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2009 January » fliprent
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  • Is the 2009 Housing Market Getting Any Better?

28th January 2009

Is the 2009 Housing Market Getting Any Better?

We’ve all heard the news that existing home sales in December 2009 surprisingly increased.  Previously owned homes in the US increased 6.5% to a 4.74-million-unit annual sales rate, according to the National Association of Realtors. This was very surprising considering most analysts had predicted sales at a 4.40 million unit pace.  Some analysts say that this could be a sign that the bottom is near., although the spark was mostly due to distressed foreclosure sales in states like California and Florida. 

Not everyone agrees that the housing market is anywhere near the bottom.   According to James R. Hagerty of the Wall Street Journal, economic indicators show that the housing market is not looking any better for spring 2009.    Dave Johnson and James Boyce of the Huffington Post believes that there is another entirely new bubble on the horizon that they refer to as the double bubble. 

It seems for every analyst predicting an upswing there is an antagonist waiting in the wings to disagree.   Heck!   That’s a 50/50 chance that it could swing either way.  Those odds are a lot better than at this time last year.

posted in Real Estate Market, economy | 0 Comments

22nd January 2009

LOW INCOME HOUSING TAX CREDIT

President Obama and Congress are finalizing an economic recovery bill that could be signed into law by next month. The bill has important implications for the Low-Income Housing Tax Credit (LIHTC).

The LIHTC is the nation’s largest, most successful affordable rental housing production program. But it has been hit hard by the financial crisis. Investment in the LIHTC fell from about $9 billion in 2007 to about $4-5 billion in 2008. It could drop even further in 2009.

Bringing the LIHTC program back to its full potential is one of the fastest ways to provide an economic stimulus while also assisting low-income working families, including victims of the foreclosure crisis.

BACKGROUND

The Low-Income Housing Tax Credit (LIHTC) is the nation’s largest and most successful affordable rental housing production program to date, financing more than two million homes since 1987 and about 120,000 annually in recent years. According to the National Council of State Housing Agencies, approximately 90 percent of all affordable rental housing is financed through the LIHTC. According to the National Association of Homebuilders, building 120,000 homes annually through the LIHTC supports 180,000 jobs annually. 

Source: Enterprise Community Partners

posted in Charity, Financing, Real Estate Investing, economy | 0 Comments

19th January 2009

Happy MLK Day / National Day of Service

Have a great day and don’t forget its National Service Day.  This is a great opportunity to give in our communities.  The current conditions have created a need for more families than at any point in most of our lifetimes.  Let’s join President Obama and First Lady Michelle in this historic moment.  God Bless!

 2009 King Day of Service Will Be Largest Ever – 12,100 Projects and Counting!

Search for an event near you.

posted in Charity, economy | 0 Comments

16th January 2009

Could Peer to Peer Lending be the way of the future?

peer to peer lending
Note to president Obama… Our current financial system doesn’t work!  As if he really needed me to tell him that!  The current mortgage meltdown and credit crisis should tell us all one thing for sure.  We don’t know what the “h-e-double hockey sticks” we are doing in our financial markets.  Many years ago there were no banks or brokers to create this mess.  Banks served a great purpose in building our country to what it is/was.  But maybe its time that we do something different or in this case do it again but better.   What I am referring to is people investing in other people not banks.  Today this concept is commonly referred to as Peer to Peer lending. 

Read the rest of this entry »

posted in Financing, economy | 0 Comments

14th January 2009

Bankruptcy Law a Culprit in Mortgage Meltdown

According to three researches at the Federal Reserve Bank of New York, the 2005 bankruptcy law is another contributor to our economy in crisis.  The article states that prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, homeowners were able to file Chapter 7 liquidation.  This allowed them to continue to pay their mortgages while freeing themselves of unsecured (not asset backed) debt.  You can red the rest of the article here.

posted in Mortgages, Real Estate Market, economy | 0 Comments

9th January 2009

Can’t we blame Irresponsible Borrowers for this economy?

 By now we all should know how our country got into this economic depression.  Anyone who doesn’t know isn’t paying attention.  Yes I did call it a depression just like I called it a recession before it was official.  It’s not just me either.  However, if you don’t know how it happened, here is my condensed list:

  • Lenders
  • Mortgage Brokers
  • Regulators
  • Mortgage Secondary Market
  • Investment bankers
  • Bernie Maydoff (yes he gets his own category)
  • The Feds
  • White House
  • Congress
  • Past Presidents
  • New Home Builders
  • Real Estate Investors
  • Hedge Fund Managers
  • Media Outlets

Read the rest of this entry »

posted in Financing, Mortgages, Real Estate Market | 0 Comments

7th January 2009

Pending Home Sales Worsen

Sales of pending US homes dropped to a new low in November.  According to the National Association Of Realtors (NAR), signed contracts in November dropped 4.0 percent to 82.3.  This is the lowest level since 2001. Economists expected a 0.1 percent drop, so that should tell you just how far off the mark they are.

posted in Real Estate Market | 0 Comments

6th January 2009

I had Totally Forgotten About Akismet

Yeah! comments are back!  Akismet is a life saver for Wordpress blogs, along with many others blog engines I’m sure.  Comment Spam on the blog-sphere is out of control!  I had over 11,000 spam comments in the queue.  How ridiculous is that?   Well thankfully I rediscovered this plug-in so we can get back to some meaningful conversation.  Thanks guys at Akismet!  Now if I can only find the time to post articles again…

posted in Uncategorized | 2 Comments

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