Zell predicts housing recovery in spring
Dow Jones Newswires
8:42 AM CST, February 26, 2008
Real estate billionaire Sam Zell, chairman of Equity Group Investments, suggested the housing market will begin its recovery this spring."I think (housing) starts have already pretty much bottomed out," Zell told CNBC Tuesday. "I think sales will start to occur, and we'll start to clean up the inventory."
Referring to the textbook definition of recession, Zell said the economy hasn't experienced two consecutive quarters of negative growth."We have yet to have a first quarter of negative growth," he said. "The only solution is time and a lot less panic. It' not a cash crisis, it's a market crisis."So in effect, when Citi takes a $10 billion hit, it doesn't mean they have $10 billion less the next day, it means their portfolio has been marked down," he said.Markups usually follow, he added.
Zell, who is also chairman and CEO of Tribune Co., which publishes the Chicago Tribune, also endorsed Ben Bernanke's reappointment as chairman of the Federal Reserve."Bernanke's reduction in interest rates has been spot-on because basically we're going to fix the credit markets by creating a big enough spread between the risk-free costs of capital and what's available.
So greed overtakes fear and the game begins again."
Copyright © 2008, Chicago Tribune
Good stuff! I like this guy.....
Wednesday, February 27, 2008
Sunday, February 17, 2008
Mortgage Rates
Mortgage Rates Move Little in Freddie Mac's Weekly Survey
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.72 percent with an average 0.4 point for the week ending February 14, 2008, up from last week when it averaged 5.67 percent. Last year at this time, the 30-year FRM averaged 6.30 percent.
The 15-year FRM this week averaged 5.25 percent with an average 0.4 point, up from last week when it averaged 5.15 percent. A year ago at this time, the 15-year FRM averaged 6.03 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.19 percent this week, with an average 0.4 point, down from last week when it averaged 5.21 percent. A year ago, the 5-year ARM averaged 6.01 percent.
One-year Treasury-indexed ARMs averaged 5.03 percent this week with an average 0.4 point, down from last week when it was 5.03 percent. At this time last year, the 1-year ARM averaged 5.52 percent
"This week was relatively light on the number of economic data releases, which painted a mixed picture regarding the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "On a positive note, labor productivity rose higher than market forecasts in the fourth quarter of 2007 while gains in labor costs slowed. However, pending existing home sales fell for the second month in December, indicating further weakness in home sales for January and February. As a result, mortgage rates were roughly unchanged this week."
"These historically low mortgage rates and declining house prices contributed to the highest housing affordability in December since March 2005, according to the National Association of Realtors®. However, with banks continuing to tighten lending standards, fewer families will likely have an opportunity to take advantage of these factors."
If you're a first time homebuyer this is a great opportunity to enjoy homeownership. If you need to refinance, the rates may be attractive for that as well. If you're an investor, holy cow how cheap can it get to use other peoples money (OPM)! Call me, Beth Brown of Coldwell Banker wants to sell you a home... 239 250-2408
Copyright © 2008 Realty Times.
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.72 percent with an average 0.4 point for the week ending February 14, 2008, up from last week when it averaged 5.67 percent. Last year at this time, the 30-year FRM averaged 6.30 percent.
The 15-year FRM this week averaged 5.25 percent with an average 0.4 point, up from last week when it averaged 5.15 percent. A year ago at this time, the 15-year FRM averaged 6.03 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.19 percent this week, with an average 0.4 point, down from last week when it averaged 5.21 percent. A year ago, the 5-year ARM averaged 6.01 percent.
One-year Treasury-indexed ARMs averaged 5.03 percent this week with an average 0.4 point, down from last week when it was 5.03 percent. At this time last year, the 1-year ARM averaged 5.52 percent
"This week was relatively light on the number of economic data releases, which painted a mixed picture regarding the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "On a positive note, labor productivity rose higher than market forecasts in the fourth quarter of 2007 while gains in labor costs slowed. However, pending existing home sales fell for the second month in December, indicating further weakness in home sales for January and February. As a result, mortgage rates were roughly unchanged this week."
"These historically low mortgage rates and declining house prices contributed to the highest housing affordability in December since March 2005, according to the National Association of Realtors®. However, with banks continuing to tighten lending standards, fewer families will likely have an opportunity to take advantage of these factors."
If you're a first time homebuyer this is a great opportunity to enjoy homeownership. If you need to refinance, the rates may be attractive for that as well. If you're an investor, holy cow how cheap can it get to use other peoples money (OPM)! Call me, Beth Brown of Coldwell Banker wants to sell you a home... 239 250-2408
Copyright © 2008 Realty Times.
