared lots in particular are in demand. Check out this article:
Vacant lots become hot property
TALLAHASSEE, Fla. – Feb. 15, 2010 – Vacant residential lots are looking better and better to real estate investors.
The cost of a finished, ready to build lot, can cost a developer about 25 percent of the finished home price. There are a number of these ready-to-go lots on the market at about half what they actually cost to prepare. Investor groups are snapping them up, figuring that the time will come soon when they will be in demand.
“The country needs 1.2 million new units for the next 10 years just because of population growth,” says Scott Clark, president of American Development Partners, which has bought thousands of vacant lots all over the West. “[U.S. builders] built about 500,000 units in 2009 and 600,000 units in 2008, so there eventually will be pent-up demand. We want to get as many of those finished lots as we can because as demand begins to rise, the need for housing will become painfully obvious. The delta (ratio of change to value of underlying asset) in this investment will be significant.”
Source: Inman News, Steve Bergsman (02/12/2010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
I do not want to list your lot or promote your lot, and will not make public the possibility of it being able to be purchased.
Cleared lots in particular are in demand. Check out this article:
Vacant lots become hot property
TALLAHASSEE, Fla. – Feb. 15, 2010 – Vacant residential lots are looking better and better to real estate investors.
The cost of a finished, ready to build lot, can cost a developer about 25 percent of the finished home price. There are a number of these ready-to-go lots on the market at about half what they actually cost to prepare. Investor groups are snapping them up, figuring that the time will come soon when they will be in demand.
“The country needs 1.2 million new units for the next 10 years just because of population growth,” says Scott Clark, president of American Development Partners, which has bought thousands of vacant lots all over the West. “[U.S. builders] built about 500,000 units in 2009 and 600,000 units in 2008, so there eventually will be pent-up demand. We want to get as many of those finished lots as we can because as demand begins to rise, the need for housing will become painfully obvious. The delta (ratio of change to value of underlying asset) in this investment will be significant.”
Source: Inman News, Steve Bergsman (02/12/2010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
What do you mean you are "Spiritual' ??
Quoting Joan Chittister...
I realize that many people may say there is no distinction, but for me the Christian religion is the organized institutional expression of the following of Jesus; regulation for the way we go about worship.
Spirituality, on the other hand, is the personal expression of that following of Jesus; of living Christian values at every level of our lives. For example, we could go to church every week throughout every year of our entire lives and never develop our own spirituality. We could jump through every religious hoop, and at the end of the day, still not have any real spiritual consciousness.
Religion is meant to lead us to a spiritual life. That's why some people say they are both the same. But religion does not necessarily lead us to spirituality. We have to do that for ourselves. I am reminded of a story in which a Sufi Master is dying and his disciples say to him, "Oh, do not leave us master, because we won't know what to do." The master looks at his disciples and says, 'You must understand that I am only a finger pointing at the moon. When I go, hopefully, you will see the moon." Religion is like that, a finger pointing at the moon.
Ted sez..Many different fingers point upward-our earth has only one moon.
My Source: Sacred Journey Article Vol 61 No 1 Winter 2010
An Interview with Joan Chittister, member of the Benedicting Sisters of Erie, Pennsylvania
I realize that many people may say there is no distinction, but for me the Christian religion is the organized institutional expression of the following of Jesus; regulation for the way we go about worship.
Spirituality, on the other hand, is the personal expression of that following of Jesus; of living Christian values at every level of our lives. For example, we could go to church every week throughout every year of our entire lives and never develop our own spirituality. We could jump through every religious hoop, and at the end of the day, still not have any real spiritual consciousness.
Religion is meant to lead us to a spiritual life. That's why some people say they are both the same. But religion does not necessarily lead us to spirituality. We have to do that for ourselves. I am reminded of a story in which a Sufi Master is dying and his disciples say to him, "Oh, do not leave us master, because we won't know what to do." The master looks at his disciples and says, 'You must understand that I am only a finger pointing at the moon. When I go, hopefully, you will see the moon." Religion is like that, a finger pointing at the moon.
Ted sez..Many different fingers point upward-our earth has only one moon.
My Source: Sacred Journey Article Vol 61 No 1 Winter 2010
An Interview with Joan Chittister, member of the Benedicting Sisters of Erie, Pennsylvania
Wishes For My Grandchildren
Found this in Sacred Journey Aug/Sept 2008 and liked it...
Wishes for My Grandchildren
Then David took his staff in his hand and chose five smooth stones from the river, and put them in his shepherd's bag...
and he drew near to the Philistine I Samuel 17-18
May you aspire to be holy trouble-makers,
distrusting bureaucracies,
confounding the doctrinaire.
May your hungers call you
to compassion,
your questions to humility,
May you nurture the living
and bury the dead,
may sturdy books guard your prayers
and the stones in your pocket
remind you
that the rivers you walk in
are the rivers you will become.
Michael S. Glaser
Named Poet Laureate of Maryland in 2004
Wishes for My Grandchildren
Then David took his staff in his hand and chose five smooth stones from the river, and put them in his shepherd's bag...
and he drew near to the Philistine I Samuel 17-18
May you aspire to be holy trouble-makers,
distrusting bureaucracies,
confounding the doctrinaire.
May your hungers call you
to compassion,
your questions to humility,
May you nurture the living
and bury the dead,
may sturdy books guard your prayers
and the stones in your pocket
remind you
that the rivers you walk in
are the rivers you will become.
Michael S. Glaser
Named Poet Laureate of Maryland in 2004
Sunday, February 14, 2010
I Wonder How I Will Die???
I am 73 years old.. I figure, with luck, I’ve got 7-10 years left.
It’s Sunday. I’m watching ‘Hour of Power’. I am not at home, so I don’t go to one of my two churches; Trinity Presbyterian-your typical Christian denomination, or Unity of Daytona Beach, my ecumenical Christian church. If I find a rock and roll, Born Again church, I will go there too. That’s where all the emotional action is.
So I am wondering… will I leave for my next time-space adventure from a world ruled by Sharia Law?
Or will the Witnesses and Born Againers and Common Christians, unite under a single charismatic leader and whoop the asses of the passionate but third-world Muslim radicals?
My hope for the best solution, a tolerant, ecumenical, a “To Whom It May Concern” environment when I make my crossing, is a real long shot. These guys do not have the passionate, “I’ll Kill You” leadership. They’re missing a driving, uniting, death-defying motivation. As Barak is slowly learning, you can’t lecture and reason a religious radical into leaving you alone. That’s like telling the bully in the school yard who has just pushed you to the ground “That’s not nice. Can’t we be friends?”. You need an older, bigger buddy to step in and kick his ass.
So how will I wind up? Converting to Islam and attending the Center for Islamic Studies in St. Augustine just in time to be on the winning side?
Taking my old silver cross from the top drawer of my dresser. The one I took off when I went to college. Hanging it back around my neck. Parading around town praising our fallen Christian warriors and looking for someone still living who can take care of my sorry old ass?
Or before the next war is decided, will I make a fatal mistake or get a fatal disease. Enter I-95 heading in the wrong direction, realize it, swing wildly into the woods and have a tree welcome me back to nature? Or find my prostrate growing as large as my ego with it cells on a disorganized, reproductive rampage and wandering around to other places?
Just wondering. Hour of Power just ended…for now I will count my blessings. Laugh and be happy. Carefully watch what happens. God only knows what will.
God Bless Me...Namaste'
It’s Sunday. I’m watching ‘Hour of Power’. I am not at home, so I don’t go to one of my two churches; Trinity Presbyterian-your typical Christian denomination, or Unity of Daytona Beach, my ecumenical Christian church. If I find a rock and roll, Born Again church, I will go there too. That’s where all the emotional action is.
So I am wondering… will I leave for my next time-space adventure from a world ruled by Sharia Law?
Or will the Witnesses and Born Againers and Common Christians, unite under a single charismatic leader and whoop the asses of the passionate but third-world Muslim radicals?
My hope for the best solution, a tolerant, ecumenical, a “To Whom It May Concern” environment when I make my crossing, is a real long shot. These guys do not have the passionate, “I’ll Kill You” leadership. They’re missing a driving, uniting, death-defying motivation. As Barak is slowly learning, you can’t lecture and reason a religious radical into leaving you alone. That’s like telling the bully in the school yard who has just pushed you to the ground “That’s not nice. Can’t we be friends?”. You need an older, bigger buddy to step in and kick his ass.
So how will I wind up? Converting to Islam and attending the Center for Islamic Studies in St. Augustine just in time to be on the winning side?
Taking my old silver cross from the top drawer of my dresser. The one I took off when I went to college. Hanging it back around my neck. Parading around town praising our fallen Christian warriors and looking for someone still living who can take care of my sorry old ass?
Or before the next war is decided, will I make a fatal mistake or get a fatal disease. Enter I-95 heading in the wrong direction, realize it, swing wildly into the woods and have a tree welcome me back to nature? Or find my prostrate growing as large as my ego with it cells on a disorganized, reproductive rampage and wandering around to other places?
Just wondering. Hour of Power just ended…for now I will count my blessings. Laugh and be happy. Carefully watch what happens. God only knows what will.
God Bless Me...Namaste'
Saturday, February 13, 2010
Philanderers Take Note…And Have A Happy Valentine’s Day!
