Terry's Blog

Illnesses Afflict Homes With a Criminal Past

Tue, 14 Jul 2009 17:47:49 -0500

Illnesses Afflict Homes With a Criminal Past

http://www.nytimes.com/2009/07/14/us/14meth.html?_r=2&hp

I'd say that this is a pretty important article if picked up by additional news sources:

‘Meth lab home problem’ sickens new owners

http://www.msnbc.msn.com/id/31901354/ns/us_news-the_new_york_times

As a listing agent, how would you involve yourself in a prospective listing of a former meth house?

As a buyer's agent, how would you involve yourself in a prospective purchase of a former meth house?

May I say, that I have had the most unpleasant task of being involved in a drug house listing and sale PLUS having the home involved with a reverse mortgage. What a mess.

A little history: relative was cooking meth in the basement without owner's knowledge; health department got involved and wound up condemning the house; house had to be 'cleaned;' owner was technically no longer living in the home as principal residence; reverse mortgage was called and foreclosure proceedings were begun; 'cleaning' bill was many, many thousands and thousands of dollars; bankruptcy filing came next; time was gained in attempting to sell property; property had a magnificent view; the view sold the property (two years ago); new owner is still messing with the place.....

Needless to say, I disclosed quite properly that the home was a meth house, had county condemnation, that is was subsequently 'cleaned' up and that it was then approved for occupancy.

Caveat emptor?

Reverse Mortgages (again)

Tue, 30 Jun 2009 12:01:29 -0500

This is not the first time I've posted regarding reverse mortgages; and it looks like I'm not the only one who's been envisioning nightmares regarding these things.

I wonder just how many individuals in the mortgage business would arbitrarily recommend reverse mortgages to their own family members, both horizontal and lateral?

With the fallacies of human behavior being what they are, and what with the historical American Way of Life being what it is, hard core financial common sense is often found to be wanting....

Here's a few links to just two articles I came across this morning:

http://www.kansascity.com/news/politics/story/1295695.html

McCaskill holds hearing in St. Louis suburb on reverse mortgages

"Reverse mortgages, increasingly used by seniors to help fund retirement or pay unexpected medical bills, are often accompanied by excessive fees and marketed using overly aggressive tactics, Sen. Claire McCaskill said Monday."

http://www.housingwire.com/2009/06/29/industry-warns-senate-on-reverse-mortgages/

Industry Warns Senate on Reverse Mortgages

"The US Senate Special Committee on Aging heard testimony today regarding the benefits - and potential drawbacks - to reverse mortgage products available to seniors."

...and there's more out there.

My latest take on Reverse Mortgages

Tue, 09 Jun 2009 02:31:32 -0500

Call me whatever you'd like, but you won't change my attitude towards reverse mortgages. Every time I see an article regarding them thar things, I stop and read it and what I seem to be reading MORE of is all the caveat emptor stuff rather than whatever good that might come out of one.

Frankly, as I have indicated in the past, I have had only one exposure to a reverse mortgage, but that ONE was enough for me. I can still remember the little ‘ol lady that got burned when she was forced out of her house because of a technicality which, in essence, removed her from having the home as her principal residence. That one little clause messed her up bad......

Here's the headline that grabbed my attention:
"U.S. regulator sounds alarm about reverse mortgages," and here's a quote from the article:

"Reverse mortgages could be the next subprime mortgage product to experience rapid growth while taking advantage of a vulnerable segment of the population, top U.S. bank regulator John Dugan said on Monday."

http://www.reuters.com/article/gc03/idUSTRE5574AR20090608

Blidgetmania

Tue, 09 Jun 2009 01:47:16 -0500

Widgets and Blidgets appear to be grabbing a fair amount of interest nowadays, so I thought I'd experiment a little, myself......

Anyway, after a simple sign-up session I was well on my way to developing one. I chose the blidget route and low and behold, pretty soon there it was: my own little blidget all fresh and ready to do something with. I haven't done anything with it yet, but one of these days I will.

Here's the link that'll get you to blidget city if you'd care to follow up with any of this.....

http://www.widgetbox.com/

Have fun!

Chronology, anybody?

Thu, 07 May 2009 01:39:56 -0500

For those interested in chronology and timetables, something that was recently brought to my attention is this little bit of information:

At five minutes and six seconds after 4 AM on the
8th of July this year, the time and date will be
04:05:06 07/08/09

Thought I'd pass it on.

This will never happen again unless we are able to reverse the concept of back to the future.

Short Sale Caper

Wed, 06 May 2009 14:03:32 -0500

Just last week, I presented an offer of $152,000 on a short sale home that was listed at $150,000. The listing description indicated that there was a pending sale but that the listing office was requesting backup offers. The pending purchaser was needing financing - my buyer is an investor who would just write a check for the place. So I submitted the offer. After submission, I spoke with the listing agent who informed me that my offer was superior and that she would submit it and will probably have it back that afternoon (last Friday). Yesterday, Tuesday, no word so I called her:

Well, low and behold, in the meantime, an additional offer supposedly surfaced for "in excess of $5,000 of (my) offer." Then she informs me that if my buyer was still interested in the home that he would have to beat that offer.

OK, from a listing agent's perspective, that's really great for the seller and his or her underlying mortgage company. From the selling agent's perspective, who needs business associates like that? I simply informed the listing agent that my buyer doesn't chase houses and then ended the conversation.

Oddly enough, that particular listing happened to slip through the purchase criteria that I maintain for this particular buyer which was then viewed by him. Before we even looked at the place, I reminded him about all the problems with short sales and short sale offers but he thought that we'd just go ahead and run with whatever surfaces.

Needless to say, this was my third short sale transaction: number one turned out to be an absolute clusterbundle. My second one (which I am currently working on due to an associate's one-time inability to service a particular purchaser) is still fumbling its way through the two underlying mortgages companies.

I do not believe there will be a fourth, much less a fifth.

"An experienced take on short sales" - a repost

Sun, 19 Apr 2009 23:14:05 -0500

What with the recent posting regarding REOs and Short Sales, I thought I would take the liberty and re-post an earlier message of mine for those that might be new to Active Rain and for those who might not have read it the first time around. Excuse me for possibly appearing to be conceipted, but I honestly believe this writing hits the subject of short sale relativity right on the head.

As ever, your 2c will always be welcomed:

Because of the legality and complexity of contract law, it is my opinion that short sale proponents need to get a grip on reality.

By now, I feel that I can safely assume that almost every real estate agent in this country has had at least one personal experience with a short sale scenario. But, not knowing that to be an actual fact, I will simply state that at least I have. And it is because of that personal experience that I feel I can justly and constructively critique the process and can truthfully assess a paradoxical anomaly.

