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real estate opinion: Bernanke's Fed: One Week To Accountability Before Congress - 03/25/08 11:44 AM
"The Fed last week agreed to help JPMorgan acquire Bear Stearns after a run on Bear, once the second-biggest underwriter of U.S. mortgage bonds. In an effort to shore up Wall Street's other firms, it also agreed to become lender of last resort to all 20 primary dealers in Treasury notes."Scott Lanman, reporting for Bloomberg
Ben Bernanke is making history. On Wednesday, April 2, Ben Bernanke will testify before the Joint Economic Committee of Congress.If the Fed's intervention in the Bear, Stearns buyout works, he'll be a hero. If not, he'll be a goat.
Last week's buyout of Bear, Stearns by JP Morgan/Chase … (10 comments)
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real estate opinion: Pool Safety for Infants and Toddlers: Infant Swimming Resource - 02/28/08 03:21 PM
Some time ago, I attended a funeral for a 5 year old who drowned while visiting family in Manahawkin, NJ. It was one of the most difficult things I've ever experienced, and the tragedy is that it didn't have to happen. Look at this amazing video of 11 month old Miles, and you may want to rethink the closing gift you'll give to your next client who buys a house with a pool.
The infant you just saw, little Miles, was trained by an ISR certified instructor. He's now four years old. Click here to see the rest of his story.
If you're relocating … (11 comments)
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real estate opinion: If You're Walking Through Hell, Don't Stop. - 02/24/08 04:46 AM
From a distance of only ten feet, entrance to the courtyard beyond seemed a formidable task. Impossible.A fools errand, this. The high sunwashed adobe wall and the great iron throw-bolt seemed to say "go away."
I almost did just that. No one, after all, was expecting me, and see? The gate is barred, padlocked. I nearly turned away.
The journey had been long, the day hot, and I was tired. Now I was discouraged as well. Yet I took another step forward, toward the locked gate, and saw that it was not locked at all. With ease, I slid the bolt and entered my intended destination, thankful … (38 comments)
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real estate opinion: Inside NAR Political Contributions: A Major Shift From Right to Left? - 02/18/08 12:08 AM
The 3rd largest contributor to political campaigns (per http://www.opensecrets.org/) is the National Association of REALTORS®. Since the 1996 election cycle, NAR contributions to Democrat candidates have increased in every cycle. This cycle, it's exponential. For the first time in a long time, giving to Dems will surpass 50%.
Here are the numbers.
Granted, we are still relatively early in this cycle, and the numbers could even out, but I'll bet they don't.
I wonder if it has something to do with the real estate bust?
I don't have an answer, but contributions/NAR support seems to be on hold until we have a clear choice of candidates. … (31 comments)
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real estate opinion: "Daddy, Make Him Stop!" Why Uncle Sam Isn't the Answer in a Free Market - 02/15/08 12:55 PM
Where is uncle Sam? Why isn't he watching this [short sales] and have control on it? Why allow the lending institution to do whatever they feel like giving crazy mortgages or short sales why is it up to them?
This question was posted by a young woman (a real estate agent) bemoaning the effect of short sales on property values in her neck of the woods. Since liberty is a lot higher on my flagpole than property values, I'd like to answer her question.
Uncle Sam doesn't have control because we don't want him to be our Daddy. He's not any smarter than Uncle Kim in North Korea, … (85 comments)
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real estate opinion: Yes I Can! Inspiration from Patrick Henry Hughes - 02/15/08 12:22 PM
I get discouraged from time to time. Don't you? A client's home underappraised last week, and the loan was denied. I let discouragement creep in. I didn't stop at the denial, however, and found a way to get it done. I was pretty proud of myself.
And then I met Patrick Henry Hughes and his extraordinary Dad by way of an email. How blessed I am to have made his acquaintance. It puts my little problems in a different perspective. Are you discouraged with some part of your real estate life? Is your mortgage business running in the red from month to month like mine?
Then please … (7 comments)
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real estate opinion: Tucson Being Considered as an Inland Port of Entry - 01/30/08 08:05 PM
The Old Pueblo used to be considered a quiet, dusty sort of town, known more for climate than for commerce.
That hasn't been the case for quite a while, now. Ranked by population, the city of Tucson, Arizona now tops
Atlanta, GA, Sacramento, CA Cleveland, OH Kansas City, MO Miami, FL Minneapolis, MN and many more That's for only the city of Tucson, with a 2005 population estimate of 515,526. (I'm that last digit. It used to be 515,525.)