Have you evolved from one of the following:
Bonobos, relatives of the common chimpanzee, have won a reputation for promiscuity. Bonobos do not form long-term, sexual partnerships. Rather, they engage in sexual activity with single or multiple partners. They will participate in both hetero and homosexual encounters. In Bonobo society, sex is used for reproduction, but it's also a means of greeting and conflict resolution.
Antechinus, a mouse-like marsupial, is polygamous. Each antechinus female will mate with several males in a breeding season, with the result that a single antechinus litter has several fathers. The antechinus mating ritual is long and exhausting with copulation lasting up to twelve hours. In fact, following the breeding season, there is complete die-off of the physiologically exhausted males of the group.
Dolphins are known for their playful nature and happy dispositions. It's no wonder they're so cheerful; they mate several times a day. Although the reproductive act is short, dolphins also engage in a variety of sexual behaviors simply for pleasure. Dolphins have hetero and homosexual partners and will sometimes behave sexually towards other whale and dolphin sub-species, resulting in fertile hybrids like the Wolphin. Occasionally, dolphins behave sexually towards other animals, including human beings.
Male elephant seals are extremely aggressive towards one another, fighting to become "beach masters." A beach master protects a harem of 30-100 female elephant seals and, in turn, mates with as many of the females as possible. A successful male can impregnate up to 50 females in single mating season and sire over 500 pups in a lifetime.
Snakes, the female Eastern Garter Snake does not lay eggs, but rather gives birth to live young. Breeding is competitive. Sometimes, if several males find a female at the same time, the entire company forms a "breeding ball," the snake equivalent of an orgy. The snakes wrap around one another in an attempt to mate.
(Is this where the phrase “Having A Ball” originated?)
Male warthogs make use of a reproductive system known as "overlap promiscuity." Unlike lions or elephants seals, male warthogs don't defend or provide for a group of females in exchange for mating rights. Instead, male warthogs simply roam around to different territories, mating with a female from each population before moving on to new territories. Like an old-fashioned sailor, the male warthog has a lady in every port.
The Topi Antelope is a fascinating animal in that it displays the reverse sexual behavior of most mammals. Females are the aggressive, promiscuous pursuers, while males are stand-offish and choosy. Females are fertile for only one day each year. During the month-long mating period surrounding this day, they will copulate with as many as twelve partners, mating several times with each one. It is not uncommon for male Topis to collapse with exhaustion or fight off possible female partners.
I took the info from a HuffingtonPost.com article. The article has photos and films. I highly recommend it!
LINK: http://bit.ly/aJiKI9
Bonobos, relatives of the common chimpanzee, have won a reputation for promiscuity. Bonobos do not form long-term, sexual partnerships. Rather, they engage in sexual activity with single or multiple partners. They will participate in both hetero and homosexual encounters. In Bonobo society, sex is used for reproduction, but it's also a means of greeting and conflict resolution.
Antechinus, a mouse-like marsupial, is polygamous. Each antechinus female will mate with several males in a breeding season, with the result that a single antechinus litter has several fathers. The antechinus mating ritual is long and exhausting with copulation lasting up to twelve hours. In fact, following the breeding season, there is complete die-off of the physiologically exhausted males of the group.
Dolphins are known for their playful nature and happy dispositions. It's no wonder they're so cheerful; they mate several times a day. Although the reproductive act is short, dolphins also engage in a variety of sexual behaviors simply for pleasure. Dolphins have hetero and homosexual partners and will sometimes behave sexually towards other whale and dolphin sub-species, resulting in fertile hybrids like the Wolphin. Occasionally, dolphins behave sexually towards other animals, including human beings.
Male elephant seals are extremely aggressive towards one another, fighting to become "beach masters." A beach master protects a harem of 30-100 female elephant seals and, in turn, mates with as many of the females as possible. A successful male can impregnate up to 50 females in single mating season and sire over 500 pups in a lifetime.
Snakes, the female Eastern Garter Snake does not lay eggs, but rather gives birth to live young. Breeding is competitive. Sometimes, if several males find a female at the same time, the entire company forms a "breeding ball," the snake equivalent of an orgy. The snakes wrap around one another in an attempt to mate.
(Is this where the phrase “Having A Ball” originated?)
Male warthogs make use of a reproductive system known as "overlap promiscuity." Unlike lions or elephants seals, male warthogs don't defend or provide for a group of females in exchange for mating rights. Instead, male warthogs simply roam around to different territories, mating with a female from each population before moving on to new territories. Like an old-fashioned sailor, the male warthog has a lady in every port.
The Topi Antelope is a fascinating animal in that it displays the reverse sexual behavior of most mammals. Females are the aggressive, promiscuous pursuers, while males are stand-offish and choosy. Females are fertile for only one day each year. During the month-long mating period surrounding this day, they will copulate with as many as twelve partners, mating several times with each one. It is not uncommon for male Topis to collapse with exhaustion or fight off possible female partners.
I took the info from a HuffingtonPost.com article. The article has photos and films. I highly recommend it!
LINK: http://bit.ly/aJiKI9
Friday, February 12, 2010
Tribes in Palm Coast
I just posted a topic on Forums at FlaglerOnline.com
I am repeating it here...
I recently mentioned tribes in a post...I was referring to the family orientation and other cultural values shared by cultures where family members live in close proximity to each other and look after each other.
I grew up with 18 aunts and uncles and tons of cousins all living near me at the shore in New Jersey. My lifestyle and culture changed after I graduated college and was hired by DuPont who transferred me all around the country. This "college to corporate employment" with the resulting corporate transfers was really the beginning-of-the-end of close family relationships; tribal relationships.
Palm Coast is blessed with many large ethnic groups. Someone accused me of "steering", but I am interested in the value of our cultural groups gathering and sharing. Here is a good example of what could happen in Palm Coast...
http://www.globalpost.com/dispatch/france/100209/little-france-brooklyn
New York's Little France blossoms
Some French who have made Carroll Gardens home tout its benefits over their native land.
I am repeating it here...
I recently mentioned tribes in a post...I was referring to the family orientation and other cultural values shared by cultures where family members live in close proximity to each other and look after each other.
I grew up with 18 aunts and uncles and tons of cousins all living near me at the shore in New Jersey. My lifestyle and culture changed after I graduated college and was hired by DuPont who transferred me all around the country. This "college to corporate employment" with the resulting corporate transfers was really the beginning-of-the-end of close family relationships; tribal relationships.
Palm Coast is blessed with many large ethnic groups. Someone accused me of "steering", but I am interested in the value of our cultural groups gathering and sharing. Here is a good example of what could happen in Palm Coast...
http://www.globalpost.com/dispatch/france/100209/little-france-brooklyn
New York's Little France blossoms
Some French who have made Carroll Gardens home tout its benefits over their native land.
Thursday, February 11, 2010
Why Banks Love Foreclosures…The Video Math
On Friday, February 5, 2010 I wrote a blog post commenting about how it is more profitable for a bank to foreclose on a mortgage than to “mitigate” it
“It Pays to Default On Your Mortgage…It Pays Someone...”
LINK TO MY POST: http://bit.ly/azqFzD
Today, Toby Tobin posted a video link on his newsletter that gives the math and elaborates on how this scam is being pulled off.
THE VIDEO: http://bit.ly/crlrGR
GOTOBY LINK: Go Toby Posting Thursday, February 11, 2010
Are You Mad at the Big Banks and Wall Street Yet? You Should Be.
http://bit.ly/d64eaH
“It Pays to Default On Your Mortgage…It Pays Someone...”
LINK TO MY POST: http://bit.ly/azqFzD
Today, Toby Tobin posted a video link on his newsletter that gives the math and elaborates on how this scam is being pulled off.
THE VIDEO: http://bit.ly/crlrGR
GOTOBY LINK: Go Toby Posting Thursday, February 11, 2010
Are You Mad at the Big Banks and Wall Street Yet? You Should Be.
http://bit.ly/d64eaH
Monday, February 8, 2010
It's Still My House Until It's Sold at The Courthouse??
Here is a comment posted on FlaglerOnline’s General Forum about the complex issues the City of Palm Coast is facing in their efforts to keep forcloser properties from becoming a blight on the community while still trying to protect homowners’ Privacey rights.
I think the main problem is with the exterior of the houses. If a forecloser's exterior is run down and in disrepair it affects the whole neighborhood.
Inside it's a matter of housekeeping and up to the prospective buyer to devalue the house based on its interior condition. Lets clean up the exterior appearace of dilapidated forecloser houses first.
This forum post gives a nice explaintion of the City’s activity and the complexities of the issues:
fru fru 1
Active Member
Joined: 08/16/2007
No. of Posts: 84 Topic: I can't even believe this!!!!!!!
Posted: Today at 8:46am
The Police need a warrant to enter your home .....and now the town thinks they can send in the Code Enforement, with out a warrant, to deal with this. And from a group that can't even deal with watering your lawn on the wrong day. I can't wait for the "lock and load" to happen. What are they thinking?
PALM COAST-- Partly in response to foreclosures, Palm Coast officials are working on wielding a bigger legal hammer when property owners allow houses to turn into eyesores or neighborhood hazards.
The City Council will continue discussing at a workshop Tuesday rules giving the city more power to collect money faster when its crews must clean up or repair a dilapidated house. If the homeowner doesn't pay, the new ordinance would allow the city to place the charge right on the property owner's tax bill. If still unpaid, the city could eventually foreclose on the property.
The workshop begins at 9 a.m. at City Hall, 160 Cypress Point Parkway, Suite B-106.