Simply put, "the mortgage company" that most agents wind up working with in attempting to consummate a short sale transaction are merely mortgage service companies ---- pencil pushers receiving payments, making entries on ledger forms, depositing funds in trust accounts, making payments for the ‘owner' and then forwarding all this information to investment banks who are, simultaneously, passing on all that information to the holders of investment pools.

In other words, it would be like you going up to a janitor of a building and making a purchase offer on the building that he or she is working on, when in reality the building is simply under a rental management contract with Joe Smow Realty who is managing the building for the three guys who own the place with one of them living in the Alaskan bush and one of them living in South Africa and the other one being a fisherman who was on a boat somewhere down in Antarctic waters and who has just been washed overboard and his wife lives in some small town in Greece and they have two children, one of which is on vacation in Switzerland and the other one is in school somewhere in Memphis.

The janitor cannot help you.

One thing that I feel is relevant to the current environment is this: Washington State is a wonderful place to live when it comes to consumer laws and consumer protection. Consequently, one might assume that there is now a law on the books relating to distressed homeowners. Well, that's true (and maybe the same holds true in other states) and that new law provides for very specific things having to happen if there is even a remote chance that a property might become financially "distressed." And from a legal standpoint, as an agent, because of that law, I prefer to no longer even want to think about attempting to get involved in a short sale transaction.

The way I see it, an agent has two strikes against him when he walks up to the plate to play in the short sale game. And the third strike often comes swiftly once the owner of the property begins to throw in the towel because he or she is slowly realizing that snowballs don't last long in warm country.

However inpassionate this article might appear to be, it is just one more article that can be referenced when it comes to short sale scenarios in the light of reality.

Wall St. is a Joke

Thu, 26 Feb 2009 16:38:43 -0600

I haven't posted for a while, but I surely want to throw my 2c in regarding my sentiments towards the missfits and fanatics of Wall St.

Today we learn that Wall St. has jeered the Obama budget plan....a plan that is heartily attempting to help bail our nation out of its worst economic mess since the Great Depression. I find it comical that such an event would take place.

Of interest, may I share a few articles that should shame the Wall St. genre:

The Madoff Economy -- Friday, December 19, 2008- Paul Krugman - Op-Ed Columnist - The New York Times
"...it looks as if much of the (financial services) industry has been destroying value, not creating it...."

A Year Of Chaos In Finance -- Sunday, December 21, 2008 - Floyd Norris - New York Times News Service

The Worst Predictions Of 2008 -- Wednesday, December 24, 2008 - Peter Coy - Economics Editor - Business Week

The Worst Media Calls of 2008 -- Kiplinger's Personal Finance Magazine - January 5, 2009 - Elizabeth Ody

What Wall St. is failing to identify TO and WITH is the fact that IT is the responsible party for destroying the economies of the world.

Of particular interest to me is the fact that I am finally beginning to read that the analysts of Wall St. are a dime a dozen and even worth less than that.

A postscript and added footnote: A worth read: Any history of American International Group, Inc (AIG) that you'd care to read. Now there's a classic case of Wall St. bamboozlement.

Truth or fiction? You be the judge....

Thu, 02 Oct 2008 14:18:28 -0500

The following is a copy of an e-mail I received this morning:

======================================

Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street.

Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae's accounting activities. At the time of his departure The Wall Street Journal noted, ' Raines, who long defended the company's accounting despite mounting evidence that it wasn't proper, issued a statement la te Tuesday conceding that 'mistakes were made' and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company's books ran afoul of generally accepted accounting principles for four years.' Fannie Mae had to reduce its surplus by $9 billion.

Raines left with a 'golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear. http://housingdoom.com/2006/12/18/fannie-charges/ . The Government noted, 'The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner.' These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the miss-stated Fannie Mae profits.

Tim Howard - Was the Chief Financial Officer of Fannie Mae. Howard 'was a strong internal proponent of using accounting strategies that would ensure a 'stable pattern of earnings' at Fannie. In everyday English - he was cooking the books. The Government Investigation determined that, 'Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,'

On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to investigate his allegations that two former Fannie Mae executives lied to Congress in October 2004 when they denied manipulating the mortgage-finance giant's income statement to achieve manag ement pay bonuses. Investigations by federal regulators and the company's board of directors since concluded that management did manipulate 1998 earnings to trigger bonuses. Raines and Howard resigned under pressure in late 2004.

Howard's Golden Parachute was estimated at $20 Million!

Jim Johnson - A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.' Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae.

Johnson's Golden Parachute was estimated at $28 Million.

WHERE ARE THEY NOW?

FRANKLIN RAINES? Raines works for the Obama Campaign as Chief Economic Advisor

TIM HOWARD? Howard is also a Chief Economic Advisor to Obama

JIM JOHNSON? Johnson hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee

IF OBAMA PLANS ON CLEANING UP THE MESS - HIS ADVISORS HAVE THE EXPERTISE - THEY MADE THE MESS IN THE FIRST PLACE. Would you trust the men who tore Wall Street down to build the New Wall Street ?

###

Oil prices appear to be tanking....

Sun, 14 Sep 2008 20:16:13 -0500

"The oil market is selling off because the early indications show Ike didn't do as much damage as feared," said Chris Jarvis, senior analyst at Caprock Risk Management."

In fact, oil was as low as $98.46 a barrel today -- the lowest since February 26th -- during a special trading session set up today (Sunday) to deal with the mess that's currently got Wall Street all in shambles.

http://www.reuters.com/article/hotStocksNews/idUSSIN4333720080914

I really don't know quite what to make of that statement by Jarvis. Maybe we could read into it that if Hurricane Ike never existed, maybe oil would be lower than that $98.

Funny thing, maybe, what with all the turmoil currently affecting world economies. The media has deluged the nation with its hyping about a real estate bubble. Maybe it's time to start hyping an oil bubble and start broadcasting about all the oil-price speculators that are maybe beginning to eat crow.

Think about it: oil peaked at $147 in mid-July. Now it's about $98. That equates to a 33% drop.

On a side note, Lehman Brothers, Merrill Lynch, AIG and Washington Mutual are in huge piles of doo-doo.

Best regards.......

Are you a friend or an agent? Or both?

Fri, 12 Sep 2008 00:39:14 -0500

Food for thought:

If a friend or family member seeks your services in being his, hers or their agent, it could be the opportunity of a lifetime, for that person will have come to you for the professional that you hold yourself out to be. Needless to say, that person apparently holds you in high esteem and it is now your opportunity to shine like maybe you've never shown before.

One of my most precious experiences was when our youngest and her husband decided to purchase a home. Oh, my lord, did I ever pour myself into that relationship and endeavor. I love what I do and am very thankful for the knowledge and experiences that I have gained over the years, for it all came into play when that particular purchase decision was made.......