Tuesday, February 12, 2008
Positive News for Real Estate In Naples Florida - Investors take note!
Naples-Marco Island, Fla.Rank: 10
Projected total GMP growth, 2007-2012: 22.7%
Over the last decade, an influx of wealthy new residents has driven population levels and tax revenues to new heights in the Naples area. These new residents have helped stabilize the local economy by avoiding risky mortgages and heavy debt loads that threaten to decimate other areas in Florida. According to Global Insight, personal income for area residents is expected to grow by 7.2% on average until 2012--the top rate in the nation.
Source: Moody's Economy.com, Global Insight
Wednesday, February 6, 2008
Today's Featured Bank Owned Property
Property Information:
Bank owned property! Not a Short Sale. 2 bedroom plus den, 2 bathroom 1st floor end unit condo with attached garage. Quiet golf community convenient to shopping and Naples beaches. This unit just steps from the community pool. Comes with golf or social membership. Asking $264,900...
Call Beth Brown at 239 250-2408 or email me at BethBrownRealtor@comcast.net if you would like more information about this property or others.
ONE DAY AT A TIME IN REAL ESTATE!
Every day we hear news about the real estate industry, mostly depressing. You see the media mongrels’ feed on news that creates negative emotion because that sells! Not that we should put our heads in the sand, we do have a huge problem that will take time to resolve but lets face it, it’s not the first time that there have been problems with the housing industry. Just like with stocks, gold, commodities, and automobiles…it’s a cyclical thing and in time we’ll be on to the next thing and our housing problems will be history once again.
Right now our biggest challenge is the glut of inventory and the record number of foreclosures (with more coming down the pipeline). We have choices, either stay where you are for now, or accept that what your house was once worth is history! If you have a plan and you are selling to accomplish that, be realistic and price it to sell, everything has it’s selling price. When you decide to sell listen to the advice of a seasoned realtor and if you’re not comfortable with what they are telling you and the facts that they are presenting, then now is not the time for you to “test the market.”
Right now even homes that appear to be priced right are taking much longer to sell, it’s a buyers market and there is so much for them to look at that they can’t make a decision. Add to that the builders are slashing their prices, giving away what used to be upgrades for free, paying your closing costs and practically putting your first born through college! They have to in order to survive, if they don’t more job losses and more homes for sale or foreclosure. It’s a vicious circle here and people that are essentially “locked in their homes.” So fasten your seat belts and stay in your seats, the ride isn’t over yet. But it will get better…
Here is an article published today on Realty Times website. Scary but true…
A Super Bowl Year For Foreclosures by Peter G. Miller
"The final 2007 figures from RealtyTrac.com show that foreclosure actions increased 79 percent when compared with 2006. Roughly 2.2 million households received default notices, auction sale notices and notices of bank repossessions. Not all of these homes were lost -- about 1.3 million were sold at the courthouse steps but the rest are hardly safe: They belong to distressed homeowners, people likely to sell fairly soon if they can whether prices are up, down or sideways.
These forced sales, when they appear in official records, will become part of the "comps" used to value your home if you sell or refinance. And if the comps are down you can guess how the world will price your house.
Look for more of the same in 2008 and perhaps worse. Just in the toxic loan category, the Federal Deposit Insurance Corporation now estimates that "almost 1.3 million hybrid loans are scheduled to undergo their first reset during 2008. An additional 422,000 subprime hybrid loans are scheduled to reset in 2009, which means these problems will not end anytime soon."
What can you do? Don't panic. Once the current inventory of exploding ARMs is refinanced or terminated there will be less downward pressure on home prices. Until then, buy and refinance with fixed-rate loans at today's low rates and pay down consumer debt. Most importantly, ask nearby brokers about sale trends in your community because national numbers may not reflect local real estate patterns."
You can visit my website at www.CallNaplesHome.com or email me at BethBrownRealtor@comcast.net
Right now our biggest challenge is the glut of inventory and the record number of foreclosures (with more coming down the pipeline). We have choices, either stay where you are for now, or accept that what your house was once worth is history! If you have a plan and you are selling to accomplish that, be realistic and price it to sell, everything has it’s selling price. When you decide to sell listen to the advice of a seasoned realtor and if you’re not comfortable with what they are telling you and the facts that they are presenting, then now is not the time for you to “test the market.”