The proposal could also give code enforcement officers more authority to demand entrance into a home, although that wouldn't mean they could just show up and demand to check a house, city staff said. The ordinance would also declare any house in the process of foreclosure as "abandoned real property" even if it is still occupied. That would shift responsibility to the bank or other institution foreclosing on the house, said City Manager Jim Landon.
"This is probably the most difficult to deal with," said Landon during a recent workshop. "You have somebody that's living in their home. They've quit making payments. They are not putting any time or money into that property because they know their time is limited. It's in that transition. The problem is that transition can take up to a year. I lived next to one of these. I know. It took about a year and a half before the bank finally took on responsibility."
During the workshop, city staff displayed pictures of past problems. One photo showed a home heavily damaged by fire. Another depicted a two-story house with boarded up windows and doors and graffiti scrawled on its red brick walls. Another shot showed stacks of rubbish, mattresses and furniture strewn on a front lawn.
Under current rules, the city could wait for years until a house is sold to collect on any liens it placed on the property. Putting the charge on the tax bill would speed up collection. If such a bill is unpaid, it would result in a tax lien and ultimately foreclosure, said city attorney William Reischmann.
To go the tax bill route, Palm Coast would have to establish a citywide special assessment district, Reischmann said. The tax lien would rank high in the hierarchy of liens, Reischmann said.
"It's only going to be on your tax bill if you fail to comply with the requirements," Reischmann said. "The city goes out and spends some money. You don't pay it then it gets put on your tax bill. If your property is fine, you're never really going to feel this."
The proposed rules would also give code enforcement more power to enter a house "as provided by law," said Community Development Director Nestor Abreu.
Mayor Jon Netts said the issue of the city's power to enter a house made him "very uncomfortable" and he wanted more information at a future workshop. If the house is not abandoned and there are no "horrific circumstances," Netts said he would not want to authorize government to enter a house.
Even if the person quits paying the mortgage and the bank moves to foreclose, Netts said, he would not want the city code enforcement officers to be able to enter a house unless there is some other health, safety or public welfare problem.
"I would just be very uncomfortable in my home, if somebody comes knocking on the door and saying I'm coming in and check your guard rail," Netts said.
A city staffer said code enforcement couldn't do that.
"Oh, I want to make sure you can't" Netts said.
frank.fernandez
THE LINK TO FLAGLER ONLINE'S FORUM AND THIS POST:
http://bit.ly/d520Pf
I think the main problem is with the exterior of the houses. If a forecloser's exterior is run down and in disrepair it affects the whole neighborhood.
Inside it's a matter of housekeeping and up to the prospective buyer to devalue the house based on its interior condition. Lets clean up the exterior appearace of dilapidated forecloser houses first.
This forum post gives a nice explaintion of the City’s activity and the complexities of the issues:
fru fru 1
Active Member
Joined: 08/16/2007
No. of Posts: 84 Topic: I can't even believe this!!!!!!!
Posted: Today at 8:46am
The Police need a warrant to enter your home .....and now the town thinks they can send in the Code Enforement, with out a warrant, to deal with this. And from a group that can't even deal with watering your lawn on the wrong day. I can't wait for the "lock and load" to happen. What are they thinking?
PALM COAST-- Partly in response to foreclosures, Palm Coast officials are working on wielding a bigger legal hammer when property owners allow houses to turn into eyesores or neighborhood hazards.
The City Council will continue discussing at a workshop Tuesday rules giving the city more power to collect money faster when its crews must clean up or repair a dilapidated house. If the homeowner doesn't pay, the new ordinance would allow the city to place the charge right on the property owner's tax bill. If still unpaid, the city could eventually foreclose on the property.
The workshop begins at 9 a.m. at City Hall, 160 Cypress Point Parkway, Suite B-106.
The proposal could also give code enforcement officers more authority to demand entrance into a home, although that wouldn't mean they could just show up and demand to check a house, city staff said. The ordinance would also declare any house in the process of foreclosure as "abandoned real property" even if it is still occupied. That would shift responsibility to the bank or other institution foreclosing on the house, said City Manager Jim Landon.
"This is probably the most difficult to deal with," said Landon during a recent workshop. "You have somebody that's living in their home. They've quit making payments. They are not putting any time or money into that property because they know their time is limited. It's in that transition. The problem is that transition can take up to a year. I lived next to one of these. I know. It took about a year and a half before the bank finally took on responsibility."
During the workshop, city staff displayed pictures of past problems. One photo showed a home heavily damaged by fire. Another depicted a two-story house with boarded up windows and doors and graffiti scrawled on its red brick walls. Another shot showed stacks of rubbish, mattresses and furniture strewn on a front lawn.
Under current rules, the city could wait for years until a house is sold to collect on any liens it placed on the property. Putting the charge on the tax bill would speed up collection. If such a bill is unpaid, it would result in a tax lien and ultimately foreclosure, said city attorney William Reischmann.
To go the tax bill route, Palm Coast would have to establish a citywide special assessment district, Reischmann said. The tax lien would rank high in the hierarchy of liens, Reischmann said.
"It's only going to be on your tax bill if you fail to comply with the requirements," Reischmann said. "The city goes out and spends some money. You don't pay it then it gets put on your tax bill. If your property is fine, you're never really going to feel this."
The proposed rules would also give code enforcement more power to enter a house "as provided by law," said Community Development Director Nestor Abreu.
Mayor Jon Netts said the issue of the city's power to enter a house made him "very uncomfortable" and he wanted more information at a future workshop. If the house is not abandoned and there are no "horrific circumstances," Netts said he would not want to authorize government to enter a house.
Even if the person quits paying the mortgage and the bank moves to foreclose, Netts said, he would not want the city code enforcement officers to be able to enter a house unless there is some other health, safety or public welfare problem.
"I would just be very uncomfortable in my home, if somebody comes knocking on the door and saying I'm coming in and check your guard rail," Netts said.
A city staffer said code enforcement couldn't do that.
"Oh, I want to make sure you can't" Netts said.
frank.fernandez
THE LINK TO FLAGLER ONLINE'S FORUM AND THIS POST:
http://bit.ly/d520Pf
Saturday, February 6, 2010
Namaste...I See the Christ In You
I like this word. It's sort of ecumenical and "feel good". I often worry if I spelled it right and if the person I send it to knows what I am trying to say.
So I thought it would be good to include the Wikipedia definition in this blog in case I forget. I also mean I bow to the good in them; not to their fear thoughts or ego actions...my A Course In Miracles philosopy
God Bless you. Yesterday was the Muslim Holiday, today is the Jewish Holiday, tomorrow is the Christian holiday. Walk Your Talk.
God Bless You and
Namaste
(Sanskrit: नमस्ते, Hindustani pronunciation: [nʌmʌsˈteː], from external Sandhi between namaḥ and te) is a common spoken greeting or salutation in South Asia. It has multi-religious or else common usage where it may simply mean "I bow to you". The word is derived from Sanskrit namas, to bow, obeisance, reverential salutation, and te, "to you".[1]
When spoken to another person, it is commonly accompanied by a slight bow made with hands pressed together, palms touching and fingers pointed upwards, in front of the chest. This gesture, called Añjali Mudrā, can also be performed wordlessly and carries the same meaning.
LINK:
http://bit.ly/15Pa61
So I thought it would be good to include the Wikipedia definition in this blog in case I forget. I also mean I bow to the good in them; not to their fear thoughts or ego actions...my A Course In Miracles philosopy
God Bless you. Yesterday was the Muslim Holiday, today is the Jewish Holiday, tomorrow is the Christian holiday. Walk Your Talk.
God Bless You and
Namaste
(Sanskrit: नमस्ते, Hindustani pronunciation: [nʌmʌsˈteː], from external Sandhi between namaḥ and te) is a common spoken greeting or salutation in South Asia. It has multi-religious or else common usage where it may simply mean "I bow to you". The word is derived from Sanskrit namas, to bow, obeisance, reverential salutation, and te, "to you".[1]
When spoken to another person, it is commonly accompanied by a slight bow made with hands pressed together, palms touching and fingers pointed upwards, in front of the chest. This gesture, called Añjali Mudrā, can also be performed wordlessly and carries the same meaning.
LINK:
http://bit.ly/15Pa61
Friday, February 5, 2010
Palm Coast...Going to Pot?
Last night I saw a newsclip about a Marajuana Superstore in California. The talking heads had a hard time faking indignation and projecting calamady.
Today a guy was repairing my propane line. I told I should have given up real estate, moved in with my son and his family in California, and started selling weed to conservative geriatrics like myself who need some pain relief medicine. But my wife scowled at the idea, and that was that.
I told the repair guy, maybe it would soon be legal in Florida. He said 'Never'. He didn't say "How Awful!"-just "Never".
Well, instead of dismissing the MaryJane idea out of hand, I think we should watch California and track what happens to the illegal pot trade and the increase or decrease in related social problems.
Here is an article I just read from an overseas publication:
Posted by RationalThought on February 3, 2010 17:45 ET
"I am 48m yr old American who just returned last week from week in Amsterdam as a "marijuana tourist". Aside from the weather I had a great time and felt totally safe from both the criminal element and the government, unlike at home. The only tourists I saw being unruly appeared to be young Brits who had all been drinking in the pubs. I think the so called conservatives are being counterproductive and playing right into the hands of organized crime. Legalize the wholesale market and you will completely eliminate criminal involvement the same as with alcohol. In general my impression of the Dutch is that they are conservative yet pragmatic and understand the meaning of personal liberties and privacy. I doubt Dutch parents expect the government to eliminate their childrens potential exposure to drugs and alcohol (an impossibility) but instead teach them to be responsible, hence the low drug and alcohol use among Dutch teens. I also doubt the Dutch parents really want to spend their taxes on incarcerating recreational cannabis use and prefer to spend these funds on their childrens education for future careers. I truly believe that the USA could learn from the Dutch."
