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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". |
Short Sale Information & Dual Agency Warning
'Short Sales' Rise As Housing Market Cools from the WSJ
reports that more borrowers are turning to this method of dealing with their debt as the number of people falling behind on their mortgage payments climbs to the highest level in five years.
Short Sale May Be an Option When Mortgage Debt Looms Too Large
from the WSJ reports that a homeowner stuck with two home loans and no means for paying them looks for help. Columnist June Fletcher on a possible way out for consumers faced with a home worth less than their debt.
Wrap Loans aka Wrap-Arounds (revisited)
Housing Bubble and Real Estate Market Tracker from SA for 3/20
DUAL AGENCY:
Some states allow agents to represent both the buyer and seller in the same real estate transaction or allow separate agents from the same real estate company to represent separate sides of the same real estate transaction, a situation known as dual agency or designated agency.
Some agents and brokers have their own rules for the road in dealing with dual agency. Dual agency has been a hotly debated issue in the real estate industry for many years, as it ties into Realtor ethics and responsibilities to clients.Here's an example of a company policy on dual agency from BloodhoundRealty.com: HERE.
There is no way that an agent should represent both buyer and seller in a transaction. Ask any realtor if they can handle it and be objective and, after seeing dollar signs, they will say they can do it and have done them in the past. But, then ask them about their listing and out will spew information favoring their seller (client) therefore unfavorable to you, their potential client. Just how will you expect to hire the listing agent to represent you, knowing what they know about their seller, and ask them to then hammer the seller, which is their job on your behalf? They simply can't.
Ask the designated broker and the broker will suggest that the agent simply act as a third party neutral. Terrible idea! Solution: hire your own agent or ask the agent to pass off one side to a fellow agent in the same office. My job, as agent or as principal, is to get 75% of what I want and giving the other side 25% of what they want. Would you want your agent to be "neutral"? No way.
Experts: Arizona's economy is stable from the Arizona Republic,
reports that according to local experts, the housing market shakiness is only cooling Arizona's economy a bit in 2007. "Is a recession a possibility? Sure. Is a recession a certainty? No," said Dennis Hoffman, an economics professor at Arizona State University. The article cites several areas that show cooling, including the fact that consumers are spending less money, retail jobs are slowing, residential construction jobs are stalling and income growth could taper slightly. Compared with what's happening in other parts of the country, those are not dire developments. Economist argue that Arizona's economy, while still heavily dependent on construction, has diversified recently. Business services, finance and insurance sectors have grown sharply, said Hoffman, adding that a continuing population boom should grow health care and other related services. Austin Litvak, an economist at Moody's Economy.com, said "I would still expect Arizona to remain one of the fastest-growing economies in the nation despite the housing slowdown."
Van rental specialists U-Haul reports that during 2006 it served 3.1% more families moving into California than moved out. That was an improvement from 2005, when U-Haul helped 1.3% more families inbound than outbound movers. To read more of U-Haul's study, CLICK HERE Also: LA the top U-Haul destination in 2006, SF at 36
Curiously, the top 10 places new Californians came from via U-Haul, and the top 10 destinations for ex-Californians were the same:
1. Nevada
2. Arizona
3. Oregon
4.Washington
5. Texas
6. Colorado
7. Utah
8. Idaho
9. New Mexico
10. Florida
Arizona ranks No. 2 in high-interest mortgages from the Arizona Republic,
reports that Arizona ranks No. 2, behind Nevada, for the highest percentage of subprime loans. Almost 17 percent of Arizona's homeowners have subprime loans. Nevada has 19 percent. Florida ranks third at 16 percent. All three states saw huge home price run-ups a few years ago, and subprime loans made it possible for many people with bad credit to buy those homes. But now interest rates are rising on subprime mortgages and some can no longer afford the payments. Nationally, late payments on subprime mortgages rose to 13.3 percent at the end of 2006, the highest level since mid 2003. However, Arizona's delinquency rate is still a relatively low 9.26 percent.
Study predicts 1.1 million foreclosures among ARM loans originated in last 3 years
Changes in home prices could reduce or magnify impact of interest-rate resets.
Subprime Mortgage Woes Spread;Forecasts for Home Prices Cut the WSJ
reports that economists said the turmoil surrounding these risky loans is likely to spread to the broader mortgage market, a WSJ.com survey finds. The extent of any spillover to the housing market remains unclear.
John Paul Getty: "If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem."
- How Different Investments Did This Past Week
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- Millionaire Now!
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- ASSET ALLOCATION MODEL
- THE BIG ROLLOVER IS HERE
- THE END OF THE GRAND SUPERCYCLE?
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