The Dark Side Of Reverse Mortgages

Sat, 06 Sep 2008 18:51:13 -0500

I've previously commented on reverse mortgages...... in a negative manner. I do so again!

Personally, whenever I see media cracker jacks hyping some product or position, I cannot help but feel that Madison Avenue is in the process of attempting to screw, blue and tattoo the public.

So it is with reverse mortgages. Personally, I have had only one experience with this type of loan, but that one experience, as far as I am concerned, was enough to last a lifetime, and because of it I will probably be Devil's Advocate Number One against reverse mortgages for the rest of my life. In a prior post I pretty well explained what had happened in the case of a reverse mortgage as it related to a client of mine a year ago.

The latest article that I read regarding reverse mortgages included the following comments:

"Vernie Anderson almost fell for the phone pitch. ‘Turn $30,000 into $90,000 with your own Web page,' he was told. A reverse mortgage could get him the cash he needed to start an online business." (wait till you read the paragraph following that one.)

The article continues, later, with: "Lenders from the virtually dead subprime market are migrating to reverse-mortgage loans, using the same hard-sell, high-fees tactics that marked the subprime crisis. Many buyers regret the move a year or two later, according to consumer advocates who are working to undo problem loans."

http://www.startribune.com/business/27932279.html?elr=KArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aULPQL7PQLanchO7DiU

Best regards....

Wall Street vs. Global Warning

Sun, 31 Aug 2008 13:36:26 -0500

The Great Wall Street Debacle vs. The Great Global Warming Consensus

This post has got absolutely nothing to do with real estate, but then again, maybe it has, depending on whether you're interested in wanting to purchase or liquidate property that is dependent on factual financial data or predicable weather conditions. Your decisions may also be affected by your consensus of Hurricane Katrina vs. pre-Hurricane Gustav.

While we languish in bewilderment regarding Hurricanes Katrina & Gustav and the world's financial malaise, I would like to throw a stone at American intrusiveness.

While reading quite an alarming news story about the impending "mother of all storms," Hurricane Gustav that is currently bearing down on Louisiana, I clicked thru the article to a news story regarding global warming. And while reading that article, something surprised me, but then again did it really?

Something I read: In 1999 one particular US physicist intrusively threw a monkey wrench into the scientific arena which then helped begin to bring down the supposed objectiveness of scientific analysis.

I bring to light, here in this post, that particular intrusive action and would like to compare it with recent happenings of Wall Street and its high flying financial investment vehicles coupled with some recent outlandish Financial Accounting Standards Board inspirations.

To this, I would like to bring your attention to the movie "Rising Sun" and its leading character's incisive desire in not wanting to lose face in the light of investigation, coupled with the following link to the news article that I read regarding global warming which started the idea of this post in the first place. In my estimation, as demeaning as it might be, I consider it a must read for anybody desiring to broaden his or her conceptualization of the global warming phenomenon.

In conclusion, I would like to ask the question: "Is America losing face?"

http://www.telegraph.co.uk/earth/main.jhtml?xml=/earth/2008/08/31/eaclimate131.xml

Best regards......

That Awesome Warren Buffett CNBC Interview

Sun, 24 Aug 2008 00:39:13 -0500

I guess my stance on Warren Buffett is of record, so I will merely post my latest find regarding The Oracle of Omaha. This guy, Buffett, in my book, is definitely a guy worth studying. And the following quote is just one comment that Warren made in his interview on Friday morning's SQUAWK BOX on CNBC regarding Fannie and Freddie. I consider this guy to be a jewel, hands down. I realize there are always two ways of looking at the same thing, but the way I see things, now, is that I stop, look and listen to what this guy has to say. And because of it, I think that my financial precepts are now a lot closer to where they maybe should have been a long time ago. But, as some of you may say or think, "...to each his own."

Apparently, the interview went for three full hours and the following link is to the transcript of that interview. Me, I'm going to read every word of it; maybe even two times or more.

(Highlighted text in the following passage is not mine, but the author of the post.)

"Mr. BUFFETT: And they also had an added problem in that they had a dual mission. The government expected them to promote housing and the stockholders expected them to raise the earnings substantially every year. And as the years went by, they emphasized the latter more and more. They started talking about "steady Freddie," and Fannie Mae said, `We're going to increase the earnings at 15 percent a year.' Any large financial institution that tells you that sort of thing is giving you a line of baloney. I mean, they may do it for a while, but when they can't do it with operations, they do it with accounting and they cheat. And that's what happened at both those places on a huge, huge scale."

http://www.clusterstock.com/2008/8/that-awesome-warren-buffett-cnbc-interview

An experienced take on short sales

Sat, 23 Aug 2008 17:15:56 -0500

Because of the legality and complexity of contract law, it is my opinion that short sale proponents need to get a grip on reality.

By now, I feel that I can safely assume that almost every real estate agent in this country has had at least one personal experience with a short sale scenario. But, not knowing that to be an actual fact, I will simply state that at least I have. And it is because of that personal experience that I feel I can justly and constructively critique the process and can truthfully assess a paradoxical anomaly.

Simply put, "the mortgage company" that most agents wind up working with in attempting to consummate a short sale transaction are merely mortgage service companies ---- pencil pushers receiving payments, making entries on ledger forms, depositing funds in trust accounts, making payments for the ‘owner' and then forwarding all this information to investment banks who are, simultaneously, passing on all that information to the holders of investment pools.

In other words, it would be like you going up to a janitor of a building and making a purchase offer on the building that he or she is working on, when in reality the building is simply under a rental management contract with Joe Smow Realty who is managing the building for the three guys who own the place with one of them living in the Alaskan bush and one of them living in South Africa and the other one being a fisherman who was on a boat somewhere down in Antarctic waters and who has just been washed overboard and his wife lives in some small town in Greece and they have two children, one of which is on vacation in Switzerland and the other one is in school somewhere in Memphis.

The janitor cannot help you.

One thing that I feel is relevant to the current environment is this: Washington State is a wonderful place to live when it comes to consumer laws and consumer protection. Consequently, one might assume that there is now a law on the books relating to distressed homeowners. Well, that's true (and maybe the same holds true in other states) and that new law provides for very specific things having to happen if there is even a remote chance that a property might become financially "distressed." And from a legal standpoint, as an agent, because of that law, I prefer to no longer even want to think about attempting to get involved in a short sale transaction.

The way I see it, an agent has two strikes against him when he walks up to the plate to play in the short sale game. And the third strike often comes swiftly once the owner of the property begins to throw in the towel because he or she is slowly realizing that snowballs don't last long in warm country.

However inpassionate this article might appear to be, it is just one more article that can be referenced when it comes to short sale scenarios in the light of reality.

We ain't all that bad off, folks.......