There were some interesting comments. To see them go to:
THE LINK:
http://bit.ly/9mkKTe
Today a guy was repairing my propane line. I told I should have given up real estate, moved in with my son and his family in California, and started selling weed to conservative geriatrics like myself who need some pain relief medicine. But my wife scowled at the idea, and that was that.
I told the repair guy, maybe it would soon be legal in Florida. He said 'Never'. He didn't say "How Awful!"-just "Never".
Well, instead of dismissing the MaryJane idea out of hand, I think we should watch California and track what happens to the illegal pot trade and the increase or decrease in related social problems.
Here is an article I just read from an overseas publication:
Posted by RationalThought on February 3, 2010 17:45 ET
"I am 48m yr old American who just returned last week from week in Amsterdam as a "marijuana tourist". Aside from the weather I had a great time and felt totally safe from both the criminal element and the government, unlike at home. The only tourists I saw being unruly appeared to be young Brits who had all been drinking in the pubs. I think the so called conservatives are being counterproductive and playing right into the hands of organized crime. Legalize the wholesale market and you will completely eliminate criminal involvement the same as with alcohol. In general my impression of the Dutch is that they are conservative yet pragmatic and understand the meaning of personal liberties and privacy. I doubt Dutch parents expect the government to eliminate their childrens potential exposure to drugs and alcohol (an impossibility) but instead teach them to be responsible, hence the low drug and alcohol use among Dutch teens. I also doubt the Dutch parents really want to spend their taxes on incarcerating recreational cannabis use and prefer to spend these funds on their childrens education for future careers. I truly believe that the USA could learn from the Dutch."
There were some interesting comments. To see them go to:
THE LINK:
http://bit.ly/9mkKTe
It Pays to Default On Your Mortgage…It Pays Someone
I have been tweeting about ‘strategic defaults’ and what you can gain by defaulting on your mortgage payments and credit card debt.
Far from the values concerning the MoneyChangers in the Temple; today we have been led to believe that using the laws and defaulting on credit is “morally wrong”.
Here is how the big boys do it. Below is an article that gives a pretty good layman’s description of the ‘Derivitives’ scandal that has wrecked our economy.
It is copied from an article, ‘How To Stop Foreclosures” written on Wednesday, August 26. See below for the link.
"Thanks to new readers joining us from Alltop.com we are re-posting an article from last month.
How to Stop Foreclosures
If I default on my $300,000 mortgage Bank of America will collect approximately $550,000 to $650,000. If my friend defaults on their $500,000 mortgage Goldman Sachs will collect $900,000 to $1.2 million (depending on interest rates, term of the mortgages, and credit ratings).
Why do they collect such a big payout? Because they have insurance on the Mortgage-Backed Securities that hold the mortgages. When an MBS goes into default, the insurance pays. Why do they collect so much more than the face value of the mortgage? Because, over the life of the loan the mortgage would have generated 2 ½ to 3 times the face amount in cash flow, minus discounts; the insurance covers that anticipated cash flow, not the nominal value of the original mortgage.
What is this insurance? Credit Default Swaps are essentially insurance for Mortgage-Backed Securities. If a certain percentage of mortgages held in the MBS go into default then the MBS defaults and the insurance is paid. AIG Financial Products was the largest writer/issuer of CDS contracts. With the government’s backing AIG has paid out tens of billions in claims on CDS contracts.
CDS is not typical insurance; it is almost completely unregulated; an investor can purchase a CDS contract/insurance policy even though they have no insurable interest in the underlying mortgage or even the underlying MBS; if CDS insurance is purchased that covers my mortgage, I do not receive any notification. The homeowner has been unilaterally stripped of their mitigation rights as a party to the contract by the purchase of CDS contract. This, in effect, modifies the original contract without consideration to the homeowner for that modification.
We do not allow doctors to purchase life insurance policies on their patient's lives without the patient’s knowledge and then be in charge of making life and death decisions for the patient’s treatment. I trust my doctor but we all recognize that it is reckless and foolhardy to subject that trust to excessive temptation. We do allow mortgages investors to purchase default insurance policies without the homeowners’ knowledge and, if delinquency occurs, we recklessly tempt these investors to make the decisions on whether the loan will be modified or go into default.
CDS insurance offers a clear incentive for the investors or holders of pooling and servicing agreements (PSAs) to force a "default" either through foreclosure, short sales, short payoffs, or deed in lieu transactions. PSAs place limits on the number of modifications a mortgage servicer can perform.
Less than 3% of seriously delinquent borrowers receive concessionary modification in the first year following the first serious delinquency; concessionary modifications may be reductions in the principal balance or interest rate or extension of the term, or all three. Less than 5% of serious delinquencies receive non-concessionary modifications; their payments actually increase (half of these redefault within 6 months). Approximately 30% of serious delinquencies go the route of short sale or deed in lieu transactions; essentially, the borrower loses their home. Approximately 50% of serious delinquencies result in foreclosure proceedings and 30% of seriously delinquent borrowers lose their home through foreclosure in the 12 months following the initial delinquency. To recap: approximately 80% of serious delinquent borrowers lose their homes, 5% get a bad modification, 3% get a good modification, and the others are stuck in modification limbo.
In the first 6 months of the Hope for Homeowners Program only 25 homeowners were able to get refinancing under the plan, despite a nationwide appeal by President Bush. Federal programs have improved in the past few months but show no sign of making major inroads to solve the problem of foreclosure.
There are frequent anecdotal examples of investors/PSAs/servicers not really trying to help homeowners. I personally know a real estate attorney who offered a $350,000 settlement on a $510,000 mortgage; that offer was turned down and the property was offered at $200,000 in an REO sale. I know one man who has been attempting modification for 16 months. I know another woman who has been attempting modification for 8 months but Bank of America has lost her application 5 times. Bank of America shows remarkable efficiency in tracking billions of daily check and charge transactions to the penny, yet they show stupefying incompetence in tracking a modification application. The lack of competence is a direct result of a lack of incentive to modify. These examples are the norm, not the exception.
It would be easy to suggest that most foreclosures cannot be prevented, yet there are some excellent proposals to keep homeowners in their homes and stabilize house prices; the Milken Institute has proposed a plan “How to Rebuild US Home Prices and Fix the Economy” that could eliminate negative equity and lower monthly mortgage payments, and the price for this plan is less than what has already been spent on the AIG bailout. Regrettably, we may never see this plan put in place unless we can remove the incentive for investors and holders of PSAs to force default, unless we can stop the big CDS insurance payout for defaults.
Have the investors/PSAs/servicers actually been forcing defaults? We know CDS contracts offer the temptation of the largest possible compensation when claims are paid. We know investors/PSAs/servicers are in a position of power to create hurdles to modifications and to deny modifications. We know that defaults outnumber modifications by more than 10 to 1. We know that several financial institutions have posted exceptionally large earnings despite the worst economic downturn since the Great Depression. We have not seen (publicly disclosed) investigations or research that revealed the smoking gun. We have seen motive, opportunity, and results.
AIG, with the backing of the government, has been treating CDS claims in a most un-insurance like manner – they have been paying the claims in full without conducting full investigations or audits. Never in history has an insurance company paid out tens of billions of dollars in claims without denying at least some part of the claims.
Simple forensic audits of the original mortgage loans could discover fraud, predatory lending, or other violations on the underlying mortgages and give cause to rescind the CDS contract. If the CDS contracts are determined to be insurance, the only proper action would be to deny the claim and return the premium. It is strange that so far, no claims have been determined to be fraudulent, none of the money paid out has been determined to be laundered, and apparently all taxes have been paid; yes taxes should be due because CDS contract is not officially recognized by any state insurance department as insurance and does not share the tax exemption of insurance.
Nothing will stop foreclosures, stabilize US home prices, and fix the economy more than removing the incentive to foreclose created by the CDSs. The investors will negotiate in good faith to make it attractive for the homeowners to start to pay their mortgages and with fewer REO properties on the market the homeowner will not have the incentive to walk away and buy a cheaper comparable property down the street. Markets will be more rational and not be propped up by illegal insurance that distorts true values. The taxpayers will save fortunes being flushed down the AIG black hole. And the added benefit to society is that people will stay in their homes without speculators and profiteers placing side bets on their home.
THE LINK TO THE ORIGINAL ARTICLE:
http://bit.ly/a5kGtl
Far from the values concerning the MoneyChangers in the Temple; today we have been led to believe that using the laws and defaulting on credit is “morally wrong”.
Here is how the big boys do it. Below is an article that gives a pretty good layman’s description of the ‘Derivitives’ scandal that has wrecked our economy.
It is copied from an article, ‘How To Stop Foreclosures” written on Wednesday, August 26. See below for the link.
"Thanks to new readers joining us from Alltop.com we are re-posting an article from last month.
How to Stop Foreclosures
If I default on my $300,000 mortgage Bank of America will collect approximately $550,000 to $650,000. If my friend defaults on their $500,000 mortgage Goldman Sachs will collect $900,000 to $1.2 million (depending on interest rates, term of the mortgages, and credit ratings).
