The attached link gives you some general information for the LHC market. The media loves to quote national sales numbers, which is so not helpful. Pay attention to your
local market. Yes, what is happening on a national level is good information, but local is unique and where your focus should be. Lake Havasu is especially unique, we host several types of buyers, vacation, retirement,and of course your regular families.
You will see some positive and negative numbers in this report, sales are up, sales price's are down.
Sept 07-Nov 07 Sold 117 homes, price range 129k-1.1 mil
Solds Sept. 08 Nov 08 174 homes price range 60k-1 mil.
Active in LHC as of Nov.24th
SINGLE FAM: active 1273
Friday, November 28, 2008
Monday, November 24, 2008
Are we bailing fast enough?
700 Billion dollars!!! I can not even wrap my mind around this number. The more and faster Uncle Sam pours money into failing company's , the faster the boat fill with more water.
Maybe its time to fix the leak, and stop bailing? Good information in this months
Economic Focus;
Volume 12, Issue 43
For the week of November 24, 2008
ENTER THE NEW GUARD
With Congress and the current Administration concentrating their attention on big Wall Street players and the Auto industry, other sectors of big business are lining up with tin cups vying for "their" share of the bail-out funds.
The thing is this whole financial mess was created by loose mortgage lending standards adapted at the government's insistence. Practices that continued with little government oversight and escalated into the international whirlwind we now have.
Now, Washington is rescuing the Wall Street and other financial intuitions and investors that have been disrupted by the mess but continue to overlook the housing industry that has propped up the economy for the past decade plus.
Enter the new guard
President-elect Barak Obama is floating intentions to appoint New York Federal Reserve President Timothy Geithner to become his Treasure Secretary. Geithner, who is Barak Obama's age, has been a crucial player in the government’s attempt to cure the credit crisis.
In the meantime, FDIC chairwoman Sheila Bair has proposed a plan for troubled mortgage holders.
Bair was appointed by President Bush to a five year term as head of the FDIC. In July the FDIC took over the bank IndyMac and has been unwinding thousands of their loans. Bair proposes this model for mortgage modifications nationwide. The target is to lower existing interest rates and/or extend amortizations.
Under this plan home loans would have to meet FDIC conformance limits, which would exclude more expensive homes. If the borrower defaults on the new loan, the FDIC would share up to half of the losses with the mortgage lender.
This is a large number but currently there are 7.5 million homeowners who owe more than their homes are worth, with another 2.1 million following if home prices decline another 5 percent.
According to First American CoreLogic, a data tracking service, in 3Q08 nearly one in five homes went upside down.
It is estimated that interest-rate resets will equal $30 to $50 billion a month in 2009 through 2011.
Maybe its time to fix the leak, and stop bailing? Good information in this months
Economic Focus;
Volume 12, Issue 43
For the week of November 24, 2008
ENTER THE NEW GUARD
With Congress and the current Administration concentrating their attention on big Wall Street players and the Auto industry, other sectors of big business are lining up with tin cups vying for "their" share of the bail-out funds.
The thing is this whole financial mess was created by loose mortgage lending standards adapted at the government's insistence. Practices that continued with little government oversight and escalated into the international whirlwind we now have.
Now, Washington is rescuing the Wall Street and other financial intuitions and investors that have been disrupted by the mess but continue to overlook the housing industry that has propped up the economy for the past decade plus.
Enter the new guard
President-elect Barak Obama is floating intentions to appoint New York Federal Reserve President Timothy Geithner to become his Treasure Secretary. Geithner, who is Barak Obama's age, has been a crucial player in the government’s attempt to cure the credit crisis.
In the meantime, FDIC chairwoman Sheila Bair has proposed a plan for troubled mortgage holders.
Bair was appointed by President Bush to a five year term as head of the FDIC. In July the FDIC took over the bank IndyMac and has been unwinding thousands of their loans. Bair proposes this model for mortgage modifications nationwide. The target is to lower existing interest rates and/or extend amortizations.
Under this plan home loans would have to meet FDIC conformance limits, which would exclude more expensive homes. If the borrower defaults on the new loan, the FDIC would share up to half of the losses with the mortgage lender.
This is a large number but currently there are 7.5 million homeowners who owe more than their homes are worth, with another 2.1 million following if home prices decline another 5 percent.
According to First American CoreLogic, a data tracking service, in 3Q08 nearly one in five homes went upside down.
It is estimated that interest-rate resets will equal $30 to $50 billion a month in 2009 through 2011.
Saturday, November 8, 2008
To spend or not to spend...
Trust, hard to gain , and once lost, how do you trust again? The report below, on our current financial mess, speaks to the heart of the issue. As Bill O'Reilly explains and explores in his book, "Who is looking out for you?" there aren't many out there who are looking out for you.
Does our Government? Our financial leaders? It appears they not only don't look out for us, they have no shame in their overt grab for more of our hard earned money. How many more bail outs of these monolithic , miss-managed companies are we expected to save? GM, Chrysler et al; next, will it be the airlines? Because, God forbid, it will be the taxpayers fault if jobs are lost.
No! it is no-one's fault but the greedy un-inspired leaders of these companies and agencies!
These guys feel so bad, they need another 400k retreat to get them back on track.
How hard was it in 1974, to figure out that smaller cars might be the way to go. So we bought smaller cars,then, gas became plentiful again and we got lulled into believing the spin, bigger, faster more luxurious, homes, cars, toys.