Fri, 22 Aug 2008 15:59:33 -0500

In an earlier post today, I brought to view about how the United States REALLY is not that much alone, and in many ways not all that bad. Fortunately for any self-sustaining ego-percs I may or may not need, I came across a brand new article that pretty well bolsters the point:

"It barely seems possible that anyone is more pessimistic about corporate earnings prospects than American shareholders right now, with the U.S. stock market down almost 15% for the year and the banking system coming unglued before our eyes.

Yet if you take a moment to look around the world........"

Right fresh off the press, folks, and in a sense, it's music to my eyes right now:

http://articles.moneycentral.msn.com/Investing/SuperModels/warning-worldwide-wipeout-ahead.aspx

Ireland, Spain, Australia and Britain all beat us.

Fri, 22 Aug 2008 15:03:08 -0500

Looks like the United States wasn't REALLY alone in any housing boom. In fact it might be considered to have been lack-luster compared to some of our overseas counterparts.

Here's a link to an article I stumbled upon, posted on November 11, 2004. (note the date)

http://money.cnn.com/2004/11/11/real_estate/investment_prop/pf_worldhousing/

A few words from the article:
"...huge gains in home prices in some countries around the globe make the U.S. real estate market appear tame by comparison. Speculators in Britain, where home prices increased 116 percent between 1997 and 2004, started flipping for a profit long before it was fashionable in U.S. markets. In Ireland, home prices shot up 174 percent during that period, according to statistics compiled by The Economist. Prices increased 121 percent in Spain, 113 percent in Australia and 75 percent in the Netherlands. The U.S. housing market, meanwhile, was up an average of 53 percent."

I may criticize this country at times, but what twerks me off more so than not is that the United States is SO often held responsible for the woes of the world......

My "buddy" does it again....

Wed, 25 Jun 2008 22:30:35 -0500

Yup! Warren Buffett saddles up his well-nourished philosophical steed and gobbles up $500M.

For the novice investor who might be hastily wanting to plunk down some of his or her hard earned investment cash on the latest hot ticket recommendation of his or her stock market buddy, I cannot help but recommend that you spend your next 48 hours of investment learning in acquiring knowledge and insight into the Oracle of Omaha, plain and simple.

And then, do what he does in the stock market and apply it to the real estate market.

Now as flamboyant as Donald Trump might be, it might not be a bad idea to learn a little bit about him, also. And then check out a little bit of Trammell Crow.

From a current article regarding The Oracle:

"One of the most notable aspects of Buffett's investment philosophy involves the concept of 'enduring moats.' An enduring moat is a special advantage a company has that will give it a 'durable competitive advantage' -- another Buffett buzzword -- over its peers over the long term."

http://articles.moneycentral.msn.com/Investing/StrategyLab/Rnd17/P5/GuruInvestor20080624.aspx

HINT, HINT: change the words "a company" to the words "this particular segment of the industry" and then read the sentence again with the newly inserted words in it.

Cheers....

Current Washington State stats PLUS others (naturally)

Sat, 24 May 2008 19:14:20 -0500

OK, call me partial, that's OK, I can handle it. That's because I hail from the (sometimes wet and wild) Great Pacific Northwest, where, maybe, everybody wishes they were at, or from.

All fun aside, here's the latest (I guess) information coming from one of our government's sources of information relating to housing that I just came across a bit ago ~ and I'm pleased to see that our little neck of the woods is mentioned quite a few times in that little list.

For all you fellow Washingtonians, I've gone ahead and grouped us in the first four sets of stats to kinda tell where we stand nationally. The balance of this post will be the sum total of all cities in the report.

Thanks for reading this far, and I hope this post helps any fellow number cruncher make it through the day.

Home prices by city
Price appreciation as of March 31, 2008 (by percentage)

according to the Office of Federal Housing Enterprise Oversight.

Of 292 metro areas, more than 192 recorded year-over-year increases in prices.

Findings of the report include:

The states with the greatest price appreciation between the first quarter of 2007 and the first quarter of 2008 were Wyoming (6.3%), Utah (5.6%), Montana (4.9%), Texas (4.7%) and Alabama (4.5%).

The metro areas with the greatest price appreciation over the past year were Houma-Bayou, La. (11.2%), Grand Junction, Colo. (9.1%) and Wenatchee, Wash. (8.0%).

City rankings are listed by metropolitan areas. The OFHEO's House Price Index is published on a quarterly basis and tracks average house-price changes in repeat sales or refinancings of the same single-family properties. The index is based on analysis of data obtained from Fannie Mae and Freddie Mac from more than 30 million repeat transactions over the past 30 years

http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomePricesByCity.aspx

Price appreciation as of March 31, 2008 (by percentage)
City (Washington State)	Rank	1 Quarter	1 Year	5 Years
Wenatchee, WA	3	-0.10	8.02	77.77
Yakima, WA	17	0.73	5.67	35.76
Longview, WA	34	-0.71	4.73	56.36
Spokane, WA	44	-0.38	4.40	67.44
Mount Vernon-Anacortes, WA	46	0.06	4.30	68.69
Olympia, WA	84	-0.03	3.17	71.53
Kennewick-Pasco-Richland, WA	90	-1.71	2.97	19.06
Seattle-Bellevue-Everett, WA	93	-0.43	2.82	63.43
Bellingham, WA	108	0.27	2.44	79.22
Tacoma, WA	140	-0.56	1.64	69.67
Bremerton-Silverdale, WA	176	-1.12	0.48	74.44

City (Washington State)	Rank	1 Quarter	1 Year	5 Years
Yakima, WA	17	0.73	5.67	35.76
Bellingham, WA	108	0.27	2.44	79.22
Mount Vernon-Anacortes, WA	46	0.06	4.30	68.69
Olympia, WA	84	-0.03	3.17	71.53
Wenatchee, WA	3	-0.10	8.02	77.77
Spokane, WA	44	-0.38	4.40	67.44
Seattle-Bellevue-Everett, WA	93	-0.43	2.82	63.43
Tacoma, WA	140	-0.56	1.64	69.67
Longview, WA	34	-0.71	4.73	56.36
Bremerton-Silverdale, WA	176	-1.12	0.48	74.44
Kennewick-Pasco-Richland, WA	90	-1.71	2.97	19.06

City (Washington State)	Rank	1 Quarter	1 Year	5 Years
Wenatchee, WA	3	-0.10	8.02	77.77
Yakima, WA	17	0.73	5.67	35.76
Longview, WA	34	-0.71	4.73	56.36
Spokane, WA	44	-0.38	4.40	67.44
Mount Vernon-Anacortes, WA	46	0.06	4.30	68.69
Olympia, WA	84	-0.03	3.17	71.53
Kennewick-Pasco-Richland, WA	90	-1.71	2.97	19.06
Seattle-Bellevue-Everett, WA	93	-0.43	2.82	63.43
Bellingham, WA	108	0.27	2.44	79.22
Tacoma, WA	140	-0.56	1.64	69.67
Bremerton-Silverdale, WA	176	-1.12	0.48	74.44