Right now even homes that appear to be priced right are taking much longer to sell, it’s a buyers market and there is so much for them to look at that they can’t make a decision. Add to that the builders are slashing their prices, giving away what used to be upgrades for free, paying your closing costs and practically putting your first born through college! They have to in order to survive, if they don’t more job losses and more homes for sale or foreclosure. It’s a vicious circle here and people that are essentially “locked in their homes.” So fasten your seat belts and stay in your seats, the ride isn’t over yet. But it will get better…
Here is an article published today on Realty Times website. Scary but true…
A Super Bowl Year For Foreclosures by Peter G. Miller
"The final 2007 figures from RealtyTrac.com show that foreclosure actions increased 79 percent when compared with 2006. Roughly 2.2 million households received default notices, auction sale notices and notices of bank repossessions. Not all of these homes were lost -- about 1.3 million were sold at the courthouse steps but the rest are hardly safe: They belong to distressed homeowners, people likely to sell fairly soon if they can whether prices are up, down or sideways.
These forced sales, when they appear in official records, will become part of the "comps" used to value your home if you sell or refinance. And if the comps are down you can guess how the world will price your house.
Look for more of the same in 2008 and perhaps worse. Just in the toxic loan category, the Federal Deposit Insurance Corporation now estimates that "almost 1.3 million hybrid loans are scheduled to undergo their first reset during 2008. An additional 422,000 subprime hybrid loans are scheduled to reset in 2009, which means these problems will not end anytime soon."
What can you do? Don't panic. Once the current inventory of exploding ARMs is refinanced or terminated there will be less downward pressure on home prices. Until then, buy and refinance with fixed-rate loans at today's low rates and pay down consumer debt. Most importantly, ask nearby brokers about sale trends in your community because national numbers may not reflect local real estate patterns."
You can visit my website at www.CallNaplesHome.com or email me at BethBrownRealtor@comcast.net
Tuesday, February 5, 2008
Beth Brown and Real Estate Today!
Hello and thank you for visiting my real estate blog!!!
In this blog I will try to provide fresh content about what's going on in Real Estate world and answer any questions that you may have.
For those of us in real estate in Florida, we've taken a real beating this year and understandably so. We had it so good for the past few years that many agents don't know how to survive in this turn around market. Prices went up so fast for so long that you could virtually have a listing and never get it to paper before it would be sold. Well now that's all changed, we now have more listings than we can manage and many buyers who want to make offers for considerably less than the asking price. Add to that angry homeowners who are not adjusting well to the new market prices and you have lots of stress!
Hang on consumers; this too shall pass (as my mother used to say.) No better time than now to buy, great interest rates and great prices, tax portability... If you think you want to buy, than you better get with the program or you'll be kicking yourself sometime down the road. You probably want to ask, "How far down the road Beth?" Well if I had that answer I wouldn't need to be selling real estate because I'd be a billionaire.
No matter, I love what I do and each day is a new chapter in my book. I also like to sell bank owned property or formerly referred to as REO's. If you're looking to buy a property that is a foreclosure I have several and you can usually get a pretty good deal on them.
My feature property today is a two story home that needs a cash offer. Needs work but what a beautiful piece of property right across from a new elementary school that is being built. Follow the link below to view this property. All is well in paradise; call me if you would like to make an offer on this property or any others... You can also visit my website to view all of my listings.
Click on the link below to view the web page:
Review Listing: Click Here
Beth Brown
http://www.callnapleshome.com/
In this blog I will try to provide fresh content about what's going on in Real Estate world and answer any questions that you may have.
For those of us in real estate in Florida, we've taken a real beating this year and understandably so. We had it so good for the past few years that many agents don't know how to survive in this turn around market. Prices went up so fast for so long that you could virtually have a listing and never get it to paper before it would be sold. Well now that's all changed, we now have more listings than we can manage and many buyers who want to make offers for considerably less than the asking price. Add to that angry homeowners who are not adjusting well to the new market prices and you have lots of stress!
Hang on consumers; this too shall pass (as my mother used to say.) No better time than now to buy, great interest rates and great prices, tax portability... If you think you want to buy, than you better get with the program or you'll be kicking yourself sometime down the road. You probably want to ask, "How far down the road Beth?" Well if I had that answer I wouldn't need to be selling real estate because I'd be a billionaire.
No matter, I love what I do and each day is a new chapter in my book. I also like to sell bank owned property or formerly referred to as REO's. If you're looking to buy a property that is a foreclosure I have several and you can usually get a pretty good deal on them.
My feature property today is a two story home that needs a cash offer. Needs work but what a beautiful piece of property right across from a new elementary school that is being built. Follow the link below to view this property. All is well in paradise; call me if you would like to make an offer on this property or any others... You can also visit my website to view all of my listings.
Click on the link below to view the web page:
Review Listing: Click Here
Beth Brown
http://www.callnapleshome.com/
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