I remember saying to all who would listen, I will never pay more for a car, than I did my first home (which BTW, was 24k) That squealing in my brain over spending more than that for something which will loose value faster than Big Mac sitting under the warming lamp over an hour, that sound ,was my common sense. Hmm... where did that go? Because of course sometime in the last few years, I broke that vow to self. No more I say! When the common sense squeals , I will listen. So who do you trust? Trust that squeal, you may want to listen to the seductive sounds assailing you night and day. "you are qualified for a 500k mortgage" "you deserve this leather and GPS system" " we are FDIC insured"
Close your eyes and plug your ears, you know the answer , start listening to the squeal!
Volume 12, Issue 42
For the week of November 10, 2008
HE WHO CONTROLS CREDIT CONTROLS THE MARKETS
Time was when cash was the currency that ran through the veins of the economy. Over the years we have replaced cash money with credit as the currency that runs in our financial veins. So when the purse strings of credit tighten, as they have in recent months, we find the entire global economy turned upside down.
The economic spotlight continues to beam on credit...consumer, commercial, institutional, government and every other conceivable source of credit and borrowing. The new axiom is "whoever controls credit controls the markets."
That will work so long as there is trust within the economy’'s circulation. But when trust has been broken the whole system runs a risk of imploding.
The U.S. economy runs on the slogan "in God we trust" or is it "in Uncle Sam we trust." Well, it is the latter, as we have grown to place our total financial well being in the credit and good faith of the government of the United States.
Fanny Mae and Freddie Mac, while under government oversight, instigated and promoted the mortgage debacle we now face. Washington's first response was to dip further into the taxpayers’ pockets to cover their mismanagement and attempt to right the ship. This first rescue package is just the tip of this credit-less iceberg.
It is no wonder that private sector banks are holding onto cash. When trust is broken as it has been, with the misrepresented quality of mortgage investments, it is natural for those at risk (lenders and investors) to shut off credit.
Trouble is, the mess has spread into the entire global economy and we can't hope to float this out of treacherous waters on the backs of U.S. taxpayers. It is going to take a fundamental change in the way governments and their citizenry handle cash and credit. It can no longer be business as usual. Everyone has to take financial responsibility and keep spending in line with income.
Today, we see what can happen when we try to fill the sink hole with a few trillion dollars. The crisis will require more money, for sure. But a stiff measure of spending restraint and self-discipline in Washington must accompany it in order to restore confidence on Main Street. Great leadership is what is needed to turn on the tap that opens the flow of credit again.
Does our Government? Our financial leaders? It appears they not only don't look out for us, they have no shame in their overt grab for more of our hard earned money. How many more bail outs of these monolithic , miss-managed companies are we expected to save? GM, Chrysler et al; next, will it be the airlines? Because, God forbid, it will be the taxpayers fault if jobs are lost.
No! it is no-one's fault but the greedy un-inspired leaders of these companies and agencies!
These guys feel so bad, they need another 400k retreat to get them back on track.
How hard was it in 1974, to figure out that smaller cars might be the way to go. So we bought smaller cars,then, gas became plentiful again and we got lulled into believing the spin, bigger, faster more luxurious, homes, cars, toys.
I remember saying to all who would listen, I will never pay more for a car, than I did my first home (which BTW, was 24k) That squealing in my brain over spending more than that for something which will loose value faster than Big Mac sitting under the warming lamp over an hour, that sound ,was my common sense. Hmm... where did that go? Because of course sometime in the last few years, I broke that vow to self. No more I say! When the common sense squeals , I will listen. So who do you trust? Trust that squeal, you may want to listen to the seductive sounds assailing you night and day. "you are qualified for a 500k mortgage" "you deserve this leather and GPS system" " we are FDIC insured"
Close your eyes and plug your ears, you know the answer , start listening to the squeal!
From: Econonmic Focus
Volume 12, Issue 42
For the week of November 10, 2008
HE WHO CONTROLS CREDIT CONTROLS THE MARKETS
Time was when cash was the currency that ran through the veins of the economy. Over the years we have replaced cash money with credit as the currency that runs in our financial veins. So when the purse strings of credit tighten, as they have in recent months, we find the entire global economy turned upside down.
The economic spotlight continues to beam on credit...consumer, commercial, institutional, government and every other conceivable source of credit and borrowing. The new axiom is "whoever controls credit controls the markets."
That will work so long as there is trust within the economy’'s circulation. But when trust has been broken the whole system runs a risk of imploding.
The U.S. economy runs on the slogan "in God we trust" or is it "in Uncle Sam we trust." Well, it is the latter, as we have grown to place our total financial well being in the credit and good faith of the government of the United States.
Fanny Mae and Freddie Mac, while under government oversight, instigated and promoted the mortgage debacle we now face. Washington's first response was to dip further into the taxpayers’ pockets to cover their mismanagement and attempt to right the ship. This first rescue package is just the tip of this credit-less iceberg.
It is no wonder that private sector banks are holding onto cash. When trust is broken as it has been, with the misrepresented quality of mortgage investments, it is natural for those at risk (lenders and investors) to shut off credit.
Trouble is, the mess has spread into the entire global economy and we can't hope to float this out of treacherous waters on the backs of U.S. taxpayers. It is going to take a fundamental change in the way governments and their citizenry handle cash and credit. It can no longer be business as usual. Everyone has to take financial responsibility and keep spending in line with income.
Today, we see what can happen when we try to fill the sink hole with a few trillion dollars. The crisis will require more money, for sure. But a stiff measure of spending restraint and self-discipline in Washington must accompany it in order to restore confidence on Main Street. Great leadership is what is needed to turn on the tap that opens the flow of credit again.
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