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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". |
Valley Housing Market Trend Is Upward
Posted on 05/04/2007 06:11:43 | Link | Post Comment
Borrowers in trouble may get some relief
from MSNBC.com, reports that several major participants in the home mortgage market have agreed to adopt a set of principles for dealing with homeowners with high-priced loans who face possible foreclosure, said Senate Banking Committee chairman Sen. Christopher Dodd. Dodd has been pushing for such action by lenders as a possible solution to the subprime mortgage crisis. Those agreeing to the principles include Citigroup, JPMorgan Chase & Co., HSBC Holdings Corp., Bear Stearns & Co., Fannie Mae and Freddie Mac. Among the principles are: contacting distressed borrowers promptly to try to work out arrangements; making loans more affordable by reducing rates, changing terms and other means; and providing refinancing at the lowest cost possible for those who are eligible. Some companies however, including Countrywide Financial Corp. and Wells Fargo & Co. did not endorse the principles. Nearly 2 million ARM's are resetting to higher rates this year and next, setting up a potential wave of foreclosures that has put everyone on edge.
Arizona economy remains on positive track, outpaces national growth
from the Business Journal of Phoenix, reports that increased production is helping Arizona maintain a stronger growth level than the national economy, despite the deflated housing market, according to the latest Arizona Business Conditions Index released yesterday by ASU. The overall index rose to 60.1 in April, up from 56.2 in March. Any reading over 50 indicates that the local economy is growing, while a reading below 50 suggests a slowdown.
Housing market trend is upward, analyst says from the East Valley Tribune,
reports that Valley developers and homebuilders took out more building permits for the fifth month in a row in March, though sales continue to sag. There were 3,737 permits issued in March, up from 3,630 in February but down 21 percent from a year ago, according to the latest Phoenix Housing Market Letter from analyst RL Brown. "It's a positive sign that the trend is upward," Brown said. Builders are also making progress on getting rid of excess inventory, but the new home market is facing another hurdle-- tightening lending standards, he said. "I think that's the dark cloud that's on the horizon," he said. In March, there were 3,674 new homes sold, down 20 percent from the same month last year. For the first three months of 2007, there have been 10,369 new homes sold, compared with 12,536 for the same period in 2006.
Housing Bubble and Real Estate Market Tracker from SA for 5/3
from MSNBC.com, reports that several major participants in the home mortgage market have agreed to adopt a set of principles for dealing with homeowners with high-priced loans who face possible foreclosure, said Senate Banking Committee chairman Sen. Christopher Dodd. Dodd has been pushing for such action by lenders as a possible solution to the subprime mortgage crisis. Those agreeing to the principles include Citigroup, JPMorgan Chase & Co., HSBC Holdings Corp., Bear Stearns & Co., Fannie Mae and Freddie Mac. Among the principles are: contacting distressed borrowers promptly to try to work out arrangements; making loans more affordable by reducing rates, changing terms and other means; and providing refinancing at the lowest cost possible for those who are eligible. Some companies however, including Countrywide Financial Corp. and Wells Fargo & Co. did not endorse the principles. Nearly 2 million ARM's are resetting to higher rates this year and next, setting up a potential wave of foreclosures that has put everyone on edge.
Arizona economy remains on positive track, outpaces national growth
from the Business Journal of Phoenix, reports that increased production is helping Arizona maintain a stronger growth level than the national economy, despite the deflated housing market, according to the latest Arizona Business Conditions Index released yesterday by ASU. The overall index rose to 60.1 in April, up from 56.2 in March. Any reading over 50 indicates that the local economy is growing, while a reading below 50 suggests a slowdown.
Housing market trend is upward, analyst says from the East Valley Tribune,
reports that Valley developers and homebuilders took out more building permits for the fifth month in a row in March, though sales continue to sag. There were 3,737 permits issued in March, up from 3,630 in February but down 21 percent from a year ago, according to the latest Phoenix Housing Market Letter from analyst RL Brown. "It's a positive sign that the trend is upward," Brown said. Builders are also making progress on getting rid of excess inventory, but the new home market is facing another hurdle-- tightening lending standards, he said. "I think that's the dark cloud that's on the horizon," he said. In March, there were 3,674 new homes sold, down 20 percent from the same month last year. For the first three months of 2007, there have been 10,369 new homes sold, compared with 12,536 for the same period in 2006.
Housing Bubble and Real Estate Market Tracker from SA for 5/3
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