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Bush signs Bill, another wannabe in Columbia upset she isn't getting ...
Found: 2 Months 14 Hours 31 Minutes ago
North Dakota Examiner News - Earlier this morning Bush signed the Housing bailout bill (or what I call extend the slump and prop up prices bill) without any fanfare. I'm sure part of the reason he signed it in private as it is going to remembered as one more thing that is a dent on the legacy of his administration.Yet analysts say actions by Congress and the Bush administration aren't likely to stem the tide of foreclosures.Mark Zandi, chief economist at Moody's Economy.com, projects that by the end of next year, nearly 2.8 million U.S. households will either face foreclosure, turn over their homes to their lender or sell the properties for less than their mortgage's value.Under the bill Bush will sign, the FHA could insure $300 billion in refinancedmortgages, which would be available to homeowners spending more than 31 percent of their income on their mortgage, and were current on their loans as of March. Banks also would have to agree to take a large loss on the existing loans in exchange for avoiding an often-costly foreclosure.Of that effort, Preston said, "I think it may be helpful on the margin but ultimately what we need is new homebuyers to come into this market and buy up the inventory of homes."Prices on the other hand are continuing to move down, if you check out the latest Case-Shiller numbers and we are back to Spring 2004 levels in many of the large bubble markets. That's about half way to come back into fundamentals.Peter Schiff, president of Darien (Conn.) brokerage Euro Pacific Capital, said prices could slide to levels last seen before the housing boom began in the early 2000s."Demand is way below where it was eight years ago; supply is way above,"Schiff said. "Why should prices be substantially higher than they were in 2000? The Dow isn't where it was in 2000. Stocks are worth less than they were. Why should real estate stand out as worth more?"Good point Peter, and the fliptards in the city and the wannabe's in the counties around Baltimore are learning right now that they can't sell. If they want to sell they have to price below 2004 levels.It's interesting when you look at what is on the market right now and my antidotal feeling is the 70% of them are from 2005-2007 timeframe trying to get there 40% over what they paid. Yet incomes will be down for this year, in fact they are below 2000 levels when you take inflation into account. Take away 100% financing and fraud appraisals and your left with taking a bath on your sale to get out of your "prison"or stay in your cell for the next decade.Part of the reason for this is the many many people like Veronica Peterson with her $545,000 Columbia house she lost to foreclosure.This is the crap that upsets me more than anything about the state of the housing market. Those of us who play by the rules and work hard and make way more than this daycare center queen cannot buy. There are so many wannabe folks around this region, folks who watch the secret and get gulled into that hocus pocus go and ruin house values with a realtor and mortgage broker in the end fleecing me the taxpayer!Just pulled the doc's on the property at 4940 Fox grape terrace, Columbia, MD 21044 to see what's so special that she needs my sympathy.Purchase date: Nov 3rd 2006First mortgage: $436,0000 2/28 ARM starting at 8.5% shocker WaMu!!!!(hint short this company, next IndyMac) adjusts to 10.5% in 2008 and 1% higher every year depending on libor.Second mortgage (or the housing bubble creation money since when do you know a buyer that can put 20% down on a 575k house?): $109,000 also thru WaMu! Don't see the APR some pages missing but appears to be a balloon loan.Now I'm willing to bet if I go back to 2000 this house was probably worth around 200-250k.This is a 2300sqft house built in 1972. Plenty of Baby boomers who will be selling in the next couple years around there....good luck you last couple buyers in this neighborhood.Now if this is not a ponzi scheme I don't know what is. This lady was left holding the bag while others saw what was happening and dumped the property. Everyone involved looked the other way so they could keep the money flowing. This includes the government because it wants the tax revenue. Those Howard county taxes have to go up higher than inflation in order to pay for all the social programs the burocrats think you need.My feeling is this house is likely a 250k-275k house at the bottom. Be interesting to see the dumb buyer who buys it in foreclosure for probably 380k. We are not at a bottom yet folks, houses will correct to incomes.Update: Looks like we have a follow-up from the City paper might want to check out....
Family poised to return to Germany
Found: 2 Months 1 Week 4 Days 11 Hours 29 Minutes ago
Bismarck Tribune - After nearly three months of waiting, Lisa Lappi and her children are headed to their home in Germany....
Kolnowski arrested for marijuana
Found: 2 Months 1 Week 4 Days 16 Hours 53 Minutes ago
Williston Herald - Kolnowski arrested for marijuana...
District 8 hires new principal
Found: 2 Months 1 Week 4 Days 16 Hours 53 Minutes ago
Williston Herald - District 8 hires new principal...
Reps are bound for regionals
Found: 2 Months 1 Week 5 Days 7 Hours 39 Minutes ago
Bismarck Tribune - It has been a long road for the Bismarck Reps so far. The trek isn't going to get any easier....
City believes census numbers to be low
Found: 3 Months 1 Day 15 Hours 29 Minutes ago
Williston Herald - City believes census numbers to be low...
Austin DuFault - Part two
Found: 3 Months 5 Days 11 Hours 20 Minutes ago
KXMC News - Its hard enough to play college basketball,but imagine playing at the Division One level?For one athlete from Western North Dakota...he soon won't *have* to imagine it,he'll be living it.In part two of her sit down interview,
Tia Streeter talks about...
Long live the queen
Found: 3 Months 1 Week 1 Day 11 Hours 35 Minutes ago
The Minot Daily News - Staff Writerdfeldner@minotdailynews.comGARRISON - The decades since the Queen Elizabus was first built have rolled by, and the Dickens Village Festival Committee wants to make sure the wheels keep going 'round and 'round on this bus for many years to come....
West Prairie Church rises from the ashes
Found: 3 Months 1 Week 5 Days 19 Hours 42 Minutes ago
Williston Herald - West Prairie Church rises from the ashes...
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