Greater Tucson, an area of more than 900 square miles, has one million residents as of May, 2007.
Interstate 10 comes across from … (12 comments)
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real estate opinion: Late Night Rain: Who's Minding the Store? - 01/30/08 04:28 AM
2:30 a.m. on Wednesday, January 30, 2008: While 68,657 of you are asleep in your beds, 25 of us are cruising your blogs, looking for inspiration, encouragement, insight, and laughs. 12 are insane enough to have clicked the little button that lets others see when we're online. (For Newbies, it's under Settings on your home page.)
Here's what I found: (and if you can't read a post from my list, it's Members Only. Active Rain is free. Just join up!)
Inspiration: Judi Barrett, (OK) wrote The Way That We Treat People Has Nothing … (32 comments)
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real estate opinion: For My Newbie Friend, Kevin Wood, Listing Agent and Active Rain Member - 01/21/08 11:15 PM
This is for Kevin Wood, (Active Rain Newbie,) and Jeff Turner, two people who need to do business together. The listing in the Real Estate Show I've created below is Kevin's; I lifted his photos off MLS and created it for him, with his permission.
IMHO, Real Estate Shows is just fantastic. Active Rain's Jeff Turner (respres) is the genius behind it. Jeff gives Active Rain members a $25. discount. I'm trying to get Kevin to do two things:
Get serious about Active Rain blogging, (since I'm the guy who invited him, LOL) andSign up for Real Estate Shows. Central Tucson w / … (22 comments)
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real estate opinion: Broken Priority: When "Free and Clear" Isn't Good Enough for the Bank - 01/20/08 06:55 AM
The retired couple sitting in my office were incredulous. They had:
photos, architect drawn plans, and a loan denial letter from a local bank. "We own the property free and clear," said the husband. "We bought it as is, and we also bought the rights to the plans."
He was a builder from out of state who knew a good deal when he saw one. The couple had paid $95,000 for one acre of property with a partially built home.
The work that had been completed to date was sound. (My photo illustrates the situation; this is not their home.)
"I don't understand … (33 comments)
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real estate opinion: Sign of the Times: Plead My Case for Fraud - 01/19/08 06:34 AM
High visibility, low cost per view. Intersections are a great place to advertise.
The usual fare is a cardboard box advertising a yard sale. This wasn't your usual sign. This one got my attention.
Target market: A good lawyer. Incentive to call? Up to half a million dollars if you win the case.
What will you bet that the lawsuit advertised in this busy Tucson, AZ intersection involves real estate? I didn't call, so I don't know.
But if it does, the list of defendentants likely includes a realty company, a real estate agent, a mortgage company, and a loan officer. More than ever, the real estate … (37 comments)
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real estate opinion: Central Tucson Real Estate: Affordably Priced Home Near Alvernon & Columbus - 01/16/08 07:21 AM
In 2004, my friends from Europe bought their first home in the United States. They had been renting for several years when I asked why they hadn't bought a home. The answer? They were here on a work visa, and didn't have a green card. They believed they couldn't qualify for a mortgage.
When I explained that they certainly could qualify, the excitement was visible on their faces. We prequalified them and turned them loose to shop for a home of their own. Within two months, they bought their first home in the United States.
Four years later, they're ready to buy a larger home to meet the needs of … (19 comments)
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real estate opinion: Rent! You Can Always Buy Later for Less! - 01/14/08 10:19 AM
I'm going out on a limb here. I was just watching NBC's Today show, and the talking head was being interviewed about the wisdom of renting versus buying.
"Much better to rent right now than to buy," he said. "The price of housing is still going down. It will cost you less to rent the same house than to buy it, and you'll be able to buy it in the future for less than today's price." He's dead wrong!
As a buyer, please know that there are problems with the talking head's assessment.
You can't rent from month to month, waiting for just … (39 comments)
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real estate opinion: Long Skinny House. 170' long. 9' wide. - 01/11/08 07:00 AM
Looking for Tucson real estate?
Someone got a permit to build this. Amazing! Even more amazing is that they're building it on spec.
That's the carport you're looking at. It will shade the front half of your Kia. I walked through the house. The 12' ceilings keep you from feeling like you're walking through a very, very long tractor-trailer.
