My new Blog I America's Economy: Fittz posts and Looting America

Thanks to a friend KATHY; who is a great purveyor of information, I was able to nab this videos fairly quickly.  For all foreclosure fighters, they are a must see!  Check out my  newest blog  america's economy... I stilll focus lots on the housing market but this is really incredible 4 videos... 

Post 1 :    Post 2

Catherine Fitts Former Assistant Secretary of Housing tells how the housing bubble was planned, talks about our economy and recovery.  You can't miss these videos. Please spread the word. 

HOUSING STATS: Can anyone get it right?

I tell you as a blogger and concerned homeowner,  following the housing market reports is like trying to use a yo-yo or slinky with no prior experience.  All you see is a mass of tumbled stings, intertwining to make  a confusing mass of money woes.   All I know is that as a homeowner prices fall.  In foreclosure there are messes of legal mumbo jumbo, and in economics - well,  we seem to be in depression or at the minimum a lengthy recession with only glimpses of light here and there. 

Here are some of the headlines from today and past few days,  let's see what you think.   

Homebuilder Confidence Holds at Lowest Level in a Year as Tax Credit Ends  Confidence among U.S. homebuilders in September unexpectedly held at the lowest level in more than a year, showing the housing market remains depressed following the expiration of a government tax credit.

Lennar Reports Third-Quarter Profit as Margins Widen Lennar Corp., the fourth-largest U.S. homebuilder by revenue, reported a better-than-estimated third-quarter profit as margins on house sales improved and orders fell less than some analysts projected.

Economic Reports This Week The House Financial Services Committee will conduct a hearing on the state of the international financial system as it relates to the Dodd-Frank Act (Wednesday). The Senate Banking Committee will conduct a hearing on the Securities and Exchange Commission’s response to R. Allen Stanford’s suspected Ponzi scheme (Wednesday). A House Financial Services subcommittee will conduct a hearing on the limitations of the Securities Investor Protection Act (Thursday).

The Senate Banking Committee will conduct a hearing on the future of the Federal Housing Administration (Thursday).

Recovery Spreads FitfullyThe Federal Reserve said Wednesday that its survey of economic conditions in the central bank's 12 districts, which covers mid-July through August, found "widespread signs of a deceleration compared to preceding periods."

But the picture is uneven: The Fed report, called the "beige book," noted that factories, farms 

This Week's Reports Could Keep the Rally in Check - DailyFinance: "Tuesday alone brings new reports on housing starts and permits and the latest policy statement from Federal Reserve Chairman Ben Bernanke. Investors will also be contending with new- and existing-home sales figures, durable goods orders, leading indicators and weekly jobless claims this week.'" My sense is [housing] is going to be weak, and it's going to cause the market to sell off,' Kenny Polcari, managing director at inter-dealer broker ICAP Corporates. 'As we saw last week, housing is tough, and it continues to be tough.'"

Read also these blogposts I posted this weekend and today:


Dollar Falls / Euro 
US stock futures higher


Underwater mortgages strain health


ARab Housing Crisis


 All Eyes on Housing

BEFORE THE BELL: US Stock Futures Higher Before Housing Data - WSJ.com

BEFORE THE BELL: US Stock Futures Higher Before Housing Data - WSJ.com:

"Futures on the Dow Jones Industrial Average gained 22 points to 10560 and S&P 500 futures were up 3 points at 1122.7. Nasdaq 100 futures rose 5 points at 1957.75.

The moves came after modest gains for Wall Street in the previous session, which contributed to the third straight weekly gain for U.S. markets.

additionally:

Home builder Lennar Corp. (LEN) was another gainer, adding 5.3% ahead of the open, after it reported a return to profitability in the fiscal third quarter, with earnings of 16 cents a share handily beating the 4-cent consensus forecast.

Discover Financial Services (DFS) posted a third quarter profit of 47 cents a share as card sales volume rose 5% and loan loss provisions fell 34%.

European stocks also made a healthy start to the week Monday, with the U.K.'s FTSE 100 index jumping 1.1% and the German DAX 30 index gaining 0.5%.

After U.S. stock markets open, at 10 a.m., EDT, the National Association of Home Builders will release its September housing-market index. Economists surveyed by Dow Jones Newswires expect the index to rise to 14 from 13. This will be the first in a string of housing-market data due this week.

On Tuesday, the Federal Reserve will announce its latest rate decision"
read full article by clicking title link above.

POVERTY ? Speak for yourself

sxc.hu 

Sept. 16, 2010 -  The government announces that almost 1/2 of the nation does not pay taxes, they are considered in the poverty level. With the rising poverty level and  the policies of the administration and congress it looks to be another lean few years. Sure on in 7 Americans are in poverty. We are technically one of those Americans affected by the poverty numbers. WE are not in poverty really - we ARE temporarily broke and looking forward to the future.  

I agree with Limbaugh in the audio clip below  that there is no excuse.   

