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CHRIS & DEANES 2-for-1 SALE SELLER NEWS
"Marry a Princess Lost in America," Trabosh wrote in the ads she posted on eBay and Craigslist last week. She describes a life of romance and travel and a home decorated with vaulted ceilings, upgraded tile and a soaking tub in a gated community with a pool and tennis courts. http://www.smh.com.au/cgi-bin/common/popupPrintArticle.pl?path=/articles/2008/07/02/1214950791243.html PENDING SALES NAR's Pending Home Sales Index, based on contracts signed in April, rose 6.3 percent to stand at 88.2 from a reading of 83.0 in March - the highest index since last October. According to NAR's latest forecast, a modest gain in home sales is possible over the next couple months, and the second half of this year should see some improvement as more buyers are able to access affordable mortgages. READ ARTICLE
Pending Home Sales Up Month over Month CNBC Jun 9, 2008. 10:00 AM EST A look at the latest pending home sales numbers. "BARGAIN HUNTERS HAVE ENTERED THE MARKET EN MASSE" SEE VIDEO We can all breathe a sigh of relief. The housing crisis is over. At least that was the headline on the editorial page of the Wall Street Journal earlier this month when Cyril Moulle-Berteaux, a managing partner of Traxis Partners LP, a hedge fund firm based in New York made his case that the housing market is hitting bottom right now. (which is what Chris sees here in Ft Myers & Naples) READ ARTICLE House Committee Aproves FHA "Short Pay" Loans Mortgage Nnews Daily, Saturday May 3, 2008 A key committee in the House of Representatives late Thursday passed legislation that would make up to $300 billion in federally insured mortgages available to borrowers facing foreclosure.The bill, H.R. 5830, the Federal Housing Administration (FHA) Housing and Homeowner Retention Act was passed out of the House Financial Services Committee and on to the full house by a bipartisan vote of 46 to 21.Under the principle provision in the bill, the FHA will guarantee a new loan to a troubled borrower if the existing lender will agree to accept a short payment (i.e. less than the outstanding balance of the loan) in full payment of the old loan. READ ARTICLE Loan forgiveness - After the Short Sale: Taxing What Isn't There BY LANCE CHURCHILL |
CHRIS REMEMBERS - Today I hear this. In 1982 mortgage interest were sky high at 14 to 18 percent. But it did not matter. Every agent knew that many persons did not want to buy a home. In 2008 mortgage interest are low at 4 to 6 percent and it still does not matter. Nobody wants to buy a home. People who feel powerless like this can find buyers when they accept yet lower prices - or they can wait until the public desire to buy a home returns to normal levels. It did in 1982 and CHRIS REMEMBERS. Mortgage foreclosures / delinquencies are skyrocketing, and millions of American home owners owe more to the bank than their homes are worth. Persons are mailing keys to their lenders (CNN Money says it is called "jingle mail") and abandoning homes. In Chris and Deane’s part of town this is happening. Very unpleasant for us as these homes sit empty and are taken over by weeds dead plants / trees, bugs, green slime, peeling paint. And now these abandoned homes have claimed a life. On March 11, 2008 the drowned body of a young child was found in the half filled swimming pool of a Southwest Florida ABANDONED home. One week ago the trucks pulled up and a yet another home in Chris and Deane’s neighborhood was abandoned. Current Florida law requires HOME SELLERS to disclose most everything about the home to prospective buyers. But not if the home is haunted, or had a murder committed in it, or is next door to an official convicted sexual offender. A law suit now is asking court to require disclosure of official convicted sexual offender. Many of Chris and Deane’s acquaintances feel it should be required to disclose if you have any rotten neighbors in area. Lee county gave the OK for the creation of a bioscience and technology research park at our Southwest Florida International Airport. This will create upto a 1000 jobs for our Ft Myers and Naples area. Auctioneers are all the craze lately in Southwest Florida along with rest of USA. Chris sees one or ten or a hundred homes going in an afternoon. Sometimes nobody even shows up to bid. One ENTERTAINING one Chris and Deane watched went this way. People showed up but no one would open the bid which had to open at $3 million. Finally a paddle went up for $3 million. Then a couple bid $50,000 more ---- and that was it. And the poor guy said “I don’t even want the house: I figured some one else would bid again”
Foreclosures leave Clearwater's Island Estates residents disenchanted By James Thorner, Times Staff Writer
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