Loan Modifications…Looking Back – How’re We Doing?This post came about after reading this article at CNNMoney.com about how we’re doing with the Loan Modifications. I’ve said it before, and I’ll say it again (and you don’t have to like me for it…but I feel it’s the truth). Capitalism must be allowed to play itself out. You cannot change the rules of a game that is already set in motion and so indoctrinated into the very fabric of our economy it might as well be likened to Gravity in Nature. Bailouts, whether for the financial industry, or the auto industry, or any other industry are band-aids…short term fixes that wear off and lose their stickiness after a relatively short time. The problem – as I’ve said before is that we’ve got a broken leg, and you can’t fix that with a bandaid. A broken leg must be re-set (and it’s going to hurt, big time) and then allowed to heal over time if it’s ever going to mend properly. Do I feel bad for the people losing their jobs in the auto industry and the people who are losing their homes to foreclosure? Absolutely. They are the casualties and unfortunately most of them had no say in how it went down – the blame and fault doesn’t lie with them. But regardless of how I may feel about them and their situation, companies that make cars that people don’t want to buy are supposed to go out of business. Companies that are mismanaged to the point where they need BILLIONS of dollars in taxpayer money to sustain them for just a few months are absolutely supposed to go out of business. People who bought a home they couldn’t afford because they thought they’d be fine and able to figure it out the details later CANNOT keep their homes (as much as we’d all like that to be the case…). That’s trying to cheat the game…it’s trying to work against gravity…but gravity is a natural law…it’s the rule of the game…you can’t change it and fighting it will only put you in a worse position than you were in beforehand. Does it hurt? Like setting a broken leg – yes it does. Is a bailout going to help? In the short term – perhaps…in the long term…absolutely not. Funds transferred to a company that is unable to turn a profit are not funds well-spent. Even if it keeps you in business for an extra 4 months. Loans modified to help you keep the house you couldn’t afford to begin with…? While it may “feel” better in the short-term…it’s a band-aid on the American Economy’s broken leg…and that’s NOT helpful in the long run. Capitalism…this game…must be allowed to run its course…as much as it hurts to do so – it will hurt more if we try and reverse gravity. Bookmark This Post
Short Sale, Short Sale, Short Sale!!!I’m sure you’ve heard this buzz-word repeatedly over the past few months…especially if you’ve been paying attention to the Hernando County Florida Real Estate Market. The big question, though, is “What exactly IS a short sale?“ WELL – a short sale occurs when a bank agrees to take less than a homeowner owes as payment in full for the loan. The easiest way to explain this is with an example. Say you owe $200,000 on a very nice home that you bought in Spring Hill, but because the market has been declining, your home is now only worth $180,000. You go to the bank and say “I’ve got an offer on my home of $180,000 and I need to sell it…I know that I owe you $200,000…but I can’t afford my payments and if you don’t take the $180,000 you will have to foreclose on my home”. The bank then looks at the numbers and makes a determination as to whether they would rather take the $180,000 (and lose $20,000 on their loan amount) or foreclose on the property, sell it at auction, and hope to make more than the $180,000 when all is said and done (foreclosures are expensive for a bank…and you never know where the property will end up price-wise at auction…so in many cases, short-sales can work out better for everyone involved). Sounds like a great thing, right? SIGN ME UP! Read more Bookmark This Post
Foreclosure vs Short Sale…What should YOU do?This has been a topic of interest lately with quite a few sellers that I’ve talked with over the past few months… Here are a few articles that I think might be helpful if you are in such a position. I will add to this list over time as I find articles that are worth while. Take a look, read through, and if you have any questions, don’t hesitate to call me any time at 352-397-5182. My cell phone is on 24/7 for all my customers and it’s my pleasure to make myself available. Short Sale and Foreclosure Effects on Credit: http://homebuying.about.com/od/4closureshortsales/qt/060907SScredit.htm How to Do a Short Sale: http://www.ehow.com/how_8132_short-sale.html Short sale vs foreclosure?: http://answers.yahoo.com/question/index?qid=20070825084435AAm1Pv5 Joshua P. Hanoud Bookmark This Post
Rates on 30-year mortgages drop to lowest level since MarchRates on 30-year mortgages edged down this week to 6.30 percent, a seven-month low, according to Freddie Mac’s weekly nationwide survey. Click HERE to read the full story. ***As always, the latest in Real Estate News as it pertains to Spring Hill Real Estate, Brooksville Real Estate, Weeki Wachee Real Estate, Hernando Beach North Real Estate, Hernando Beach South Real Estate, and Hudson Beach Real Estate. – Brought to you by Hernando Luxury Homes, Your Luxury Real Estate Leader in Hernando County, Florida and Pasco County, Florida. Bookmark This Post
Rates on 30-year mortgages drop to lowest level in 6 monthsRates on 30-year mortgages fell this week to 6.40 percent, its lowest level in six months, according to Freddie Mac’s weekly nationwide survey. Rates hit a four-year high of 6.80 percent on July 20, but investors’ inflation fears have subsided, easing the pressure on mortgage rates.Click HERE to read the full story. ***As always, the latest in Real Estate News as it pertains to Spring Hill Real Estate, Brooksville Real Estate, Weeki Wachee Real Estate, Hernando Beach North Real Estate, Hernando Beach South Real Estate, and Hudson Beach Real Estate. – Brought to you by Hernando Luxury Homes, Your Luxury Real Estate Leader in Hernando County, Florida and Pasco County, Florida. Bookmark This Post
Mortgage rates dip for 5th straight weekWASHINGTON (AP) — Rates on 30-year mortgages fell for a fifth consecutive week as both sales of both existing and new homes in July declined, confirming a cooling housing market. The mortgage company Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.48 percent this week, down from 6.52 percent last week. That was the lowest level for 30-year mortgages since they averaged 6.43 percent the week of April 6. Mortgages had risen since then, hitting a more than four-year high of 6.80 percent the week of July 20 before falling in the past five weeks. Sales of new homes dropped in July by the largest amount since February while the inventory of unsold homes climbed to a record high, the Commerce Department reported Thursday. That followed news Wednesday from the National Association of Realtors that sales of previously owned homes slid 4.1 percent in July to a 2 1/2-year low. Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.18 percent this week, down from 6.20 percent last week. For one-year adjustable-rate mortgages, rates dipped to 5.60 percent from 5.65 percent last week. Rates on five-year adjustable-rate mortgages declined to 6.14 percent this week from 6.18 percent last week. The mortgage rates do not include add-on fees known as points. Thirty-year mortgages and 15-year mortgages both carried a nationwide average fee of 0.4 point. One-year ARMS carried a nationwide average fee of 0.7 point while five-year ARMs carried an average fee of 0.5 point. A year ago, 30-year mortgages averaged 5.77 percent, 15-year mortgages stood at 5.35 percent, one-year ARMs were at 4.56 percent and five-year ARMs averaged 5.30 percent. ***As always, the latest in Real Estate News as it pertains to Spring Hill Real Estate, Brooksville Real Estate, Weeki Wachee Real Estate, Hernando Beach North Real Estate, Hernando Beach South Real Estate, and Hudson Beach Real Estate. – Brought to you by Hernando Luxury Homes, Your Luxury Real Estate Leader in Hernando County, Florida and Pasco County, Florida. Bookmark This Post
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