Here's a few pics from a recent trip to Waverly Hills Sanatorium in Louisville, KY. A renowned ghost site...

I used a long exposure and no tripod. That's why they are blurry, but kinda ghostly... ;)

The family that bought the building now sells guided night tours. This was a lot of fun because I love exploring vacant buildings - especially ones with a view. We were hooked with the 1.5 hour tour and now we want to have the eight hour overnight experience!

"The massive collegiate gothic style sanatorium still stands on Waverly Hill today. This sanatorium could accommodate at least 400 patients. It was considered to be one of the most modern and well equipped facilities when it opened. Construction of this sanatorium began in March of 1924. It opened on October 17, 1926 to administer patients. Waverly functioned as a tuberculosis hospital until 1961."... read more at TheRealWaverlyHills.com

"EXTREME MAKEOVER: HOME EDITION" is in my hometown this week! Yesterday they announced which family was picked for the show: WATCH VIDEO

I thought I'd check out the site firsthand.  I'm guessing that if you want to be picked for a home makeover then (besides being a deserving family) it really helps to live one block from a city park!SEE THE MAP

I never really considered what a massive production goes into the show. There are three streets completely blocked off ('safety' purposes).

THE QUOTE:

"That's not to say there are not individual homes...

"...that have been impacted by the presence of wind projects," Ryan Wiser said.

MY ILLUSTRATION:

MY COMMENTARY:

I suppose that wind farms don't technically MAKE wind (so this is NOT meant to be a negative commentary). But if they did... then this might be worth a chuckle. I also wonder: why did the imaginary builder decide to build one wood-frame house between two identical brick homes?

THE ARTICLE:

Here's a link to the MSNBC.com article that inspired this illustration: Study shows wind farms don't hurt home prices

REAL ESTATE NEWS IN ONE PLACE:

Here's my first TWITTER account - started a couple of days ago. This account will be for (real estate) news links only.

I don't know how I feel about Twitter yet. I never even thought about 'friending' strangers on Facebook, but I didn't hesitate on twitter - strange. At first, I was excited to find Ivanka Trump's Twitter (my celebrity crush). But then I realized that I'm not really interested in "sugar cookie exfoliation scrubs." I'm curious to see what Ashton Kutcher uses his Twitter for. He is apparently trying to become a 'media/marketing mogul'. I'm curious to follow the CEO of Zappos. Who else is following him - business types or shoe nuts?

It definitely is a new level of voyeurism. I think I'll stick to posting news TWEETS for now.

Can you suggest any good sources to follow?

Start by reading the selection below (in quotes) from the following article: HVCC appraisal rules effective May 1

"Lenders may use "in house" staff appraisers to conduct appraisals. However, the loan production staff cannot select, retain, recommend or influence the selection of an appraiser for an assignment or appraisal roster. Staff also cannot have any substantive conversation with an appraiser or appraisal company regarding valuation."

Now help me to understand why a lender could use In-House appraisers, but can't be responsible for selecting or conversing with a third party appraiser!

Here's a BEFORE AND AFTER photo of the Tower Oaks townhouse. Notice the boards on the wall (the two squares). The boards used to cover holes made from dog's teeth. The trim was extremely chewed up, as well. I wish I didn't accidently delete the photos that showed a collection of dog hair matted to the wall behind the trim. Fortunately, there was tile throughout - so we literally hosed the place with bleach.

Pay attention to the bottom right corner of this photo. What you see is the corner of another toilet and sink. This is one of the most creative home make-overs I've run across! The previous owner has obviously knocked down a wall to access the tub from their bedroom! Take note - that is not a mirror by the tub. The tub actually divides the bathroom in half and there are two toilets!

Since I haven't purchased a bank owned property before, I'm not used to seeing water damage with a label!

I made this cartoon for a newsletter that I send to my private investors. The title should be "Subject To Underlying Mortgage." Sub-title: "Disclosure: This mortgage has a Due On Sale Clause and the lender has the right to call it due at any time." It speaks of the peaceful transfer of power... and debt responsibility!

I'm continually AMAZED when I hear people predicting that the housing market is bottoming out and there should be a turn around in the next 6-12 months!!!!!!!

The market decline has slowed down (prices are still down, but sales are up) because some people are taking advantage of the extremely low rates for a mortgage - but it is temporary! Who cares if rates are low if next month they've lost equity?

I'm in the business of buying distressed properties and at the beginning of this decade I had to attract sellers to me. I had to pay for advertising. Lately, I've been making offers to banks using a friendly Realtor. Fresh bank-owned properties cross my desk almost daily. It's a blooming infestation!

As a result of an influx of distressed sales and the tight lending environment - prices are plummeting. What's scary is there is a back-log of foreclosures on their way to market in 09'. (check out these articles posted on Inman.com: 1. Obstacles delay REO sales  2.Banks to unleash flood of REOs).

Another HUGE point that I don't hear too many people talking about is regarding all the people who are current on their mortgage, but who owe considerably more than their property is worth. Maybe they bought at the peak of the market or maybe they refinanced or took out a home equity loan. What happens when these folks need to move, but can't sell? If prices have dropped 30%, then they have to go up almost 50% to be back. Are you expecting prices to go up 50% any time soon?

What about the fact that lenders were giving adjustable rate loans with five year balloons? IF 2007 was the last year they were pushintg these loans, that means we still have future balloons coming up for YEARS.

How long can the FED keep interest rates low without inflation raging out of control? What happens when rates go up and ARM loans become more unaffordable and even fewer people can get new loans?

Call me Chicken Little, but if you're planning to buy now - buy LOW!!

I was encouraged today when I read about provisions being added to the bill passed this Wednesday by the U.S. House that will require states to deny a license (to sell home loans) for applicants who have committed a felony within the last seven years. This is especially reassuring after a Miami Herald investigation shed startling insight into Florida's lax application screening:(The quotes below are from The Miami Herald, Matthew Haggman and Jack Dolan, as seen on The Florida Association of Realtors news website)"The Miami Herald investigation also found that 5,306 people with criminal histories became loan originators between 2000 and 2007...

"...after allowing thousands of criminals to sell home loans in Florida...

"... including the agency's licensing of Anthony Hollis, of Orlando. Despite convictions for car theft and passing bad checks, Hollis was granted a license to own a brokerage in 2003...

"...the case of Donald Smith, who was sentenced to 17 years in prison for strangling his wife and dumping her body in Tampa Bay. Saxon said staff did not "timely review" information submitted by Smith and had to issue the license because an administrative deadline expired."

"In the case of Richard Crowder, who went on to commit $37 million in mortgage fraud, Saxon pointed out that Crowder's grand theft and burglary charges dated back to 1984..."Among the ex-convicts given access to the mortgage industry was Scott Almeida... Florida regulators asked for a character reference. He gave them a note from his mom... They said he needed a reputable supervisor for his practice: He chose a guy he met in the prisoner visitor room... Almeida spent the next three years arranging nearly $3 million in fraudulent loans for which he was put back behind bars."