If you follow this blog you know that we  have foreclosure looming on our minds 24/7.  Can't afford a lawyer  for fighting our foreclosure.  So we did what our parents and grandparents taught us - rolled up our sleeves and tackle the job ourselves. My favorite picture of my dad is the one of a hole in his shoe - reflecting his hard work.  He kept that picture to remind himself of how his hard work had paid off and what he did to achieve his goals in life. There is nothing wrong with hard work. 

The Government can tell us we are in poverty all they want.  I disagree, we are only temporarily poor. We knew we didn't have much to spare long before they informed us of this new status.   BUT;WE still have cell phones for working, and are able to  conduct business.  WE  still have 2 vehicles, with over 200K on them, and are conducting business which should bring us out of the situation  someday.   Sure we go without cable, without steak and more often than not the  fabric softener runs out.  AS long as we have TP, eggs and bread we are okay. 

Trips to visit family except in extremist of emergencies are out of the question and even then  donations are needed. Christmas is coming but the goose is nowhere near fat. Thank goodness we established long ago that store bought expensive gifts are no measure of love. 

We both work hard.  Probably harder than some people that are working regular jobs. Looking at the jobs around and the unemployment  numbers, I dont' think we would be better off in any other way. So we work hard, and fight the foreclosure  hard, and pray for a miracle.  We watch for new opportunities and take them.   Listening to the news is depressing -   If the government gets its act together, so that consumer confidence returns, fraud is dealt with and jobs are regained then we will thrive.  As one of my acquaintences said: 'I am looking around and anyone in office today better have a damned good platform for running again.  Almost every bum in office is going to get voted out by me for sure.  They need to address policies that are GOOD for America and not for special interests." 


Of course in two months we could be the people in that picture above. There is a saying that we are all only two checks away from being homeless.   I think its a bit more but the principle sounds right. If you have a job start saving as much as you can now! 


Today just minutes ago the President said: 

"Because of the recovery act and many other programs providing tax relief and income support to a majority of working families - and especially those most in need - millions of Americans were kept out of poverty last year,"  Obama . more by Barack Obama  WHAT DO YOU THINK?

Here are some news tidbits for your clicking pleasure,  and a video by Rush about poverty issues. 


(WSJ has tomorrows headline today!) 

Wealth and Poverty

How's that inequality thing working out?

Poverty Rate Jumps in 2009 to 1994 Level

Recession sent millions more into poverty, census finds

Poll: Obama Approval Rating Mixed, but Most See No Economic Progress

New mortgage delinquencies rise again - Los Angeles Times

New mortgage delinquencies rise again - Los Angeles Times:

The number of home loans 30 days in arrears has risen two straight quarters, leading to new worries about the economy. Severely delinquent mortgages and foreclosures decline.

August 27, 2010|By E. Scott Reckard and Alejandro Lazo, Los Angeles Times

"Economists attributed the increase in newly delinquent mortgages to the country's persistently high unemployment.

'It takes a paycheck to make a mortgage payment,' said Jay Brinkmann, chief economist for the Mortgage Bankers Assn. He said the trend could lead to another increase in foreclosures if the employment picture doesn't brighten soon.

'Unfortunately, since April, there has been almost no job growth at all, so I think that is where the risk lies looking forward,' said Christopher Low, chief economist at Chicago investment firm FTN Financial.

The declines in serious delinquencies and foreclosures were caused in part by a since-expired federal tax credit for home purchases, Brinkmann said. The credit caused a brief spike in sales, allowing some late-paying borrowers to catch up by selling their properties."

KEEP READING FULL ARTICLE>

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Mortgage Rates Headed Lower: Analysis - TheStreet

Mortgage Rates Headed Lower: Analysis - TheStreet: "Traditional 30-year fixed-rate mortgages now cost borrowers just 4.32%, on average, down 4 basis points from the previous week. Shorter-term fixed mortgage rates, as well as those for hybrids and adjustable-rate mortgages all fell this week as well.

Rates on 30-year fixed loans, the most common type of mortgage, have stayed at or below 5% since May. They've declined by a monthly average of 17 basis points during that time. If the trend continues, 30-year rates stand to drop to 4.24% in September."

READ FULL ARTICLE BY CLICKING ON TITLE LINK:

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Mark Zandi: One economist who's expecting clear skies in another year - CSMonitor.com

Mark Zandi: One economist who's expecting clear skies in another year - CSMonitor.com: "“I firmly believe that once we get by the next six to 12 months we are going to get our groove back and we are going to be surprised at how well the economy is doing.”

Mr. Zandi is just one voice, but people do listen to him. He advised John McCain’s presidential campaign, for instance. Last year, The Wall Street Journal called him the “defacto chief economist to Congress.”

Here are some of his reasons for optimism:

The American household has its personal balance sheet in order. At least that’s true of the consuming public that does most of the buying – those above the median household income of $55,000.

He also says that eventually, demographics win. Right now, Americans are spending under their demographic needs. For instance, Zandi estimates they need 15.5 million cars a year – based on demographic changes such as kids going off to college and graduating to wheels of their own. But consumers are holding back, buying only 11 million. At some point, auto sales will “rocket higher.”

