Tony Robbins tells Rocky story
A little inspiration to start off the week right!
Archive for February, 2008
Tony Robbins tells Rocky story
February 24, 2008We have officially hit bottom – it’s time to buy!
February 22, 2008Just kidding. We are only in a buyers market for REOs and some isolated high end markets. We are in a “wait and see” market for any other property. BUT we will be in a buyers market once a major news organization breaks a story with the above headline.
“By Ilaina Jonas and Ben Klayman NEW YORK (Reuters) – Hovnanian Enterprises Inc’s (HOV.N: Quote, Profile, Research) chief executive said on Thursday he sees a challenging U.S. housing market for the next two years, but weak demand should bottom out…”
Option Arms
February 20, 2008Great article in Fortune on CNNMoney.com
Some say that people are more prone to just short selling and handing in their keys because their lender/broker/banker is faceless. Whereas before they would run into their local banker at the grocery store or soccer field.
Most people have a 2-4 point margin above the MTA index. Meaning right now if there loan were to recast at either the 110%, 115%, 120%, or 125% max balance (check your loan docs) the full payment would be based between 6.3-8.3%.
As short term rates continue to decline beginning with the LIBOR, flanked by the MTA and trailed by PRIME (and long term rates continue to rise due to global economic pressures) for those with adjustable rate mortgages who can hang in there long enough may see relief with some predicting full payment rates being between 4-6% by the end of the year (based on your index).
“Golden West’s loans” (World Savings then Wachovia then Wells Fargo), “option ARMs clustered in the frothy California real estate market, may take a hit from the housing downturn.”
The Lyons Den 