It's the weekend, so I'll keep this brief. What can we expect in the future from this Fannie and Freddie takeover? Between now and the swearing in of our next commander-in-chief, probably not much beyond the initial restoration of confidence. Money will flow through mortgage-backed securities in a cautiously optimistic manner the same way it has during this entire credit crunch. This will mean a steadying of mortgage prices around current levels. As such, we will not see any more [...]
To properly start this newsletter, allow me to quote myself from my last newsletter: "Everyone is all up in arms about Fannie Mae and Freddie Mac. The big concern on Wall Street is that these two mortgage giants are going to collapse under the weight of all these bad loans that they have been accumulating over the course of the past five years. If they did happen to close their doors, it would cause a catastrophic chain reaction across the mortgage, finance and real estate markets that [...]
With two out-of-state visitors wanting to bid by phone and internet on these beautiful condo hotel suites near Disney World, we attended the World Quest auction on their behalf this weekend. We were not expecting a good turnout based on pre-registration numbers but equally, we weren't expecting to be told as we approached the marquee that the auction had been "postponed" due to lack of sufficient participation! I counted less than 30 people scattered around the vicinity and assumed they were [...]
Everyone is all up in arms about Fannie Mae and Freddie Mac. The big concern on Wall Street is that these two mortgage giants are going to collapse under the weight of all these bad loans that they have been accumulating over the course of the past five years. If they did happen to close their doors, it would cause a catastrophic chain reaction across the mortgage, finance and real estate markets that would wreak havoc the likes of which our country hasn't seen in some time. And the sky [...]
There are more signs this week that nationally, the slump in the market may have reached its low point. (Don't smack me, I said "may" ok?) The most recent news from Las Vegas is that having been designated as one of the leading foreclosure cities in the United States, sales are edging up and prices holding steady. The Las Vegas Sun reports condo sales were up in July by 18 percent compared to the same time last year. Buyers seem to be moving off the sidelines as prices have slipped 31% in the[...]
Thursday, August 21, 2008 Orange County Convention Center North Building - 3rd Floor - Room N320 9400 Universal Blvd. Orlando, FL 32819 2:00 p.m. to 8:00 p.m. EST RSVP: 407-685-9882 Contact: Mark Lindsey, Abernathy MacGregor. msl@abmac.com (310) 343-5844. The nation's second largest mortgage insurer PMI Group (www.pmi-us.com) has released its annual Economic Real Estate Trends report, and the study reveals that several major housing markets in Florida and California are at the highest [...]
While the fence sitters in the U.S. may get away with "waiting for bottom" a few months longer, the Brits won't have that luxury as the dollar is beginning to strengthen again. From the point of view of much of the world, Florida has been "on sale" for a year or so now. And for the U.K. market, cheap prices, combined with a strong pound have made buying in central Florida a "no brainer." But as I've explained to my U.K. buyers, waiting around isn't an option because the "perfect storm" won't [...]
With new construction finally at a low, people are now actually moving into new homes faster than builders are erecting them. Accordingly, Orlando's inventory of new subdivision housing fell again during the second quarter. That's according to a report by Metrostudy, who found 3,646 finished-but-vacant single-family homes in the four-county metro area, down from 5,560 at the me time in 2007. The area's total inventory, which includes homes under construction and model units, was down 39 [...]
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 [...]
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