The lot, according to the listing agent, who can't find a plot plan for me, is 700' long. Price? Under $300,000.
It has two bedrooms, one at each end of the house, and 2 1/2 baths.
I told my Darlin' that it's a batchelor's dream. I could … (36 comments)
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real estate opinion: Rotting Apples: The Psychology of Foreclosure on your Community - 12/31/07 09:11 PM
"Thank God that's not MY problem," is often one's reaction upon hearing that someone in the neighborhood has been foreclosed.
Please take this to heart: as a homeowner, it really IS your problem. Foreclosures are an equal opportunity occurance. They don't just happen in middle and lower middle class neighborhoods. Driving home from church yesterday, I passed through a Tucson neighborhood where older homes on two acres list for as much as $750,000. The graffiti stopped me cold. I pulled over and took the picture you see below.
Being foreclosed--betting the farm and losing the … (17 comments)
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real estate opinion: Adam Waldman Has The Best Perspective for 2008 - 12/29/07 09:26 AM
So you had a bad day? That's what I read this morning when I checked in on Adam Waldmans blog. (Real all the way to the end. This has a good ending!)
You bet I had a bad day yesterday! My client, after months of looking, found the perfect home for herself, her dog and her horse. The listing agent sent back the contract signed with no changes whatsoever.
I referred her to a favorite lender friend of mine for an FHA mortgage, because that's what she needed. (I'm a lender, but also have a real estate license, so I can't do … (46 comments)
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real estate opinion: There's a Floor Under the Tucson Real Estate Market. How's By You? - 12/27/07 10:36 PM
Two UP arrows. Five DOWN arrows. That's the Tucson Association of Realtors Multiple Listing Service sales snapshot for the month of November, 2007.
Quick glance? "Boo! Hiss! See? I told you the sky was falling!" But that's not the real picture at all.
First: Look at the UP arrows.
The average sales price is up again. Pending contracts are up as well.
Second: Look at the good DOWN arrows.
The median sales price is down. This is good for buyers coming into the market. What's good for buyers is good for real estate agents and lenders.Active listings are flat. Existing inventory is beginning … (15 comments)
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real estate opinion: Carrots for the Donkey: Fed to "Re-Liquify" Credit Markets - 12/05/07 11:26 AM
The problem with the carrot on a stick approach is that the guy holding the stick is behind the donkey. One jackass behind another, so to speak. My mind's eye conjures up all sorts of potential for disaster.
Since Thanksgiving, short term money (3 month USD) has been much more expensive than the 10 year bond yield. "So what," you ask, "What does that mean?"
It means that banks themselves are afraid to lend to other banks, fearing that undisclosed subprime exposure by the borrowing bank might make it unable to repay the loan on time.
Did you think banks only worried about … (21 comments)
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real estate opinion: Differing Google Strategies for Active Rain: Tucson's Top Three 'Rainers - 12/01/07 08:40 PM
I'm addicted to statistics in the pursuit of "What Works?"
For Active Rainers, "what works" is visibility to Google. It's what makes the phone ring. The top three Rainers in Tucson, AZ have achieved this visibility on Active Rain in very different ways.
Tens of thousands in the Active Rain ranks never get a call. They're the ones who joined, created a profile, uploaded a photo (maybe) and never posted a single sentence to their blog.
I say "they" because few of them can be addressed in the first person. They came, they joined, and they faded away. You--not they--are here reading my blog.
You persevered. … (115 comments)
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real estate opinion: Real Estate Correction: I Don't Want Help From My Government - 11/26/07 01:00 AM
Today's Active Rain front page Featured Posts included this title, by Lenn Harley: MASSIVE FORECLOSURES COMING? THE MARKET IS SPEAKING LOUD AND CLEAR. You might want to read it, and the commentary it's attracted, before continuing.
By the time I read Lenn's post, almost eighty people had commented. One comment, by my AR friend, associate and blog subscriber Kate Bourland, (also a lender with a focus on eliminating debt and creating wealth) prompted this exchange:
Kate: "I think that what you are saying is that the free market system is broken. The free market brought on the current real estate crisis. Leaving it … (69 comments)
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Mike Jones
Tucson,
AZ
More about me…
SUNSTREET MORTGAGE, LLC
Address: 2840 E Skyline Dr, Suite #230, Tucson, AZ, 85718
Office Phone: (520) 344-6943
Cell Phone: (520) 349-9090
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