Why do they collect such a big payout? Because they have insurance on the Mortgage-Backed Securities that hold the mortgages. When an MBS goes into default, the insurance pays. Why do they collect so much more than the face value of the mortgage? Because, over the life of the loan the mortgage would have generated 2 ½ to 3 times the face amount in cash flow, minus discounts; the insurance covers that anticipated cash flow, not the nominal value of the original mortgage.
What is this insurance? Credit Default Swaps are essentially insurance for Mortgage-Backed Securities. If a certain percentage of mortgages held in the MBS go into default then the MBS defaults and the insurance is paid. AIG Financial Products was the largest writer/issuer of CDS contracts. With the government’s backing AIG has paid out tens of billions in claims on CDS contracts.
CDS is not typical insurance; it is almost completely unregulated; an investor can purchase a CDS contract/insurance policy even though they have no insurable interest in the underlying mortgage or even the underlying MBS; if CDS insurance is purchased that covers my mortgage, I do not receive any notification. The homeowner has been unilaterally stripped of their mitigation rights as a party to the contract by the purchase of CDS contract. This, in effect, modifies the original contract without consideration to the homeowner for that modification.
We do not allow doctors to purchase life insurance policies on their patient's lives without the patient’s knowledge and then be in charge of making life and death decisions for the patient’s treatment. I trust my doctor but we all recognize that it is reckless and foolhardy to subject that trust to excessive temptation. We do allow mortgages investors to purchase default insurance policies without the homeowners’ knowledge and, if delinquency occurs, we recklessly tempt these investors to make the decisions on whether the loan will be modified or go into default.
CDS insurance offers a clear incentive for the investors or holders of pooling and servicing agreements (PSAs) to force a "default" either through foreclosure, short sales, short payoffs, or deed in lieu transactions. PSAs place limits on the number of modifications a mortgage servicer can perform.
Less than 3% of seriously delinquent borrowers receive concessionary modification in the first year following the first serious delinquency; concessionary modifications may be reductions in the principal balance or interest rate or extension of the term, or all three. Less than 5% of serious delinquencies receive non-concessionary modifications; their payments actually increase (half of these redefault within 6 months). Approximately 30% of serious delinquencies go the route of short sale or deed in lieu transactions; essentially, the borrower loses their home. Approximately 50% of serious delinquencies result in foreclosure proceedings and 30% of seriously delinquent borrowers lose their home through foreclosure in the 12 months following the initial delinquency. To recap: approximately 80% of serious delinquent borrowers lose their homes, 5% get a bad modification, 3% get a good modification, and the others are stuck in modification limbo.
In the first 6 months of the Hope for Homeowners Program only 25 homeowners were able to get refinancing under the plan, despite a nationwide appeal by President Bush. Federal programs have improved in the past few months but show no sign of making major inroads to solve the problem of foreclosure.
There are frequent anecdotal examples of investors/PSAs/servicers not really trying to help homeowners. I personally know a real estate attorney who offered a $350,000 settlement on a $510,000 mortgage; that offer was turned down and the property was offered at $200,000 in an REO sale. I know one man who has been attempting modification for 16 months. I know another woman who has been attempting modification for 8 months but Bank of America has lost her application 5 times. Bank of America shows remarkable efficiency in tracking billions of daily check and charge transactions to the penny, yet they show stupefying incompetence in tracking a modification application. The lack of competence is a direct result of a lack of incentive to modify. These examples are the norm, not the exception.
It would be easy to suggest that most foreclosures cannot be prevented, yet there are some excellent proposals to keep homeowners in their homes and stabilize house prices; the Milken Institute has proposed a plan “How to Rebuild US Home Prices and Fix the Economy” that could eliminate negative equity and lower monthly mortgage payments, and the price for this plan is less than what has already been spent on the AIG bailout. Regrettably, we may never see this plan put in place unless we can remove the incentive for investors and holders of PSAs to force default, unless we can stop the big CDS insurance payout for defaults.
Have the investors/PSAs/servicers actually been forcing defaults? We know CDS contracts offer the temptation of the largest possible compensation when claims are paid. We know investors/PSAs/servicers are in a position of power to create hurdles to modifications and to deny modifications. We know that defaults outnumber modifications by more than 10 to 1. We know that several financial institutions have posted exceptionally large earnings despite the worst economic downturn since the Great Depression. We have not seen (publicly disclosed) investigations or research that revealed the smoking gun. We have seen motive, opportunity, and results.
AIG, with the backing of the government, has been treating CDS claims in a most un-insurance like manner – they have been paying the claims in full without conducting full investigations or audits. Never in history has an insurance company paid out tens of billions of dollars in claims without denying at least some part of the claims.
Simple forensic audits of the original mortgage loans could discover fraud, predatory lending, or other violations on the underlying mortgages and give cause to rescind the CDS contract. If the CDS contracts are determined to be insurance, the only proper action would be to deny the claim and return the premium. It is strange that so far, no claims have been determined to be fraudulent, none of the money paid out has been determined to be laundered, and apparently all taxes have been paid; yes taxes should be due because CDS contract is not officially recognized by any state insurance department as insurance and does not share the tax exemption of insurance.
Nothing will stop foreclosures, stabilize US home prices, and fix the economy more than removing the incentive to foreclose created by the CDSs. The investors will negotiate in good faith to make it attractive for the homeowners to start to pay their mortgages and with fewer REO properties on the market the homeowner will not have the incentive to walk away and buy a cheaper comparable property down the street. Markets will be more rational and not be propped up by illegal insurance that distorts true values. The taxpayers will save fortunes being flushed down the AIG black hole. And the added benefit to society is that people will stay in their homes without speculators and profiteers placing side bets on their home.
THE LINK TO THE ORIGINAL ARTICLE:
http://bit.ly/a5kGtl
Thursday, February 4, 2010
Heads Up Our Fannies
Since I have been posting about Fannie Mae and Freddy Mac I thought it would be good to see their current definition in Wikipedia.com. I think you will find their definitions interesting:
Fannie Mae
The Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, is a stockholder-owned corporation chartered by Congress in 1968 as a government-sponsored enterprise (GSE), but founded in 1938 during the Great Depression. The corporation's purpose is to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers.[3]
On September 7, 2008, James Lockhart, director of the Federal Housing Finance Agency (FHFA), announced that Fannie Mae and Freddie Mac were being placed into conservatorship of the FHFA. The action is "one of the most sweeping government interventions in private financial markets in decades".[4][5][6] As of 2008, Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac) owned or guaranteed about half of the U.S.'s $12 trillion mortgage market.[7]
THE LINK: http://en.wikipedia.org/wiki/Fannie_Mae
Freddie Mac
• The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac (NYSE: FRE), is a government sponsored enterprise (GSE) of the United States federal government. Freddie Mac has its headquarters in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia.[1][2]
• The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name, "Freddie Mac", was an acronym of the company's full name that had been adopted officially for ease of identification (see "GSEs" below for other examples).
• On September 7, 2008, Federal Housing Finance Agency (FHFA) director James B. Lockhart III announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA (see Federal takeover of Fannie Mae and Freddie Mac). The action has been described as "one of the most sweeping government interventions in private financial markets in decades".[3][4][5]
Moody's gave Freddie Mac's preferred stock an investment grade rating of A1 until August 22, 2008 when Warren Buffett said publicly that both Freddie Mac and Fannie Mae had tried to attract him and others. Moody's changed the credit rating on that day to Baa3, the lowest investment grade credit rating. Freddie's senior debt credit rating remains Aaa/AAA from each of the major ratings agencies Moody's, S&P, and Fitch.
THE LINK: http://en.wikipedia.org/wiki/Freddie_Mac
Fannie Mae
The Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, is a stockholder-owned corporation chartered by Congress in 1968 as a government-sponsored enterprise (GSE), but founded in 1938 during the Great Depression. The corporation's purpose is to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers.[3]
On September 7, 2008, James Lockhart, director of the Federal Housing Finance Agency (FHFA), announced that Fannie Mae and Freddie Mac were being placed into conservatorship of the FHFA. The action is "one of the most sweeping government interventions in private financial markets in decades".[4][5][6] As of 2008, Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac) owned or guaranteed about half of the U.S.'s $12 trillion mortgage market.[7]
THE LINK: http://en.wikipedia.org/wiki/Fannie_Mae
Freddie Mac
• The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac (NYSE: FRE), is a government sponsored enterprise (GSE) of the United States federal government. Freddie Mac has its headquarters in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia.[1][2]
• The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name, "Freddie Mac", was an acronym of the company's full name that had been adopted officially for ease of identification (see "GSEs" below for other examples).
• On September 7, 2008, Federal Housing Finance Agency (FHFA) director James B. Lockhart III announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA (see Federal takeover of Fannie Mae and Freddie Mac). The action has been described as "one of the most sweeping government interventions in private financial markets in decades".[3][4][5]
Moody's gave Freddie Mac's preferred stock an investment grade rating of A1 until August 22, 2008 when Warren Buffett said publicly that both Freddie Mac and Fannie Mae had tried to attract him and others. Moody's changed the credit rating on that day to Baa3, the lowest investment grade credit rating. Freddie's senior debt credit rating remains Aaa/AAA from each of the major ratings agencies Moody's, S&P, and Fitch.
