Shared by George Takei
September 19 every year is Talk Like a Pirate Day. Prepare yourselves.
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Nat'l Real Estate Post:
Only Exxon, Apple, Cheveron, JP MOrgan Chase, Wells Fargo are more profitable than the GSE's Fannie and Freddie. But Congress wants to eliminate the GSE's even though they are so very profitable. Maybe it is because they make all the other government departments look really bad.
We are offically down to pre-housing bust foreclosures.
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monthly bond buying, possibly before the end of the year, the last thing they want to do is spoil the nascent U.S. housing recovery.
That means the Fed may concentrate first on trimming purchases of Treasuries, while continuing to buy mortgage bonds to keep a lid on interest rates for home loans. © Copyright 2013 Bloomberg News
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The housing recovery is slow. This is due to several factors. 1. The lending institutions have tight credit requirements for buyers and builders. This is because the U.S. Federal Reserve has imposed tougher regulation that has made big banks reluctant to lend to small suppliers due to the reckless lending that led to the last housing crisis. But the US needs new construction homes. 2. Another problem with getting new homes on the market is the lack of laborers. A tough economy coupled with tougher immigration laws have shriveled the labor pool. 3. The suppliers of materials are behind the supply demand. If shingles haven't been produced, the builder can't finish the roof.
Here are the solutions: 1. Because the interest rates are rising, the banks are beginning to loosen the credit requirements. This will allow more builders and buyers to satisfy their borrowing needs. 2. Create really good temporary worker laws for agriculture and construction. We had good temporary worker laws until the 70's when the unions convinced Congress to change them in favor of union workers. Also, if we had the Fair Tax, the temporary workers would pay their share of taxes. 3. Follow the money. When building supplies are in short supply the price rises. As the suppliers catch up with the demand, the prices will drop, that is if the government doesn't decide to place more regulations on the already over regulated industry. Patience is the key.
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Rep. Jeb Hensarling, R-Texas.... The House Financial Services Committee Chairman inserted a provision in a draft of his proposed mortgage finance legislation to stop eminent domain. The proposal, if passed, would block federally backed loans in any county that allows eminent domain to be enacted. -- kpanchuk@housingwire.com
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And Yes, Yes, Yes, more people are ready and willing to hop into the housing market. Whether they are first time apartment renters or buying second homes, the pent up demand is popping. Sellers, we need you!
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Jill Pierce is Team Leader for RealEstateAuctions.com
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