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ecomomic news: A New Era of Responsibility?....Renewing America's Promise? - 02/27/09 01:42 AM
Long Beach, Ca. The new 3.5 trillion dollar national budget, the largest on record, named, "A New Era of Responsibility: Renewing America's Promise." Was rolled out today by the wonderful people running this great nation. Let us analyze the name....there is a lot in a name:
A new era of responsibility?
Who is going to be held responsible? It appears that the tax payers of this nation will definitely be held more responsible because Obama's multi-Trillion dollar budget will raise taxes by $989 Billion dollars over 10 years!!!!!
Then there's the quizzical: Renewing America's Promise?
Again, may we ask, who … (0 comments)
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ecomomic news: Great Speech, but where's the beef?....several more pounds of flesh from you and me. - 02/25/09 12:16 PM
Long Beach, Ca. After an exceptionally inspiring and charismatic speech, our National Leader gave some of the best sound bites I have ever heard last night in an extremely populist speech. Indeed, to watch many of the star struck senators and congressmen anxiously line up to have their programs autographed by Obama makes one wonder about the head rush of euphoria going through the law makers of our country as they prepare trillions of more spending bills. However, the real problem with all of the bail out and stimulus projects with the government pumping trillions of even more money into our … (0 comments)
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ecomomic news: Long Beach Mortgage Report: Senate passes proposal to give $15000 Tax Credit for home buyers - 02/05/09 12:27 PM
Long Beach, Ca. President Obama has his first real challenge fencing with the Republicans in the Senate over the new stimulus package. It seems that the other side of the aisle wants to cut a minimum of 100 billion out of the budget for programs that, "do not stimulate." Barack Obama is hoping to get a completed economic stimulus bill within the next two weeks. Congress is still considering other proposals designed to recharge the housing industry, including a government-backed interest rate buy-down program that supporters say could push mortgage rates as low as 4 percent for some home buyers.
The … (1 comments)
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ecomomic news: Long Beach Mortgage Report: December Housing Sales rise!!! - 01/26/09 11:19 AM
Long Beach, Ca. Now for some good news. Sales of existing homes rose 6.5 percent from November to December, closing out the worst year for the U.S. real estate market in more than a decade, an industry trade group said Monday. The National Association of Realtors reported that sales of existing homes rose to an annual rate of 4.74 million in December, from a downwardly revised pace of 4.45 million in November. December's sales had been expected to fall to a pace of 4.4 million units. according to Thomson Reuters. For the full story you can go to: http://www.cnbc.com/id/28854489
To continue … (0 comments)
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ecomomic news: Seven Simple Lessons Learned from a real estate insider... - 01/24/09 07:51 PM
1. Property values don't always go up.
2. Use common sense when buying anything. If you don't have common sense, borrow it from someone who does.
3. Be prepared for the worst case scenario. Assume it will happen and make sure you are ready.
4. Talk to a CPA and a bankruptcy attorney before you, "let the house go back to the bank."
5. Understand how the banking system really works by watching the classic, "Money as Debt."
7. Explore the Loan Modification process only with an attorney that knows what he is doing.
Long Beach, Ca. Following the current equity … (0 comments)
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ecomomic news: Long Beach Mortgage Report: Economic Concerns continue in the Stock and Bond Markets - 01/23/09 08:11 PM
Long Beach, CA. Kirk Mulhearn and Lila Feingold successfully gave a Short Sale seminar today at the Norwalk office of Mulhearn Realtors. Over 120 agents showed up and learned how to handle the current trend in the plethora of short sale ativity.
Economic concerns continue to impact the stock and bond markets today. Negative corporate earnings reports contributes to the markets feelings that the recession will be deeper and longer lasting than current economic predictions. GE profits fell nearly 50%, Toyota warns of unprecedented job cuts, and bank bailouts soiled by dirty politics. Not exactly the formula for encouraging news. But … (1 comments)
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ecomomic news: Long Beach Mortgage Report: U.S.A only real buyer of Mortgage backed securities - 01/22/09 01:20 PM
Long Beach, CA. Equity market is doing the yo yo today as we were down on Tuesday, up on Wednesday and we are down over 200 points on Thursday. Bond market is imitating the same thing. Bond market opened favorable and now has turned negative in the last 30 minutes. 30 year fixed rate mortgages are now worse .25% in price from yesterday. Housing Starts and Building Permits fell more than anticipated to record lows as credit continued to become less available; weekly jobless claims printed at a 26-year high. LIBOR is now at 2-week highs due to concern that policy … (0 comments)
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ecomomic news: Long Beach Broker skeptical about new Mortgage Licensing Requirment - 01/22/09 12:04 PM
Long Beach, CA. James B. Lockhart, director of the Federal Housing Finance Agency (FHFA), announced that with mortgage applications taken on or after Jan. 1, 2010, Freddie Mac and Fannie Mae are required to obtain loan-level identifiers for the loan originator, loan origination company, field appraiser and supervisory appraiser. This is the result of Title V of the Housing and Economic Recovery Act of 2008, the S.A.F.E. Mortgage Licensing Act through which Congress required the creation of a nationwide mortgage Licensing system and registry. With enactment of the S.A.F.E. Mortgage Licensing Act, identifiers will now be available for each individual loan … (0 comments)
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ecomomic news: Long Beach Morgage Report: A very Cold Inauguration on Wall St. - 01/21/09 04:02 PM
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ecomomic news: Long Beach Mortgage Report: Bernanke endorses Obama's Stimulus Plan - 01/13/09 11:28 AM
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ecomomic news: Long Beach Mortgage Report: Finally some good housing news to share - 01/12/09 05:59 PM
Long Beach, Ca. Equity market is retreating today on earnings concerns and lower oil prices. Bond market is negative this morning as well and is down .125% in price from Friday's close. The artificial bond market now is dependent upon when the FED is buying mortgaged backed bonds. $10 billion down, $490 billion to go! So goes the Fed's program to buy $500 billion in securities backed by mortgages. It has certainly helped conforming conventional rates "tighten" to Treasury pricing.