City (Washington State)	Rank	1 Quarter	1 Year	5 Years
Bellingham, WA	108	0.27	2.44	79.22
Wenatchee, WA	3	-0.10	8.02	77.77
Bremerton-Silverdale, WA	176	-1.12	0.48	74.44
Olympia, WA	84	-0.03	3.17	71.53
Tacoma, WA	140	-0.56	1.64	69.67
Mount Vernon-Anacortes, WA	46	0.06	4.30	68.69
Spokane, WA	44	-0.38	4.40	67.44
Seattle-Bellevue-Everett, WA	93	-0.43	2.82	63.43
Longview, WA	34	-0.71	4.73	56.36
Yakima, WA	17	0.73	5.67	35.76
Kennewick-Pasco-Richland, WA	90	-1.71	2.97	19.06


U.S. City	Rank	1 Quarter	1 Year	5 Years
Akron, OH	197	1.3	-0.39	8.36
Albany-Schenectady-Troy, NY	91	0.27	2.88	60.95
Albuquerque, NM	86	0.09	3.17	54.89
Allentown-Bethlehem-Easton, PA-NJ	178	-0.84	0.46	54.8
Amarillo, TX	29	0.75	4.93	24.21
Ames, IA	62	1.65	3.76	18.02
Anchorage, AK	170	-0.22	0.74	49.94
Anderson, IN	138	0.74	1.66	2.56
Anderson, SC	7	3.31	6.73	24.64
Ann Arbor, MI	254	0.94	-6.29	1.33
Appleton, WI	157	0.07	1.2	19.63
Asheville, NC	40	-0.41	4.52	51.56
Athens-Clarke County, GA	114	0.36	2.33	24.73
Atlanta-Sandy Springs-Marietta, GA	153	0.21	1.37	19.02
Atlantic City-Hammonton, NJ	226	-0.83	-2.48	70.21
Augusta-Richmond County, GA-SC	21	0.09	5.49	38.38
Austin-Round Rock, TX	4	2.33	7.74	31.89
Bakersfield, CA	281	-7.14	-14.89	78.53
Baltimore-Towson, MD	182	-0.78	0.23	75.41
Barnstable Town, MA	232	-0.29	-3.31	32.55
Baton Rouge, LA	64	0.27	3.74	37.5
Battle Creek, MI	228	1.09	-2.62	11.11
Bay City, MI	191	-2.32	-0.11	8.55
Beaumont-Port Arthur, TX	13	0.49	6.29	31.84
Bellingham, WA	108	0.27	2.44	79.22
Bend, OR	250	-2.86	-5.77	74.96
Bethesda-Frederick-Gaithersburg, MD	238	-1.71	-3.89	60.63
Billings, MT	5	1.13	7.09	48.99
Birmingham-Hoover, AL	65	1.55	3.71	29.68
Bismarck, ND	19	-0.66	5.58	43.05
Blacksburg-Christiansburg-Radford, VA	38	0.95	4.63	39.65
Bloomington, IN	161	1.06	1.11	24.35
Bloomington-Normal, IL	184	-0.35	0.22	16.77
Boise City-Nampa, ID	193	-0.47	-0.23	61.37
Boston-Quincy, MA	218	0.22	-1.8	24.08
Boulder, CO	53	1.08	4.11	15.04
Bowling Green, KY	125	1.97	1.93	20.52
Bradenton-Sarasota-Venice, FL	287	-6.49	-16.72	48.32
Bremerton-Silverdale, WA	176	-1.12	0.48	74.44
Bridgeport-Stamford-Norwalk, CT	208	0.03	-1.12	39.69
Buffalo-Niagara Falls, NY	67	1.85	3.69	25.38
Burlington, NC	69	3.96	3.56	13.4
Burlington-South Burlington, VT	174	0.97	0.56	51.11
Cambridge-Newton-Framingham, MA	210	0.14	-1.24	20.06
Camden, NJ	186	-0.21	0.06	59.33
Canton-Massillon, OH	169	1.17	0.85	8.1
Cape Coral-Fort Myers, FL	288	-6.14	-17.45	52.08
Cedar Rapids, IA	143	-0.1	1.6	14.4
Champaign-Urbana, IL	175	-1.2	0.54	26.66
Charleston, WV	92	-0.54	2.87	20.16
Charleston-North Charleston-Summerville, SC	145	0.61	1.54	55.41
Charlotte-Gastonia-Concord, NC-SC	14	1.23	6.16	28.95
Charlottesville, VA	142	-0.05	1.62	65.14
Chattanooga, TN-GA	97	1.67	2.75	29.42
Cheyenne, WY	109	-0.27	2.37	38.33
Chicago-Naperville-Joliet, IL	183	-0.44	0.23	37.88
Chico, CA	257	-2.34	-7.45	53.7
Cincinnati-Middletown, OH-KY-IN	171	0.56	0.68	14.86
Cleveland-Elyria-Mentor, OH	217	0.55	-1.67	7.36
Coeur d'Alene, ID	188	-0.61	-0.08	81
Colorado Springs, CO	181	0.8	0.29	21.94
Columbia, MO	81	2.63	3.28	27.16
Columbia, SC	24	1.18	5.3	28.81
Columbus, GA-AL	49	1.9	4.22	36.29
Columbus, IN	47	1.32	4.27	16.68
Columbus, OH	163	0.77	1.05	13.5
Corpus Christi, TX	111	-0.36	2.36	32.59
Dallas-Plano-Irving, TX	63	0.98	3.76	16.54
Davenport-Moline-Rock Island, IA-IL	50	1.38	4.19	22.2
Dayton, OH	150	0.52	1.43	11.29
Decatur, AL	11	2.79	6.4	24.5
Decatur, IL	130	-0.38	1.77	18.02
Deltona-Daytona Beach-Ormond Beach, FL	264	-3.63	-9.79	69.56
Denver-Aurora, CO	167	0.85	0.9	10.77
Des Moines-West Des Moines, IA	102	0.09	2.62	21.27
Detroit-Livonia-Dearborn, MI	253	-1.08	-6.11	-4.19
Dubuque, IA	124	1.32	1.93	23.67
Duluth, MN-WI	131	0.44	1.75	37.8
Durham, NC	58	0.77	3.92	26.61
Eau Claire, WI	70	0.16	3.55	26.84
Edison-New Brunswick, NJ	222	-0.75	-2.2	50.85
El Paso, TX	12	1.62	6.29	51.79
Elkhart-Goshen, IN	132	2.78	1.72	16.41
Erie, PA	151	-0.41	1.42	17.54
Eugene-Springfield, OR	76	-0.32	3.41	65.54
Evansville, IN-KY	139	0.42	1.65	14.87
Fargo, ND-MN	115	0.07	2.22	31.19
Fayetteville, NC	117	0.84	2.15	27.44
Fayetteville-Springdale-Rogers, AR-MO	179	0.38	0.41	36.78
Flagstaff, AZ-UT	219	-1.34	-1.8	83.16
Flint, MI	246	0.21	-5.04	0.59
