| Search by tag or site | Login to my blog ? Start my own blog |
 |
Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
As Housing Flounders Realtors Leave Profession
from MSNBC.com, reports that the National Association of Realtors expects membership to decline this year for the first time in a decade as the housing market slump affects their opportunities. The NAR ended 2006 with nearly 1.4 million members-- almost double the roughly 716,000 it had in 1997-- but expects 2007 to close with 1.3 million members, a drop of over 4 percent. Trade groups in two of the hardest hit states, California and Florida, also forecast membership drops. Colleen Badagliacco, president of the California Association of Realtors, said many agents joining in the last three years wanted to cash in on a hot market but weren't prepared to endure what she calls the "ugly perfect storm" that attracted more agents than a sagging market can support.
In California, which has the largest number of Realtors among all states, the California Department of Real Estate reported that the total number of real estate licensees in the state (which includes Realtors and non-Realtors) grew to 538,598 in July, up 5.98 percent compared to July 2006 and up 0.29 percent compared to June 2007.
Truth in Lending Act from Inman News
The 1968 Truth in Lending Act will quickly be front and center in the discussion about recourse associated with sloppy lending practices and the sub-prime fiasco. The law governs consumer credit, requiring disclosures about loan terms and costs.
The law itself, the requirements it imposes on lenders and the liability associated with violating it will be combed over by policy makers, politicians and litigators in the next couple of years.
How much were consumers told, how much did they understand and who is responsible for their lack of understanding?
The law became a hot topic in the 1980s in the aftermath of a housing downturn when interest rates skyrocketed to 18 percent for a 30-year fixed rate mortgage. During that period, ARMs took off and negative amortization loans were popular before home prices slid.
Read entire story HERE
Arizona-based finance firm to lay off 541, shut mortgage unit
from the Arizona Republic, reports that Scottsdale-based 1st National Bank Holding Co. said it will discontinue its national wholesale mortgage unit and close mortgage centers in Virginia, North Carolina and Nevada, keeping just one operations facility, in Tempe. The Tempe operation will cut approximately 170 positions. "This was one of the most painful decisions of my 38-year career," said Raymond Lamb, owner and Chairman. "I have never seen a market shift as drastically as has occurred in the mortgage business over the last four, but even more precipitous in the last few weeks, Lamb said"
From enomomist Elliott Pollack on the local market: "fortunately, the economic fundamentals that have made the Greater Phoenix economy so successful in past years remain in place. In addition to offering individuals and families the opportunity to succeed, Greater Phoenix generally remains business friendly. The bottom line is that people want to move here. Data doesn't lie." Entire report HERE
During periods of market volatility it is easy to succumb to emotions that are detrimental to sound investing. As a result, read the following tenets of the BCM Discovery Fund which were established for these types of volatile markets: 1.) Avoid permanent impairment of capital; 2.) Avoid excessive leverage; 3.) Know your managers intimately; 4.) Extreme fear and market dislocations can provide long term investors with significant opportunities; and 5.) Attempting to time the "bottom" is not a strategy.
According to the FDIC, 85% of sub-prime loans are being paid on time.
According to the MBA only 1.3% of homeowners are in Foreclosure.
According to Fox News 97.4% of homeowners are paying on time.
50% of all sub-prime borrowers could have qualified for conventional.
According to CNBC 1/3 of all homeowners have no mortgage.
- Are Financials Suddenly Cheap? Part Ii
- Are Financials Suddenly Cheap?
- Top 10 Sectors & Stocks By Relative Strength (weekly Update)
- Short-Term Sell Signals Given
- "Who Is Next?" By Dick Bove
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
- July 2006
- Millionaire Now!
- The 7 Steps to Millionaire Now!
- Build Your Financial Plan
- RETIRE RICH: Survival Guide
- ASSET ALLOCATION MODEL
- THE BIG ROLLOVER IS HERE
- THE END OF THE GRAND SUPERCYCLE?
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them i [read more]
U.S. stock futures rebound on Citigroup results"S&a [read more]
<< My Home | TheMoneyBlogs Home