THE LINK: http://en.wikipedia.org/wiki/Freddie_Mac
Got Money? Buy Distressed
If you have cash on hand and want to avoid the aomost certain upcoming currency devaluation and take advantage of the probable inflation that will follow, buy some real estate.
But you need to be very careful. Very informed. Use a Buyers Broker and a good but inexpensive attorney.
Here an excerpt from one of my real estate newsletters:
Rising distress sales slash prices by 38 percent
"ORLANDO, Fla. – Feb. 3, 2010 – Distress sales are driving the region’s housing market to such a degree now that two-thirds of the existing-home closings in the Orlando area last month involved bank-owned or short-sale properties, according to a report released Wednesday.
That growing number of desperation sales, combined with the region’s free-falling condominium prices, drove down prices overall last year by more than one-third, to a median of $130,000, compared with a midpoint of $209,000 in 2008, the Orlando Regional Realtor Association said. "
But you need to be very careful. Very informed. Use a Buyers Broker and a good but inexpensive attorney.
Here an excerpt from one of my real estate newsletters:
Rising distress sales slash prices by 38 percent
"ORLANDO, Fla. – Feb. 3, 2010 – Distress sales are driving the region’s housing market to such a degree now that two-thirds of the existing-home closings in the Orlando area last month involved bank-owned or short-sale properties, according to a report released Wednesday.
That growing number of desperation sales, combined with the region’s free-falling condominium prices, drove down prices overall last year by more than one-third, to a median of $130,000, compared with a midpoint of $209,000 in 2008, the Orlando Regional Realtor Association said. "
Fannie and Freddie Are Also Trying to Find Loopholes and Get Out of Their Loans!
If you thought somehow that Fannie Mae and Freddie Mac were government entities and not capitalistic entrepeneurs, read this. In addition to offering incentives to purchase their houses and competing with private owners, they have their lawyers combing their contracts with banks and trying to find ways to get out of their committments...to find loopholes.
Check out this article:
Fannie and Freddie go after bad loans
"WASHINGTON – Feb. 3, 2010 – Accountants at Fannie Mae and Freddie Mac are auditing mortgage files to uncover loans with improper documentation about a borrower’s income, and then forcing banks and savings and loans to buy the loans back.
Freddie required lenders to buy back $2.7 billion of loans in the first nine months of 2009. Fannie Mae won’t disclose its figures, but the mortgage trade publication Inside Mortgage Finance said Fannie made $4.3 billion in loan-repurchase requests in the first nine months of 2009.
One result is that banks are underwriting mortgage loans even more carefully than they were last year, which can further slow the lending process.
'If you’re being hit with a lot of repurchases very suddenly, the easiest thing to do is to tighten your standards rapidly,' said Glenn Boyd, a Barclays analyst.
Source: The Wall Street Journal, Nick Timiraos (01/30/2010)"
Check out this article:
Fannie and Freddie go after bad loans
"WASHINGTON – Feb. 3, 2010 – Accountants at Fannie Mae and Freddie Mac are auditing mortgage files to uncover loans with improper documentation about a borrower’s income, and then forcing banks and savings and loans to buy the loans back.
Freddie required lenders to buy back $2.7 billion of loans in the first nine months of 2009. Fannie Mae won’t disclose its figures, but the mortgage trade publication Inside Mortgage Finance said Fannie made $4.3 billion in loan-repurchase requests in the first nine months of 2009.
One result is that banks are underwriting mortgage loans even more carefully than they were last year, which can further slow the lending process.
'If you’re being hit with a lot of repurchases very suddenly, the easiest thing to do is to tighten your standards rapidly,' said Glenn Boyd, a Barclays analyst.
Source: The Wall Street Journal, Nick Timiraos (01/30/2010)"
Wednesday, February 3, 2010
Some New Home Builders Are Surviving...But How?
Toby Tobin published an excellent article in his newsletter on January 19th listing Palm Coast Builders and how many houses they "pulled Permits" for. IE a building permit to enable them to build a new house. He does not give details about the source of the information, but Toby has a reputation for providing very reliable information. The key question...What is the quality of houses they are they building during these difficult times?
Here is a summary of his report:
"Flagler County 2009 New Home Construction Report
Many builders are gone but a surprising number are still active. 157 building permits were issued to 37 different builders.
Palm Coast, FL – January 19, 2010 – 2009 marked a dismal year for local homebuilders, across the country and here at home in Palm Coast in Flagler County, FL. Homebuilders faced competition from distressed properties selling for about $80 per square foot. Lenders were not returning their calls. With few exceptions, the term "spec house" has become an anachronism. Though national builders abandoned our market when real estate sales dried up, an independent source reports that 157 new homes were permitted in Flagler County by 37 different builders who are gutting it out.
My hat is off to these 38 builders and their employees. I thought you would like to know who they are.
The following builders pulled more than 3 permits during the year:
• Seagate Homes – 39 permits
• Adams Homes - 23
• Moronda Homes – 14 permits
• Vanacore – 8 permits
• Habitat for Humanity – 6 permits
• Intervest – 5 permits
• CBV Resort Homes – 5 permits
• Amaral – 5 permits
Other builders who pulled permits in 2009 are:
• New Coastal
• Staughton
• Skyway
• Olsen
• Florida Green
• Paytas
• Lancia
• Ideal
• Country Club
• Auburn
• Applied Building
• Wayne Duffy
• Stajo
• Skyway
• Skyhawk
• Saltwater Homes
• Rinek
• Palm Coast Homes
• Morello
• Machin
• Longworth
• Harmon
• Delanoy
• Del
• Antonio Capela
• Haley
• Grandeur
• Gold Coast
• Gemstone
• Fontana
Reader Comments
So what is the cost new?
We can't see the actual turnkey cost new for the permitted construction, as the permits only reflect the base cost. The resales are still around $80 a square foot, for average construction on an average lot, many needing repairs and updating. Many will only buy Brand new homes as they have the money and don't want to rehab an old home. The estimate for new is around $135 plus the lot, and lots go for about $5 a square foot for average.So for $140 a square foot you get new turnkey. That's still way under the national average. The property taxes are also low, so people come here for the pricing. Resales will never go up in value at the current rate of demand, and may go down further, as they age and more foreclosures flood the market. We have a ways to go both localy and nationaly before things pick up. It is estimated thet 55% of all sales in late 2009 and early 2010 will be due to the tax insentives for new and move up buyers. After that expires and/or rates go up we will be in for another drop in values. We are waiting for jobs, and so far they can't be found, at a level paying enough, to drive the real estate prices up.
Posted by George Meegan"
To see the entire article go to Toby’s site at
http://www.gotoby.com/news/palm_coast_flager_2009_new_home_report.htm
TED SAYS: Now more than ever prospective buyers need to work with a Buyers Agent who has a history of our local market and is up to date on the changes that have taken place. You a prospective buyer? Talk ToTed ! tedleshersr@gmail.com
Here is a summary of his report:
"Flagler County 2009 New Home Construction Report
Many builders are gone but a surprising number are still active. 157 building permits were issued to 37 different builders.
Palm Coast, FL – January 19, 2010 – 2009 marked a dismal year for local homebuilders, across the country and here at home in Palm Coast in Flagler County, FL. Homebuilders faced competition from distressed properties selling for about $80 per square foot. Lenders were not returning their calls. With few exceptions, the term "spec house" has become an anachronism. Though national builders abandoned our market when real estate sales dried up, an independent source reports that 157 new homes were permitted in Flagler County by 37 different builders who are gutting it out.
My hat is off to these 38 builders and their employees. I thought you would like to know who they are.
The following builders pulled more than 3 permits during the year:
• Seagate Homes – 39 permits
• Adams Homes - 23
• Moronda Homes – 14 permits
• Vanacore – 8 permits
• Habitat for Humanity – 6 permits
• Intervest – 5 permits
• CBV Resort Homes – 5 permits
• Amaral – 5 permits
Other builders who pulled permits in 2009 are:
• New Coastal
• Staughton
• Skyway
• Olsen
• Florida Green
• Paytas
• Lancia
• Ideal
• Country Club
• Auburn
• Applied Building
• Wayne Duffy
• Stajo
• Skyway
• Skyhawk
• Saltwater Homes
• Rinek
• Palm Coast Homes
• Morello
• Machin
• Longworth
• Harmon
• Delanoy
• Del
• Antonio Capela
• Haley
• Grandeur
• Gold Coast
• Gemstone
• Fontana
Reader Comments
So what is the cost new?
We can't see the actual turnkey cost new for the permitted construction, as the permits only reflect the base cost. The resales are still around $80 a square foot, for average construction on an average lot, many needing repairs and updating. Many will only buy Brand new homes as they have the money and don't want to rehab an old home. The estimate for new is around $135 plus the lot, and lots go for about $5 a square foot for average.So for $140 a square foot you get new turnkey. That's still way under the national average. The property taxes are also low, so people come here for the pricing. Resales will never go up in value at the current rate of demand, and may go down further, as they age and more foreclosures flood the market. We have a ways to go both localy and nationaly before things pick up. It is estimated thet 55% of all sales in late 2009 and early 2010 will be due to the tax insentives for new and move up buyers. After that expires and/or rates go up we will be in for another drop in values. We are waiting for jobs, and so far they can't be found, at a level paying enough, to drive the real estate prices up.
