(Thanks for the ping DuncanWaring)
The Comedian's "Economic Holocaust" ping list...
Today is a good day to die.
I didn't say for whom.
Posted on 02/02/2011 7:22:53 AM PST by blam
Of course the democrat mainstream media will try to fool people into thinking the economy is just great.
The office of the appraiser in my county is staffed with dimwits who simply tell you (when translated)to download the form & arrange a hearing date. Clearly they want to discourage any downward revisions.
ping
Recall Governor Moonbeam.
I recently sold old house, upsized into a new one. The only two major changes (from buying a house 10 years ago)that I saw were:
1) More paperwork. The end result of all this gov't interference is that entire forests are being cut down to feed the bureaucracy.
2) More specificity. Lots of questions. "How much do you make? Please prove it." And, instead of the bank telling me that I'd qualified for a loan of ridiculous proportions (What I qualified for, in 2000, would have put monthly payments at $8000/month, and I made nothing near that) .... The bank asked "What's the price of the house that you're thinking about? ...OK, how much are you putting down?"
So, they've weeded out some of the bad risks, IMO. Otherwise, so long as your credit is decent....not good, but decent ...plenty of money is available.
In Anchorage, you can ask for such 'value revision'. It only cost $250 to apply, plus the cost of the appraisal.
How cool is that?
“Deer Presidunce Soetoro,
Yore rainbow skittles are tasting kinda rancid”
Not cool.
It really is a buyers market and I’m in a buying mood. I live in central Illinois about 200 miles away from the cesspool of Chicago, in a paid for house and am looking at real estate in southern Missouri, just to get out of this tax you to death crap hole of a state where it’s a felony to think about guns.
There are some bargains where I want to move to but the problem is that I would also be a seller of my current home, which is paid for.
I believe I would rent out my current home and buy one where I want to live, if I could find the right family to rent my house, I’d be willing to charge only what my taxes are plus require the renter to maintain the house. If it needs a new roof, renter buys it, new interior paint? Renter pays. Plumbing goes bad? Renter pays etc. I’d sign yearly leases until and if the market improved
If I were a renter, I’d jump on a deal like that but where do I find a family that I can trust to live up to their end of the deal?
I am a lawyer with my own firm and a solid income. But because I have had this firmfor less than two years I can’t qualify for a home loan. And my credit is excellent.
Fortunately my father in law who is a doctor cosigned for me and I got the loan.
The number of people that can get these loans is shrinking fast.
FR. :-)
Maybe church. Find a nice, responsible Bible-Thumping handy-man type to trust the house to. Maybe a rent-to-own type situation?
I dunno, I'm not in the Illinois area. But I did fly through O'Hare once. :-)
Good link - interesting stuff!
(Thanks for the ping DuncanWaring)
Yup but my dad owns the property and you’re only allowed to have *one* property reassessed and though they can easily afford their taxes, they chose to reassess their own house.
Game over.
And the CRE is a big part of the problem
CRE “extend and pretend” reaching breaking point
“Construction loans made up more than half of the total, at $391 million, while commercial mortgages contributed $209 million, or 29% of the total nonperforming pool.
Bad residential loans, by way of comparison, made up $90 million in nonperforming loans.”
http://www.housingwire.com/2011/01/31/cre-extend-and-pretend-reaching-breaking-point
Of course not. ‘Problems’ only really exist or deserve highlighting when Republicans are in charge.
Actually the banks pushed back and they don’t have to mark to market your right though if they did the world would find out the truth and obama and his big global bank backers, the Fed don’t want that.
ABA lauds FASB change of course on mark-to-market accounting
“Mark-to-market accounting won’t be required for loans and other financial assets as proposed last May.
Earlier Tuesday, the Financial Accounting Standards Board reversed course and voted to approve a measure that allows companies to account for assets at their amortized cost rather than their fair value that is based on market prices.”
http://www.housingwire.com/2011/01/25/87494
“Yup but my dad owns the property...”
Have him sell you the property for market value (or less). If it’s owned free and clear, you can have him carry the loan. Gives you a mortgage interest deduction and him a steady source of income. A paralegal and/or title company can arrange all the paper work.
Easy Peasy.
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