Florence, SC	71	1.63	3.55	23.43
Fond du Lac, WI	85	1	3.17	24.49
Fort Collins-Loveland, CO	168	0.3	0.89	12.77
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL	269	-4.38	-10.89	69.98
Fort Smith, AR-OK	78	-0.97	3.37	23.99
Fort Walton Beach-Crestview-Destin, FL	268	-5.85	-10.37	68.17
Fort Wayne, IN	198	2.27	-0.5	9.68
Fort Worth-Arlington, TX	103	-0.22	2.59	16.39
Fresno, CA	276	-5.19	-12.49	67.34
Gainesville, GA	33	2.12	4.78	27.94
Gary, IN	75	0.27	3.41	24.19
Grand Junction, CO	2	0.14	9.08	64.42
Grand Rapids-Wyoming, MI	203	1.09	-0.71	9.2
Greeley, CO	227	-0.01	-2.53	2.12
Green Bay, WI	127	0.1	1.89	19.15
Greensboro-High Point, NC	95	0.67	2.76	17.09
Greenville-Mouldin-Easley, SC	18	1.66	5.67	22.96
Gulfport-Biloxi, MS	156	0.58	1.23	51.29
Hagerstown-Martinsburg, MD-WV	243	-1.07	-4.64	67.59
Harrisburg-Carlisle, PA	54	1.1	4.02	41.48
Hartford-West Hartford-East Hartford, CT	187	0.62	-0.01	39.09
Hickory-Lenoir-Morganton, NC	10	2.85	6.41	22.03
Holland-Grand Haven, MI	189	0.18	-0.09	10.33
Honolulu, HI	129	0.14	1.79	89.47
Houma-Bayou Cane-Thibodaux, LA	1	1.01	11.22	47.65
Houston-Sugar Land-Baytown, TX	45	1.25	4.38	26.13
Huntington-Ashland, WV-KY-OH	60	1.24	3.82	28.09
Huntsville, AL	37	-0.66	4.66	30.89
Idaho Falls, ID	16	1.33	5.96	48.84
Indianapolis-Carmel, IN	134	0.95	1.68	11.94
Iowa City, IA	135	-0.25	1.67	21.33
Jackson, MI	209	4.68	-1.18	11.24
Jackson, MS	106	0.88	2.52	27.41
Jacksonville, FL	223	-0.71	-2.32	62.18
Janesville, WI	98	0.09	2.75	26.94
Jefferson City, MO	74	1.49	3.45	22.13
Joplin, MO	66	1.76	3.7	20.56
Kalamazoo-Portage, MI	180	1.65	0.34	14.4
Kankakee-Bradley, IL	89	0.22	2.98	34.09
Kansas City, MO-KS	165	0.33	0.98	18.16
Kennewick-Pasco-Richland, WA	90	-1.71	2.97	19.06
Kingsport-Bristol-Bristol, TN-VA	27	0.62	5.09	33.57
Kingston, NY	192	0.05	-0.18	56.93
Knoxville, TN	31	0.59	4.87	38.29
Kokomo, IN	149	1.38	1.43	3.35
La Crosse, WI-MN	159	0.03	1.19	27.9
Lafayette, IN	194	2.02	-0.25	6.15
Lafayette, LA	35	-0.25	4.71	40.64
Lake County-Kenosha County, IL-WI	185	-0.49	0.2	28.27
Lake Havasu City-Kingman, AZ	262	-4.01	-9.03	72.81
Lakeland-Winter Haven, FL	239	-2.44	-3.94	73.97
Lancaster, PA	36	2.77	4.66	47.75
Lansing-East Lansing, MI	213	0.58	-1.44	10.96
Las Cruces, NM	113	-0.63	2.34	54.7
Las Vegas-Paradise, NV	275	-6.83	-12.06	65.11
Lawrence, KS	172	0.79	0.67	24.68
Lexington-Fayette, KY	100	0.11	2.65	24.37
Lima, OH	61	2.6	3.77	17.54
Lincoln, NE	164	1.84	1.04	16.65
Little Rock-North Little Rock-Conway, AR	141	-1.22	1.63	25.68
Logan, UT-ID	15	0.39	6	32.91
Longview, WA	34	-0.71	4.73	56.36
Los Angeles-Long Beach-Glendale, CA	259	-4.85	-8.31	79.88
Louisville-Jefferson County, KY-IN	99	0.99	2.73	20.49
Lubbock, TX	39	2.71	4.56	20.28
Lynchburg, VA	52	0.12	4.12	44.57
Macon, GA	121	0.06	2	20.56
Madera, CA	274	-4.8	-12.06	74.65
Madison, WI	128	0.12	1.84	31.73
Manchester-Nashua, NH	215	0.12	-1.49	28.49
Mansfield, OH	214	4.39	-1.47	8.52
Medford, OR	241	-0.49	-4.22	65.39
Memphis, TN-MS-AR	118	0.75	2.14	17.94
Merced, CA	292	-7.93	-24.68	35.78
Miami-Miami Beach-Kendall, FL	249	-3.9	-5.39	92.03
Michigan City-La Porte, IN	88	1.46	3.06	20.56
Milwaukee-Waukesha-West Allis, WI	137	0.41	1.66	34.33
Minneapolis-St. Paul-Bloomington, MN-WI	221	0.27	-1.89	25.4
Missoula, MT	55	1.33	3.98	56.93
Mobile, AL	8	1.63	6.64	40.82
Modesto, CA	290	-8.46	-20.96	35.39
Monroe, LA	82	-1.04	3.2	19.17
Monroe, MI	248	0.52	-5.26	3.77
Montgomery, AL	32	1.36	4.78	27.81
Mount Vernon-Anacortes, WA	46	0.06	4.3	68.69
Muskegon-North Shores, MI	202	-1.58	-0.7	8.69
Myrtle Beach-North Myrtle Beach-Conway, SC	101	0.72	2.63	64.19
Napa, CA	261	-2.73	-8.58	41.48
Naples-Marco Island, FL	289	-7.76	-18.67	60.55
Nashville-Davidson--Murfreesboro--Franklin, TN	56	0.42	3.94	34.8
Nassau-Suffolk, NY	220	-0.93	-1.83	48.76
New Haven-Milford, CT	204	-0.11	-0.71	43.98
New Orleans-Metairie-Kenner, LA	190	-0.08	-0.1	41.33
New York-White Plains-Wayne, NY-NJ	199	-0.68	-0.56	55.56
Newark-Union, NJ-PA	201	-0.89	-0.67	49.5
Niles-Benton Harbor, MI	51	1.59	4.14	28.36
Norwich-New London, CT	177	0.15	0.48	45.39
Oakland-Fremont-Hayward, CA	265	-3.41	-9.87	39.92
Ocala, FL	237	-2.35	-3.86	76.96
Ocean City, NJ	200	0.5	-0.62	70.07
Ogden-Clearfield, UT	9	-0.34	6.64	41.07