There is no relevant economic news scheduled for release today or tomorrow. Look for the stock markets to influence bond trading … (0 comments)
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ecomomic news: Long Beach, CA. So how much bail out money did your bank get? - 01/10/09 05:12 PM
Long Beach, CA. Despite all of the hoopla in Washington D.C. and Wall Street about how much the TARP money was necessary to keep the United States of America solvent by reinfusing liquidity into the markets, itis now obvious that the Paulson Plan is a total failure. The facts are that Paulson along with Bernake basically strong armed the "deer in the head lights, Congress," and basically exhorted this bill through both houses to insure that the billion dollar bailout got through. Find out how much money your bank got: here
Meanwhile, back on Main St. USA, it is very evident that … (1 comments)
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ecomomic news: Long Beach Mortgage Report: Federal Reserve buys 10 billion of mortgages from Fannie Mae/Freddie Mac - 01/09/09 04:30 PM
Long Beach, Ca. 30 Year interests rate are low, we are consistantly locking interest rates below 5% for 30 year fixed mortgages. There has been a recent buzz and flurry of loan applications from home owners attempting to advantage of current interest rates in Southern California
Unemployment rate report has come out and the statistic for last month data stands now at 7.2% and they were expecting 7.0%. Equity market is acting negative to this news as well as our bond market. Pricing opened down about .25% in price but has improved slightly, however, we have not seen investors post any … (0 comments)
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ecomomic news: Long Beach Mortgage Report: Concern over future loan pricing due to Democratic Moves - 01/08/09 12:42 PM
Long Beach, CA. We are very concerned about this development for future mortgage pricing. In what appears to be a reversal in position for the banking industry, Citigroup Inc. is in talks with lenders regarding legislation to permit mortgage restructuring in bankruptcy court. The industry previously has warned that "cram downs" would boost borrowing costs, but such bankruptcy reform has the support of many Democrats as well as President-elect Barack Obama. Sen. Dick Durbin, D-Ill., introduced a bill on Jan. 6 to allow bankruptcy judges to restructure mortgages, and similar legislation was also raised in the House. Some estimates say this … (0 comments)
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ecomomic news: Long Beach Mortgage Report: Washington Post on the economy - 01/07/09 01:12 PM
Long Beach, CA. Will 2009 bring economic collapse or will markets begin to mend? Two reliable predictors give hope. First, the spread between LIBOR and Treasury yields, which measures global risk. The spread ended the year tighter than when it began, and far tighter than the extreme levels of late summer. Second, volatility embedded in stock option prices is a good predictor, and is referred to as the "fear index." While still elevated, it ended the year reflecting much less fear than the worst seen in 2008. Both indicators lead us to believe that the economy has backed away from the … (0 comments)
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ecomomic news: The Advantage of purchasing Real Estate in an Inflationary Economy - 11/30/07 01:01 AM
Most people know that something is basically wrong with our economy. After-all, how can the price of gas go up over 26%, bread 16% and orange juice 28% in just one year?: Massive inflation.What the the American people are not told is that the inflation index does not use the wavering cost of food or fuel(these costs or considered too "variable"); therefore, the actual inflationary numbers reported are artificially low.
If the government is claiming only 3-4% inflation, they are simply lying...forget about the domestic cost of goods for a moment. If you take the value of the American Dollar vs. the … (0 comments)
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Kirk Mulhearn
Long Beach,
CA
More about me…
Prudential California Realty/Gem Mortgage
Address: 3728 Atlantic Ave., Long Beach, Ca., 90807
Office Phone: (562) 989-4608 x 110
Cell Phone: (562) 965-0054
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