Two big deals in recent days: A Federal Reserve Open Market Committee (FOMC) meeting and the most aggressive housing bill to pass through the legislative process in quite some time. Add on a comÂmodity valuation plunge, high inflation readings, an artificially inflated Gross Domestic Product and bake at 350 degrees for 45 minutes and you've got yourself an economic pie fit for a king. A king named America. Here's the breakdown. The FOMC met this Tuesday and left interest rates alone. They [...]
I'd like to open this post by thanking each and every one of you for bailing out my industry's big brother and sister, Freddie Mac and Fannie Mae. I really appreciate you paying your taxes in a timely manner to a government that has fully embraced the "too big to fail" concept of our financial markets and is willing to rob Peter (you) to pay Paul (Wall Street). It's like Robin Hood...only backwards. And no one is wearing tights. And nobody could qualify as "merry." Am I jumping to [...]
The future of real estate looks bright - at least technologically speaking - that's what I'm learning at the Inman News Connect conference in San Francisco this week. The gadgets and software that will be coming online in the next few years will make the online home search process ever easier and more efficient making the buyer ever more informed and independent. As you probably know our cell phone will eventually hold the key to everything we do - and the iPhone is just the beginning. New [...]
Orlando Timeshare vs. Condo Ownership - Which is right for you? One of our new pages looks at the differences between Timeshare, fractional and regular condo ownership. The choice can be a difficult choice, especially for foreign buyers struggling to understand the U.S. real estate system. These are two very different real estate options with different legal definitions. The truth is, there are pros and cons to each of these options and which one suits you best will depends on your individual[...]
Tuscany Preserve in Kissimmee has 12 units priced from $139,900 - $294,900. The gated community has all the usual amenities and 4 golf courses and shopping plaza within 1-2 miles. The following great incentives apply: ADDITIONAL $10,000 - $25,000 CASH BACK ON SELECTED MODEL FOR THE FIRST 3 BUYERS. POSITIVE CASH FLOW OF $1,954 - $4,300 PER YEAR WITH 65% FINANCING. BUILDER PAYS RENT GUARANTEE OF 8% OF THE PURCHASE PRICE FOR 2 YEARS. BUILDER PAYS HOME OWNER’S ASSOCIATION FOR[...]
Our recent blog "Where is your Personal Bottom?" looked at how fence-sitters risk losing out on the "waiting-for-precise-bottom" game due to the way the housing market is always three months ahead of where it appears to be at any given time. Let's use some real numbers using data just released from the Orlando Regional Realtor Association (ORRA) to see if this theory pans out. Realtors sold 1,443 homes in June, a 7.1 percent improvement from the 1,347 home sales in the month prior. In fact, [...]
Short Sales: An acceptable exit strategy? Most of you who bought investment condos in 2005-2006 have told me the same gut-wrenching story: You're desperate to sell and wouldn't even mind taking a small loss if that's what it took. At that point, I usually ask you what you paid - and what you are asking - before telling you that you are probably wasting your time - unless you're ready for a skull searing haircut. Condo prices have fallen so much that even taking a small loss won't attract [...]
Federal banking regulators have just closed California leviathan IndyMac Bank FSB. The Federal Deposit Insurance Corp. has been named as conservator. I think this is the fifth bank to fail this year. The FDIC said it will transfer insured deposits and "substantially all the assets" of IndyMac Bank, to a newly created successor, IndyMac Federal Bank, which will be operated by the FDIC. IndyMac Bank, FSB had total assets of $32.01 billion and total deposits of $19.06 billion according to the [...]
I'm pleased to announce that the news relating to mortgages and economics has gotten a lot more inÂteresting for everyone this week. Lots of reasons to feel positive about where rates may be headed. At least in the short-term. First off, Fed Chairman Ben Bernanke announced earlier this week that the Fed governors were conÂsidering extending the time that investment banks would have access to the Term Securities Lending Facility. This means, amongst other things, that these ailing [...]
"I'm not buying yet. I'm waiting on the sidelines for the market to hit rock bottom." You and the rest of the country. I'm not saying you're wrong. But I have two questions for you: 1.) How will you know when rock bottom happens in a complex market where the only perfect vision is hindsight, and the best statistics are at least 3 months old? Real estate isn't tracked in a real time manner such as publicly traded stocks so it is only weeks or months after a deal has been negotiated and closed [...]
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