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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". |
Real Estate & Housing Randoms
Posted on 06/17/2007 18:31:46 | Link | Post Comment
So, let's say I make home loans to people, A+ to sub-prime. And, let's say that I make a loan to be good friend who buys a home with 10% down and gets a 30-year fixed at 6.2%. He gets good/honest advice from me and he qualifies for a very good loan with 10+ years on his current job and a 790 credit score. Ratios are about 33/38, not bad in today's environment. The area he is buying is central Phoenix. IF HE LOSES HIS JOB HE'S UP SHIT'S CREEK WITHOUT A PADDLE, REGARDLESS HOW MUCH CARE WE TOOK GOING IN.
Let's also say that I have gathered three of the great investors in the world to see how they do it. Warren Buffet, legendary value investor. He holds onto companies for decades. William O'Neil, legendary technician and publisher of The Investor's Business Daily. He will hold stocks for years and years if they still go up and pay dividends. And, he'll sell if he makes an error and the chart shows a downward price movement breaking key support lines such as the 200 day MA. Then, there is little-known YOU, who works each day. YOU made this particular investment 10 years ago that paid YOU dividends to the tune of 30% per year, sheltered some unrelated income and has climbed steadily in price for the 10 years painting a perfect price chart. The investment? A single family house. And, everyone thinks YOU're nuts not to sell it.......as YOU were 3 years ago, 5 years ago and 7 years ago............
Oh BTW:
Let's also say that I have gathered three of the great investors in the world to see how they do it. Warren Buffet, legendary value investor. He holds onto companies for decades. William O'Neil, legendary technician and publisher of The Investor's Business Daily. He will hold stocks for years and years if they still go up and pay dividends. And, he'll sell if he makes an error and the chart shows a downward price movement breaking key support lines such as the 200 day MA. Then, there is little-known YOU, who works each day. YOU made this particular investment 10 years ago that paid YOU dividends to the tune of 30% per year, sheltered some unrelated income and has climbed steadily in price for the 10 years painting a perfect price chart. The investment? A single family house. And, everyone thinks YOU're nuts not to sell it.......as YOU were 3 years ago, 5 years ago and 7 years ago............
Oh BTW:
- The weak US dollar (not something to be proud of) has attracted people from all over the world who want to buy our stuff cheap, including our real estate.
- The latest annual housing market report by Harvard University's Joint Center for Housing Studies contains a chart (Table W-2) that shows the percentage of foreign-born renters and home buyers by state, based on the center's analysis of data from the 2005 American Community Survey. The national average was a 13.8 percent share of foreign-born recent home buyers and an 18.4 percent share of foreign-born renters.
- California had the largest share of foreign-born recent home buyers at 31.1 percent. California also topped the list for its share of foreign-born renters, with 36.6 percent.
- Did you know that only about 10% of "foreclosures" ever get past the couthouse steps? So, I do not see that adding, in a significant way, to the already bloated housing invetories.
California May 2007 Sales Report : A total of 36,975 new and resale houses and condos were sold statewide last month. That's up 5.8 percent from 34,949 for April, and down 31.7 percent from 54,099 for May 2006. Last month's sales made for the slowest May since 1995 when 32,223 homes were sold. May sales from 1988 to 2007 range from 32,952 in 1993 to 67,958 in 2004. On a year-over-year basis, sales have declined the last 20 months. full story from DQNews
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Examples
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