Oklahoma City, OK	105	-0.34	2.54	27.95
Olympia, WA	84	-0.03	3.17	71.53
Omaha-Council Bluffs, NE-IA	155	0.87	1.26	17.42
Orlando-Kissimmee, FL	258	-3.33	-7.64	72.63
Oshkosh-Neenah, WI	96	0.35	2.76	21.6
Owensboro, KY	26	2.17	5.24	13.1
Oxnard-Thousand Oaks-Ventura, CA	272	-5.27	-11.76	50.88
Palm Bay-Melbourne-Titusville, FL	278	-4.22	-13.55	58.44
Panama City-Lynn Haven, FL	244	0.11	-4.73	71.15
Peabody, MA	225	0.27	-2.37	19.97
Pensacola-Ferry Pass-Brent, FL	242	0.76	-4.43	53.19
Peoria, IL	72	0.21	3.48	21
Philadelphia, PA	146	0.63	1.51	55.91
Phoenix-Mesa-Scottdale, AZ	256	-3.27	-6.68	73.99
Pittsburgh, PA	68	1.52	3.61	22.83
Port St. Lucie, FL	284	-2.01	-15.68	55.47
Portland-South Portland-Biddeford, ME	136	0.37	1.67	41.44
Portland-Vancouver-Beaverton, OR-WA	107	-0.45	2.47	64.1
Poughkeepsie-Newburgh-Middletown, NY	216	-0.05	-1.51	47.54
Prescott, AZ	236	-0.55	-3.76	74.1
Providence-New Bedford-Fall River, RI-MA	230	-0.55	-3.01	40.65
Provo-Orem, UT	6	0.1	6.76	50.48
Pueblo, CO	211	0.6	-1.27	14.64
Punta Gorda, FL	283	-4.8	-15.5	45.87
Racine, WI	205	0.82	-0.72	35.33
Raleigh-Cary, NC	30	0.76	4.92	26.66
Rapid City, SD	25	1.35	5.26	33.4
Reading, PA	104	0.51	2.56	50.7
Redding, CA	255	-2.93	-6.54	59.54
Reno-Sparks, NV	267	-3.01	-10.29	55.7
Richmond, VA	110	0.05	2.36	58.96
Riverside-San Bernardino-Ontario, CA	279	-6.8	-13.82	71.46
Roanoke, VA	42	2.51	4.45	43.92
Rochester, MN	126	2.21	1.9	17.08
Rochester, NY	77	-0.29	3.39	17.98
Rockford, IL	112	0.74	2.35	29.21
Rockingham County-Strafford County, NH	207	-0.16	-0.97	27.88
Sacramento-Arden-Arcade-Roseville, CA	277	-4.13	-13.23	35.75
Saginaw-Saginaw Township North, MI	233	-0.64	-3.38	4.47
Salem, OR	57	-0.09	3.92	54.83
Salinas, CA	285	-4.99	-16.12	44.22
Salt Lake City, UT	22	-0.42	5.39	58.05
San Antonio, TX	73	-0.86	3.47	37.05
San Diego-Carlsbad-San Marcos, CA	266	-3.89	-10.01	40.41
San Francisco-San Mateo-Redwood City, CA	231	-1.87	-3.25	41.61
San Jose-Sunnyvale-Santa Clara, CA	234	-2.25	-3.6	41.15
San Luis Obispo-Paso Robles, CA	251	-3.46	-6	42.67
Santa Ana-Anaheim-Irvine, CA	271	-5.63	-11.16	59.38
Santa Barbara-Santa Maria-Goleta, CA	282	-2.53	-15.07	33.32
Santa Cruz-Watsonville, CA	240	-2.48	-4.15	39.63
Santa Fe, NM	79	-0.54	3.37	53.19
Santa Rosa-Petaluma, CA	263	-3.61	-9.66	32.77
Savannah, GA	162	0.61	1.06	49.29
Scranton-Wilkes-Barre, PA	23	0.86	5.33	39.75
Seattle-Bellevue-Everett, WA	93	-0.43	2.82	63.43
Sheboygan, WI	158	0.53	1.19	28.91
Shreveport-Bossier City, LA	120	1	2	31.3
Sioux City, IA-NE-SD	20	0.59	5.57	15.55
Sioux Falls, SD	83	0.51	3.18	23.94
South Bend-Mishawaka, IN-MI	152	1.17	1.42	18.5
Spartanburg, SC	48	-0.69	4.23	15.71
Spokane, WA	44	-0.38	4.4	67.44
Springfield, IL	148	0.35	1.46	19.14
Springfield, MA	173	-0.79	0.61	43.26
Springfield, MO	123	0.25	1.94	27.42
Springfield, OH	144	2.36	1.55	10.03
St. Cloud, MN	212	1.19	-1.34	27.87
St. George, UT	235	-1.97	-3.65	73.07
St. Louis, MO-IL	133	-0.04	1.72	29.69
Stockton, CA	291	-8.66	-21.51	32.11
Syracuse, NY	41	3.48	4.5	32.58
Tacoma, WA	140	-0.56	1.64	69.67
Tallahassee, FL	195	-0.08	-0.32	59.35
Tampa-St. Petersburg-Clearwater, FL	260	-3.81	-8.46	61.44
Terre Haute, IN	122	3.69	1.99	15.19
Toledo, OH	206	1.1	-0.77	8.95
Topeka, KS	160	0.74	1.13	20.77
Trenton-Ewing, NJ	196	0.17	-0.39	48.73
Tucson, AZ	229	-2.02	-2.9	64.91
Tulsa, OK	80	0.69	3.32	18.81
Tuscaloosa, AL	119	-0.01	2.09	26.8
Vallejo-Fairfield, CA	280	-5.09	-14.45	37.68
Virginia Beach-Norfolk-Newport News, VA-NC	147	-0.45	1.49	85.31
Visalia-Porterville, CA	270	-4.97	-11	78.04
Warren-Troy-Farmington Hills, MI	252	-0.32	-6.07	-1.18
Washington-Arlington-Alexandria, DC-VA-MD-WV	247	-2.28	-5.12	67.7
Waterloo-Cedar Falls, IA	28	-0.02	5.03	23.73
Wausau, WI	116	0.57	2.2	26.59
Wenatchee, WA	3	-0.1	8.02	77.77
West Palm Beach-Boca Raton-Boynton Beach, FL	273	-2.45	-11.85	64.89
Wichita, KS	43	0.44	4.44	18.22
Wilmington, DE-MD-NJ	166	-0.84	0.95	56.03
Wilmington, NC	154	-0.31	1.3	67.41
Winchester, VA-WV	245	-1.11	-4.92	67.48
Winston-Salem, NC	59	0.68	3.82	19.2
Worcester, MA	224	-0.43	-2.37	24.58
Yakima, WA	17	0.73	5.67	35.76
York-Hanover, PA	87	-0.28	3.11	54.74
Youngstown-Warren-Boardman, OH-PA	94	2.97	2.81	11.84
Yuba City, CA	286	-6.88	-16.53	43.78

