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Archive for the ‘Bush’s Housing Bailout’ Category

>What Five State Will Rebound First Economically

>Market Watch has run an article by an Orlando writer,          , reporting that there is a housing recovery on the way. They name Oklahoma, Iowa, North and South Dakota as the likeliest to rebound first.

I happen to believe housing will take a much longer time to rebound. I think we have to see what the results of the massive inflation is going to be like. Inflation? Yes, in commodity prices. If that happens, which everyone is pointing to, then building products will skyrocket in price. Yes, then there will be a housing recovery of sorts. But it won’t be in new construction. Things will be too expensive for that.

By that I mean concrete, lumber, and finished products like cabinets and flooring. Everything will be expensive if the bottom falls out of the dollar, which it is going to do, and soon. But there will be one housing market th at should benefit. That’s the used house market.

If people can’t afford to build, they will buy an old house and take a few years to remodel it. Even that will be expensive, but not as expensive as building a new home. Eventually, however, prices of used homes will also skyrocket – and that’s exactly what the real estate bigwigs should be touting today in order to get some business in the door.

I would love to see a booming housing market. It’s good for everyone. America was thriving when th e housing market  was booming. But don’t expect it to be the first area of our economy to benefit by any recession recovery. One of the traps people get into is thinking that since recessions are always short-term, that this recession will also be short? It’s already three years old, so it’s time we declare it over with. Right?
Wrong? That’s the falacy of the current Obama Administration. They have wrongly declared the recession is over and that the bailouts have done the trick. Wrong again. Bailouts were innefective in helping businesses and thus joblessness has soared. Oh, it came down a bit, to 9.4 percent, but even that is artificial. A lot of that has to do with people who went off government aid and were automatically declared employed. Which they aren’t. Watch for the massive inflation bust, before the end of the recession.
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By Steve Kerch, MarketWatch
ORLANDO, Fla. (MarketWatch) — Housing will rebound moderately in 2011, economists at the International Building Show here are predicting and should gain even more steam in 2012.
But the recovery in home building and home sales will vary widely from one part of the country to another, with the states that had the most success during the boom times of the last decade being the last to come back from their historic bust, according to an analysis from the Portland Cement Association.

Opinion Journal: Texas Is the Model

Dallas Fed president Richard Fisher says there’s a reason the Lone Star State keeps growing.
“The headwinds are still facing us in housing. They are less than they were but they are still in place,” said Edward Sullivan, chief economist for the PCA, who examined data on mortgage delinquencies, unemployment rates and home-price declines to create a state-by-state recovery prediction.
The housing markets that still face the hardest going, led by Nevada, account for more than 50% of the U.S. housing market, Sullivan pointed out, while those that will recover the fastest make up only 20%. That means the better times in those states won’t do much to lift overall national housing numbers.

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>Housing Scam and What To Do To Avoid Scams

>

Housing Scam Uses Craigslist As Tool

Renters Offered Great Deals On Renting Homes

A scam in Central Florida involving a popular Web site attempts to prey on individuals who are looking for affordable housing. Scam artists are using Craigslist.org to place ads for homes to rent using the same name as the actual renter but a different e-mail address. The ad promises quality homes at an inexpensive price, but the person posting the ad does not own the home, which may be occupied by legitimate renters.                                                      _______________

Personal Safety Tips       craigslist help forum

You can sidestep would-be scammers by following these common-sense rules:

  • DEAL LOCALLY WITH FOLKS YOU CAN MEET IN PERSON – follow this one simple rule and you will avoid 99% of the scam attempts on craigslist.
  • NEVER WIRE FUNDS VIA WESTERN UNION, MONEYGRAM or any other wire service – anyone who asks you to do so is a scammer.
  • FAKE CASHIER CHECKS & MONEY ORDERS ARE COMMON, and BANKS WILL CASH THEM AND THEN HOLD YOU RESPONSIBLE when the fake is discovered weeks later.
  • CRAIGSLIST IS NOT INVOLVED IN ANY TRANSACTION, and does not handle payments, guarantee transactions, provide escrow services, or offer “buyer protection” or “seller certification”
  • NEVER GIVE OUT FINANCIAL INFORMATION (bank account number, social security number, eBay/PayPal info, etc.)
  • AVOID DEALS INVOLVING SHIPPING OR ESCROW SERVICES and know that ONLY A SCAMMER WILL “GUARANTEE” YOUR TRANSACTION.

Who should I notify about fraud or scam attempts?

  • FTC toll free hotline: 877-FTC-HELP (877-382-4357)
  • FTC online complaint form (http://www.ftc.gov)
  • Canadian PhoneBusters hotline: 888-495-8501
  • Internet Fraud Complaint Center (http://www.ic3.gov)
  • Non-emergency number for your local police department.

If you suspect that an item posted for sale on craigslist may be part of a scam, please email the details to “abuse@craigslist.org”. Be sure to include the URL (or eight-digit post ID number) in your message.
                                             ____________________

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>How Much Will The New Housing Bill Help Americans?

>According to a Wall Street Journal story by Brett Arends, homebuilder stocks may benefit from the new housing bill, maybe more than individuals suffering from financial trauma.

Arend said the new housing bill may well mark a turn in the housing market. “Maybe we won’t see a quick rally in home prices, especially in the hardest-hit areas. . . only time will tell.”

He believes that there seems little reason for prices to keep falling now that Uncle Sam has agreed to step in and underwrite new mortgages on distressed homes at 90% of the current market value.

And the banks–sooner or later will have to write these homes down to today’s prices. Factor in a 3% clip for taking part in the program and hope the program will help homeowners get out of a doomed loan at 87% of the asset’s residual value. Many won’t do that well, it is certain.

If you are a homeowner in crisis, call your lender or a counselor to see how you may qualify.

On a sad note, the media reported a woman killed herself instead of facing up to the foreclosure of her home in Taunton, Mass on July 23, 2008.

The body of this 53-year-old woman was inside the home when the foreclosure auction began at 5 p.m. She had just faxed a letter to her mortgage company saying that by the time they foreclosured on her home she would be dead. Local police said interested buyers arrived for the 5 p.m. foreclosure auction while Carlene Balderrama’s body was still inside. Had bidders known, it would surely have driven down the price they would have been willing to pay.

Carlene Balderrama's house

Steven Senne, AP