Posted by George Meegan"
To see the entire article go to Toby’s site at
http://www.gotoby.com/news/palm_coast_flager_2009_new_home_report.htm
TED SAYS: Now more than ever prospective buyers need to work with a Buyers Agent who has a history of our local market and is up to date on the changes that have taken place. You a prospective buyer? Talk ToTed ! tedleshersr@gmail.com
MEG: For the Rich and Medically Well Connected?
MEG…GET ME THAT TEST!
More than just the elderly are concerned about what kind of healthcare they will get when they move to Palm Coast. And now on TV we are seeing all kinds of goodies most people can’t get anywhere. MEG tests for example.
I have been treated for heart conditions since I was in college. Didn’t pay much attention to retirement plans. Felt my lifespan would be rather short. Burned the candle at both ends. Had a great life. Surprise! At 73 I am still here. Oh shit. Ran out of money!
And my closest medical "connection" to help me with personal influence on our medical establishment is a dentist in Warren, PA.
But there’s some great new stuff hiding in the bushes, waiting for the rich and well connected. Like MEG testing.
Here are a few snippits about MEG Testing:
Definition: "Magnetoencephalography (MEG) is a rare, complex neuroimaging technique that allows scientists a unique view of the dynamic, interactive brain. There are only a few research centers in the world that have the expertise and capital to incorporate this advanced level of technology into their brain studies."
Applications: "MEG provides scientists a vital neuroimaging tool to gain critical perspectives into the basic mechanisms of the cognitive processes of the healthy, functioning brain in the same lightning speed at which the brain itself operates."
"MEG studies also allow researchers valuable insights into the dysfunctional brain with respect to neurological disorders and diseases such as: schizophrenia, stroke, mental retardation, dyslexia and Alzheimer’s disease through measuring these changes in the brain’s electro-magnetic fields."
"…researchers can now localize brain activity and measure it in the same temporal dimension as the functioning brain itself. This allows investigators to measure, in real-time, the integration and activity of neuronal populations while either working on a task, or at rest. The brains of healthy subjects and those suffering from dysfunction or disease are imaged and analyzed in these MEG studies.."
History: "This ever-evolving technology began as a single-channel system in the 1970s. Since then, MEG technology has been constantly updated and refined into its current state-of-the-art status. The MEG instrument at the Brain Sciences Center, is one of the few of its caliber in existence. Its 248 SQUID sensors make this imaging machine one of the most powerful and technologically advanced in the world."
I saw something about MEG on a news snippet and googled it. Here is the link to the above quotes
http://www.brain.umn.edu/research/MEG.htm
This blog got too long as I ranted about how revising healthcare should prioitize a major speedup of government funding and proliferating new technology like MEG testing in order to get it quickly into large, regional hospitals all over the country. We need to make new, high tech treatments/studies available to many thousands of us 'just folks' (no money, not well connected). We need to produce a negative incentive for doctors and their particular hospitals so they do not make their own fame and fortune a major criteria in patient selection. We need a practical and just patient selection criteria for advanced medical studies/treatments and we need transparency and public input.
Tell The Tea Party!
And if you want to hear my personal history (ugly) using Cardiologists and hospitals in the Palm Coast area. And my experience getting a heart valve replaced at the Cleveland Clinic, drop me a comment. Boy, do I have opinions! Send me a comment from this blog and we can dialog.
TALK TO TED !
More than just the elderly are concerned about what kind of healthcare they will get when they move to Palm Coast. And now on TV we are seeing all kinds of goodies most people can’t get anywhere. MEG tests for example.
I have been treated for heart conditions since I was in college. Didn’t pay much attention to retirement plans. Felt my lifespan would be rather short. Burned the candle at both ends. Had a great life. Surprise! At 73 I am still here. Oh shit. Ran out of money!
And my closest medical "connection" to help me with personal influence on our medical establishment is a dentist in Warren, PA.
But there’s some great new stuff hiding in the bushes, waiting for the rich and well connected. Like MEG testing.
Here are a few snippits about MEG Testing:
Definition: "Magnetoencephalography (MEG) is a rare, complex neuroimaging technique that allows scientists a unique view of the dynamic, interactive brain. There are only a few research centers in the world that have the expertise and capital to incorporate this advanced level of technology into their brain studies."
Applications: "MEG provides scientists a vital neuroimaging tool to gain critical perspectives into the basic mechanisms of the cognitive processes of the healthy, functioning brain in the same lightning speed at which the brain itself operates."
"MEG studies also allow researchers valuable insights into the dysfunctional brain with respect to neurological disorders and diseases such as: schizophrenia, stroke, mental retardation, dyslexia and Alzheimer’s disease through measuring these changes in the brain’s electro-magnetic fields."
"…researchers can now localize brain activity and measure it in the same temporal dimension as the functioning brain itself. This allows investigators to measure, in real-time, the integration and activity of neuronal populations while either working on a task, or at rest. The brains of healthy subjects and those suffering from dysfunction or disease are imaged and analyzed in these MEG studies.."
History: "This ever-evolving technology began as a single-channel system in the 1970s. Since then, MEG technology has been constantly updated and refined into its current state-of-the-art status. The MEG instrument at the Brain Sciences Center, is one of the few of its caliber in existence. Its 248 SQUID sensors make this imaging machine one of the most powerful and technologically advanced in the world."
I saw something about MEG on a news snippet and googled it. Here is the link to the above quotes
http://www.brain.umn.edu/research/MEG.htm
This blog got too long as I ranted about how revising healthcare should prioitize a major speedup of government funding and proliferating new technology like MEG testing in order to get it quickly into large, regional hospitals all over the country. We need to make new, high tech treatments/studies available to many thousands of us 'just folks' (no money, not well connected). We need to produce a negative incentive for doctors and their particular hospitals so they do not make their own fame and fortune a major criteria in patient selection. We need a practical and just patient selection criteria for advanced medical studies/treatments and we need transparency and public input.
Tell The Tea Party!
And if you want to hear my personal history (ugly) using Cardiologists and hospitals in the Palm Coast area. And my experience getting a heart valve replaced at the Cleveland Clinic, drop me a comment. Boy, do I have opinions! Send me a comment from this blog and we can dialog.
TALK TO TED !
Tuesday, February 2, 2010
What The Hell Is Happening In Palm Coast?
Here are four demographic trends from the Urban Land Institute report:
TREND 4: Immigrants – both legal and illegal: They are nearly 40 million strong. They often prefer multi-generational households and if they can afford them, larger homes in neighborhoods with a strong sense of community.
I think the trend toward multi-generational households has had more effect on Palm Coast than any other and it is woefully underreported. Maronda Homes came into town offering very large, very low priced homes. Ugly two story Marondas sprung up in the middle of nice looking streets. Often two of them, side by side, because the builder purchased a ton of Palm Coast lots and sold primarily “spec” houses. That is they built the house and then offered it for sale. They suffered from poor quality. Today their quality has improved and, because of “size for price” and availability of a ‘spec’ homes, they are still selling lots of homes here. An example from a building permit they pulled in January…
Maronda Homes 13 Seathorn Path Sq. feet: 2,399 Value: $79,432
Many large, four bedroom houses were purchased by lower income families who wanted to move a relative or friend in with them to share the expenses. Look at the number of the cars in the driveways and yards.
Someone should do a count on how much the “average number of people over age 30 living in a single family house” has increased. I think we would be amazed.
But I disagree the best way to describe the trend is “Immigrants”. Yes, unlike modern Americans, foreign speaking residents seem to take more responsibility for caring for their relatives; have more tribal instincts in that respect. When I grew up in the 40’s having two generations in one house was common. My Grandparents took in newly married children (they had 9) and helped them get started. And occasionally, because average lifespans were then at about 65, a grown child would take in an aging parent.
Now the prime motivator for multi-family living and multi-person living is almost always economics, not compassion. We have defacto, multi-family houses all over the place. Especially in parts of the P and R sections where houses are filled with an assortment of “roommates” sharing the expenses and earning money in lets call it “the new underground” economy.
Unfortunately. Our leaders think it is not good politics or good for business to publish this information. Police reports on gang crime in our Palm Coast schools and in our neighborhoods is not given much, if any, airtime or newspaper time or newsletter time. The problem is buried. It may be very small. Is it? Is it growing? Where?? Public access to this politically incorrect information is limited and obscured.
I think a good reporter who befriended our police and first responders could write a blog or newsletter that would get more subscribers than the circulation of all our local papers put together.
Our emergency responders need community support to run bad guys out of town. Hiding the existence of drug dealers and gangs is not a good economic strategy. Identifying who and where they are is. If you want to write this type Blog or Newsletter, maybe I can help. Send me a note.
I have no young children. I don’t need a Predators List as badly as my children who are raising my grandchildren. I would like a similar report on where our convicted drug dealers and gang members live. We are a town of many retirees. We want to be safe. If you know someone in our local government who wants to take on the issues of exposing crime and drugs in Palm Coast in order to limit them; let me know.
I worked in NYC and knew what streets to avoid and where and when to be careful. This information is carefully guarded from me here in Palm Coast. If I am wrong and uninformed, let me know. Send me a comment about what you know or have heard. We need a Palm Coast internet Crime Watch!
The other trend I think is especially pertinent to Palm Coast is:
TREND 3. Generation Y: They are larger than the baby boom generation (with a population of about 86 million). As they enter the housing market, they are less interested in homeownership than their parents were when they were young adults. “They will be renters by necessity or choice for years ahead,” says John K. McIlwain, author of the report.