Update on Vallejo, California

Wed, 07 May 2008 14:12:59 -0500

Well, coming to pass, it looks like, is the impending bankruptcy of Vallejo, California due to current market conditions.

What originally caught my eye regarding that situation last February was my noticing in an article on Bloomberg's website that "Police and firefighting salaries, pension and overtime consumes $63.1 million, or about 74 percent of the city's $85 million general fund budget. The city has slashed $13 million in spending since December 2006, firing 47 workers."
(here's a link to my original post: http://activerain.com/blogsview/398862/California-City-Moves-Closer )

It boggles my mind that such services can consume SO MUCH of a city's operating budget.

It appears, apparently, that Vallejo's sacred cows are unwilling to compromise. Here's the latest from Bloomberg.com: http://www.bloomberg.com/apps/news?pid=20601103&sid=atl3yFmV508A&refer=news

Please excuse my apparent contempt for sacred cows, but when a community's solvency is at stake, and in Vallejo apparently since 1996, where "...there are currently 1,214 ``real estate owned'' homes, (and) another 1,014 properties...in the foreclosure process, and 464 houses ...scheduled to be auctioned...." I think it's safe to say that things need a little change.

People are loosing their security, their jobs, their homes, their sanity, and who knows what all else.

Dire situations require dire appropriateness.

Mark to market

Thu, 01 May 2008 16:43:04 -0500

With the term ‘mark to market' now being used quite extensively within the financial and banking communities, it seems also to be a term that is becoming to be more a part of my daily vocabulary than it ever has been, a term that I seem to be identifying with more and more.

With the current financial turbulence being what it is within the financial and banking communities, it stands to reason that a golden goose might just be out there for many of us to be able to identify with and to be able to capitalize on.

One thing's for sure: for every sale, there must be at least one seller and at least one buyer. And as dismal as this may appear to be to many, for every foreclosure, there is that ultimate need for that ultimate sale. And for that ultimate sale to happen, there will be that need for that ultimate buyer.

So, scratch your heads, pool your thoughts, assemble your investment group and become one with that buyer. Let's face it: the current real estate market is presenting itself in such a way that "there's gold in them thar hills."

Fortunately for me, I am now working with a group of prospectors.

Good news for my daughter.

Wed, 30 Apr 2008 15:16:20 -0500

Yup, she's now one step closer to becoming a millionairess.

"How,?" you ask.

Well, it's simple. She's now chief cook and bottle washer of her own little LLC which will now begin investing in real estate with Roth IRA funds.......

Here's cheers for my baby.

Terry Kuehn

Just how far behind is the United States, anyway?

Wed, 30 Apr 2008 14:58:23 -0500

Just how far behind is the United States, anyway?

It amazes me at times that however leading I think the United States is at various things, every now and then I learn just how far behind this country is in one thing or another that I just assumed, all along, that we were right up there with cutting edge.

Just read the following article relative to the new financial reporting standards that the SEC will be implementing May 14, 2008.

This daunts me: "...China already requires XBRL for companies listed on its exchanges, and XBRL is widely used in Japan, Europe and elsewhere."

Here's the article:

http://articles.moneycentral.msn.com/Investing/CompanyFocus/ARevolutionForSmallInvestors.aspx

"...individual investors in the U.S. will soon move another step closer to a brave new world of democratized financial information that will put powerful analytical tools on their desktops. Though the basics of XBRL are simple, the implications are profound -- and not only for investors and regulators. Police in Spain are using XBRL to track money laundering, and environmentalists can use it to rank companies based on their impact on climate change."

Here's the beef:

Fri, 04 Apr 2008 01:00:44 -0500

Now HERE is an article that maybe we all in the business maybe should have read back in January 2005. If you have the spatial fortitude for a highly definitive (comparative) interpretation of maybe what the world’s economies are currently experiencing, and you have the will to read it in its entirety, I encourage you to do so.

And, as you read it, should you so decide to, please symbolically compare our current financial predicament with a topic that many learned individuals are attempting to bring to our attention, that being something called ‘global warming."

How often, RECENTLY, have you heard folks in the financial and mortgage industries comment that we should have seen this mess coming?

The following is an excerpt of this article:

"…History is replete with examples of social organizations, whether a business or a nation, that failed to perceive the realities of a changing environment and didn't adapt in time to prevent calamity. Hubris and a self-reinforced dynamic of mass delusion characterize the waning phases of these once powerful groups. In hindsight we ask, "What were they thinking? Wasn't the situation obvious to everyone? The evidence is so clear!" Here's the question we should ask next: "Is history now repeating itself?…."

http://www.mindfully.org/Reform/2005/Mass-Delusion-Neurobiology11jan05.htm

"Thank you and good night."

fo' shizzle

Tue, 11 Mar 2008 17:57:20 -0500

While we prepare to resume our worldly efforts as dutiful real estate agents and industry professionals, please remember to hit your IRA and 401(k) plans with contributions rather than deductions. Come tax time, most people think "deductions." But when it comes to your IRA or other retirement accounts, taking deductions might be synonymously compared with napalm.

Maybe I should state more clearly the objective of this post:

Don’t borrow from your IRA or 401(k) plans as it may be hazardous to your (financial) health.

http://articles.moneycentral.msn.com/RetirementandWills/InvestForRetirement/WorkersStepUpRaidsOn401ks.aspx

"Some workers raid their 401(k)s without fully understanding the consequences. Joanna Bare, 40, of Bethesda, Md., took a $35,000 loan from her 401(k) in 2005 to cover a huge tax bill resulting from the sale of stock she had held since she was a child. But she hadn't realized she would need to repay the loan with after-tax dollars even though the 401(k) account was funded with pretax savings, meaning the loan repayments would take a bigger bite out of her paychecks than she had anticipated."