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Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

More On Housing

Posted on 02/28/2007 04:23:00 | Link | Post Comment

The chart below comes from Fidelity Research Institute, considered the outcomes from seven different strategies for a hypothetical 75-year-old couple who own a $400,000 home and need to pull out cash. The options included major steps like selling the home and buying a smaller house, as well as less-dramatic moves, such as taking out a reverse mortgage.

I don't like reverse mortgages (too costly) and I wouldn't want a 75-year old couple to sell and invest the procedes in the stock market. But, as I noted HERE Fidelity Institute can not be trusted with their research.

[Time] Housing Story Redux - Aren't prices always high and going higher?

Dual Agency: Deal or no deal?

Freddie to Tighten Subprime Mortgage Standards
"Some of these products that worked in the past don't work going forward," Chairman and Chief Executive Richard F. Syron, Freddie Mac 2/17/2007 - Yeah, they worked to get fee income for the banks.

From Freddie Mac: Freddie Mac Announces Tougher Subprime Lending Standards to Help Reduce the Risk of Future Borrower Default - The help is way too late and the improved underwriting standards they mention won't begin until September when there won't be anyone left standing. It's an outrage that there has been NO oversight on the lending industry.

No Worries: Banks Keeping Less Money in Reserve: Every Dollar Set Aside Can Cut Into Profits
Subprime Game's Reckoning Day: Risky Lending Fallout Threatens to Spread;Uncertain ARM Strength
Home Lenders Cut the Flow of Risky Loans: Default Fears Drain Subprime Pool, Adding To Pressures on Prices
Dual Agency: Deal or no deal?

Existing-home sales rise 3%
Sales of existing homes rose 3% in January from December, the largest percentage gain in two years, says a MarketWatch article. (Sales were down 4.3% year-over-year, MarketWatch says.) The median sales price dropped 3.1% from January 2006 to $210,600, the article says. "The price correction is working," the Web site quotes David Lereah, chief economist of the National Association of Realtors, as saying. He can't say definitively whether the housing market has bottomed out because January's warm weather helped to increase sales, he is quoted as saying. Condo resales were basically flat in January, dipping 0.1%, the article says.

Home permits hit 5-month high in January from the Arizona Republic, reports that home building across metropolitan Phoenix hit a five-month high in January, signaling spec homes finally could be selling and more buyers are getting back into the market. Single-family permits climbed to 2,876 in January, according to RL Brown's Phoenix Housing Market Letter. That's the highest level since August 2006, when builders pulled permits for 3,014 new homes. Brown attributes the uptick in housing construction to builders cutting prices on homes and drawing buyers to some fringe communities once again. "We have seen some life returning to the new-home market, albeit at a pace far below which we have been accustomed to in recent times," Brown said in his newsletter. the article says.

1 Comments:

: gkuxitjh isxby gbkqlmzjh iygznax ocrifaxh jylam tysq; posted by mfzsphbr ixedbmt @ 03/09/2007 14:48PM

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