I believe this is and will continue to happen. But Generation Y is not flocking to Palm Coast. We are jobless. However, in Palm Coast, divorces, foreclosures, lack of credit, retirees from cold climates and economically challenged downsizers are contributing to this paradigm shift to leasing instead of purchasing their homes. I like “leasing” and think long-term leases, where the tenant has an incentive to maintain and upgrade their home because he will be there long enough that it will become part of their identity, has already begun.
The stigma of being a “renter” and therefore, like “trailer trash”, someone who doesn’t maintain and take pride in their home because the physical structure is owned by someone else, is passing.
In my neighborhood within Pine Lakes you cannot tell by looking which houses are rented and which are owner-occupied. This trend is being accelerated by buyers from overseas who never did own their home, but took pride in its appearance.
Personal Anecdote: Recently I offered to put $10,000 in capital improvements into a rental property in Sea Colony. The absentee owners were committed landlords; they did not want to sell. I asked if they would give me a seven year lease. They turned me down. Not on the rent I offered. They did not want a long term lease. The place stayed unrented and run down and has depreciated along with the rest of the market.
This is the exact reverse of the commercial market. I rented several offices in NYC on a long term basis and made leasehold improvements. The landlords were delighted. This is how business space is rented. I think residential will catch up. If you have a residential property you are willing to rent for five or more years, Talk To Ted. I have made different arrangements, but maybe I can help you with my experience and advice.
The other two trends in the Urban Land Institute research are:
TREND 1. Aging baby boomers (ages 55 to 64 years old): They will keep working, and many will be forced to stay in their suburban homes until values recover. Those who are able to move will choose mixed-age living environments that cater to active lifestyles. Walkable suburban town centers also will appeal to this group.
TREND 2. Younger baby boomers (46 to 54 years old): They are now entering their prime earning years but they will lack home equity and, unlike the older members of their generation, they won’t be able to purchase second homes. This will likely curb the prospects for the second-home market.
You can read the entire thing at:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231520
Pass this Blog along to any of your friends who are thinking about moving to Florida. I am a single agent Buyers Broker who can help them find the best location. tedleshersr@gmail.com
TREND 4: Immigrants – both legal and illegal: They are nearly 40 million strong. They often prefer multi-generational households and if they can afford them, larger homes in neighborhoods with a strong sense of community.
I think the trend toward multi-generational households has had more effect on Palm Coast than any other and it is woefully underreported. Maronda Homes came into town offering very large, very low priced homes. Ugly two story Marondas sprung up in the middle of nice looking streets. Often two of them, side by side, because the builder purchased a ton of Palm Coast lots and sold primarily “spec” houses. That is they built the house and then offered it for sale. They suffered from poor quality. Today their quality has improved and, because of “size for price” and availability of a ‘spec’ homes, they are still selling lots of homes here. An example from a building permit they pulled in January…
Maronda Homes 13 Seathorn Path Sq. feet: 2,399 Value: $79,432
Many large, four bedroom houses were purchased by lower income families who wanted to move a relative or friend in with them to share the expenses. Look at the number of the cars in the driveways and yards.
Someone should do a count on how much the “average number of people over age 30 living in a single family house” has increased. I think we would be amazed.
But I disagree the best way to describe the trend is “Immigrants”. Yes, unlike modern Americans, foreign speaking residents seem to take more responsibility for caring for their relatives; have more tribal instincts in that respect. When I grew up in the 40’s having two generations in one house was common. My Grandparents took in newly married children (they had 9) and helped them get started. And occasionally, because average lifespans were then at about 65, a grown child would take in an aging parent.
Now the prime motivator for multi-family living and multi-person living is almost always economics, not compassion. We have defacto, multi-family houses all over the place. Especially in parts of the P and R sections where houses are filled with an assortment of “roommates” sharing the expenses and earning money in lets call it “the new underground” economy.
Unfortunately. Our leaders think it is not good politics or good for business to publish this information. Police reports on gang crime in our Palm Coast schools and in our neighborhoods is not given much, if any, airtime or newspaper time or newsletter time. The problem is buried. It may be very small. Is it? Is it growing? Where?? Public access to this politically incorrect information is limited and obscured.
I think a good reporter who befriended our police and first responders could write a blog or newsletter that would get more subscribers than the circulation of all our local papers put together.
Our emergency responders need community support to run bad guys out of town. Hiding the existence of drug dealers and gangs is not a good economic strategy. Identifying who and where they are is. If you want to write this type Blog or Newsletter, maybe I can help. Send me a note.
I have no young children. I don’t need a Predators List as badly as my children who are raising my grandchildren. I would like a similar report on where our convicted drug dealers and gang members live. We are a town of many retirees. We want to be safe. If you know someone in our local government who wants to take on the issues of exposing crime and drugs in Palm Coast in order to limit them; let me know.
I worked in NYC and knew what streets to avoid and where and when to be careful. This information is carefully guarded from me here in Palm Coast. If I am wrong and uninformed, let me know. Send me a comment about what you know or have heard. We need a Palm Coast internet Crime Watch!
The other trend I think is especially pertinent to Palm Coast is:
TREND 3. Generation Y: They are larger than the baby boom generation (with a population of about 86 million). As they enter the housing market, they are less interested in homeownership than their parents were when they were young adults. “They will be renters by necessity or choice for years ahead,” says John K. McIlwain, author of the report.
I believe this is and will continue to happen. But Generation Y is not flocking to Palm Coast. We are jobless. However, in Palm Coast, divorces, foreclosures, lack of credit, retirees from cold climates and economically challenged downsizers are contributing to this paradigm shift to leasing instead of purchasing their homes. I like “leasing” and think long-term leases, where the tenant has an incentive to maintain and upgrade their home because he will be there long enough that it will become part of their identity, has already begun.
The stigma of being a “renter” and therefore, like “trailer trash”, someone who doesn’t maintain and take pride in their home because the physical structure is owned by someone else, is passing.
In my neighborhood within Pine Lakes you cannot tell by looking which houses are rented and which are owner-occupied. This trend is being accelerated by buyers from overseas who never did own their home, but took pride in its appearance.
Personal Anecdote: Recently I offered to put $10,000 in capital improvements into a rental property in Sea Colony. The absentee owners were committed landlords; they did not want to sell. I asked if they would give me a seven year lease. They turned me down. Not on the rent I offered. They did not want a long term lease. The place stayed unrented and run down and has depreciated along with the rest of the market.
This is the exact reverse of the commercial market. I rented several offices in NYC on a long term basis and made leasehold improvements. The landlords were delighted. This is how business space is rented. I think residential will catch up. If you have a residential property you are willing to rent for five or more years, Talk To Ted. I have made different arrangements, but maybe I can help you with my experience and advice.
The other two trends in the Urban Land Institute research are:
TREND 1. Aging baby boomers (ages 55 to 64 years old): They will keep working, and many will be forced to stay in their suburban homes until values recover. Those who are able to move will choose mixed-age living environments that cater to active lifestyles. Walkable suburban town centers also will appeal to this group.
TREND 2. Younger baby boomers (46 to 54 years old): They are now entering their prime earning years but they will lack home equity and, unlike the older members of their generation, they won’t be able to purchase second homes. This will likely curb the prospects for the second-home market.
You can read the entire thing at:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231520
Pass this Blog along to any of your friends who are thinking about moving to Florida. I am a single agent Buyers Broker who can help them find the best location. tedleshersr@gmail.com
Monday, February 1, 2010
Watch Your Fannie!
If you are trying to sell your house, there's a gorilla in the room! Fannie Mae is trying to avioid bankruptcy. So they are competing with the private market by offering freebies if you buy one of their distressed properties. Check out this release from Friday...
"WASHINGTON – Feb. 1, 2010 – Fannie Mae, the largest provider of residential home funding in the United States, announced on Friday that it would start to pay closing costs for buyers of foreclosed homes in its inventory. Buyers of qualified properties will get up to 3.5 percent in closing costs or an equivalent amount for the purchase of new appliances.
Fannie wants to clear out the nearly 50,000 properties it has in inventory – listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010. Applicable properties can be found on HomePath.com, along with property descriptions, photographs, community and school information, and more..."
To see the entire FloridaRealtors newsletter's article go to
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231524
If you want to see the seven houses in Palm Coast that were on Fannie's list when I wrote this, click here...
Palm Coast's HomePath.com listings
Finding the right property to buy is complicated. Don't just go touring houses. Contract with a Buyers Broker. Talk To Ted about how this could cost little or nothing and provide invaluable information to the sophisticated buyer. tedleshersr@gmail.com
"WASHINGTON – Feb. 1, 2010 – Fannie Mae, the largest provider of residential home funding in the United States, announced on Friday that it would start to pay closing costs for buyers of foreclosed homes in its inventory. Buyers of qualified properties will get up to 3.5 percent in closing costs or an equivalent amount for the purchase of new appliances.
Fannie wants to clear out the nearly 50,000 properties it has in inventory – listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010. Applicable properties can be found on HomePath.com, along with property descriptions, photographs, community and school information, and more..."
To see the entire FloridaRealtors newsletter's article go to
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231524
If you want to see the seven houses in Palm Coast that were on Fannie's list when I wrote this, click here...
Palm Coast's HomePath.com listings
Finding the right property to buy is complicated. Don't just go touring houses. Contract with a Buyers Broker. Talk To Ted about how this could cost little or nothing and provide invaluable information to the sophisticated buyer. tedleshersr@gmail.com
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