But expect America’s exports, not its consumers, to lead the way to a healthy economy, he says. Emerging markets such as Russia and Brazi"

Click on title link to read ENTIRE article it is encouraging!

Shirley Temple - Be Optimistic (2)

Many, like in this USA TODAY article, are comparing today's situation with the GREAT DEPRESSION. In the 1930's with the GREAT depression : long food lines, homeless, scarce jobs - THEY HAD SHIRLEY TEMPLE TO HELP PULL THEM OUT OF PERSONAL DEPRESSION... DO YOU THINK IT WILL HELP TODAY??????

And here is one more to lift your spirits.. .Bill Bojangles one of the greatest

Guest bloggers welcome! contact me at alrady40@yahoo.com

2008 seems good: A historical look back

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Today I ran across this article from 2008....

The article from 2008 was predicting the rock bottom low in the market would occur in late 2009 or early 2010. According to the statement that inventory has to be much lower, well things aren't looking good around here. With predictions of another glut of foreclosures coming down the pike - well lets just say I would NOT buy a house in this market.

AT any rate it is interesting to look back and see what was being said in 2008.

If you are facing foreclosure please scroll down and look for information on a seminar that is coming to Phoenix July 10, 2010. Also the yahoo group on the right side column has lots of information and you can ask questions. Do not spam and try to read a few past posts to see if there are any answers for you.

WHAT DO YOU THINK about the housing market today?

Would you buy full price? Would you sell? Any predictions for the future? Is bank owned real estate taking over the world? Who are the landlords?

Foreclosure, Short Sales, Strategic Walkaway: It all hurts everyone!

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Today, Neil Garfield had GREAT post that is confirming what I have been pondered for months. Housing modification loans MUST start reflecting drops to fair market value(FMV).

In my never to be humble opinion, ALL Loans should be immediately adjusted to reflect FMV without making any mortgagee jump though loopholes to make right the payment structure. Call me radical but I go further than most - I don't think one single person in America should have take hours to fill out new paperwork, submit - get rejected, play games and wait a year for a modification. Just fix the paperwork at the bank and assign new value, payment etc. Let homeowner sign it if they like or go to the table to negotiate. Lower everyone's payments fast for every single homeowner in America! A girl can dream!

As Neil indicated it is not a gift to address the fair market value in modification process. Strategic walkaways are not only a trend but many bankers I've talked to seem to see nothing wrong with it. The current situation is going to cause ALL HOME VALUES to drop, in my opinion. And increase walkaways and short sales and possibly more foreclosures as homeowners previously treading water are now drowned with the banks holding their heads underwater.

It concerns me that socially we "accept" strategic walkaways, shortsales , forced bankruptcies and yet do nothing to really address the homeowners that want to salvage their homes. Isn't it ironic that the banks are shortselling to about 1/4 of the value of the home when a homeowner is willing to pay off the home eventually?

Read Neil's blog (and excerpt follows) and get the impact of how LOWERING Principle amounts could help ALL of America. If you are in trouble or foresee trouble with your financial situation, then make sure to check out NACA or check out the mortgage-challenge group for help in fighting foreclosure.

Housing Market Slows as Buyers Get Picky

Posted on June 17, 2010 by Neil Garfield

Editor’s Note: Housing prices will continue to decline until median income starts to flatten out. All signs indicate that we are in for another 10%-20% drop as conventionally measured. Remember that housing prices do NOT take into consideration selling expenses and concessions at closing. All things considered, housing prices should be at least 8% under what is reported.

With that 8% reduction, more homes are underwater than what has been reported. In fact, more homes are underwater than what their owners think they are.

Given another 10%+ reduction, the number of homes underwater will increase substantially as many are considered “near” break-even but are actually substantially underwater. This in turn will increase resistance to selling as wellas current resistance to buying, knowing that th >>>>>KEEP READING

Can you afford 50% tax?

Hey I'm still new at blogging so scroll to bottom and click ontaxman to listen to song while reading. :)

Well lets see; Obama says he will not increase taxes on families under 250,000, but some of his proponents have said it is 227,000 . Okay so which is it?

This week he wants to cut taxes TEMPORARILY, for Small Biz. Just a 5 months ago, he wanted to raise taxes up to 50.3% on businesses that are sole proprietorship. Of course this week he wants to be like Bill Clinton. One can only hope.

I'm kind of confused on where he stands but mostly it will be a 40% tax rate for sure. I guess in his mind that is a CUT because although it is higher than it is now, it is less than what he originally wanted? who know?

He further confuses me by saying this on his website
"Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the taxes they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s."
One can only hope because in the 90's I was so broke and actually only paid 10%. 4 kids etc well this would be great..... I'll work my butt off make a million and only get taxed at my 90's rate? And since when did I receive taxes?????? his plan doesn't sound "fair" to me.

One note here: Our biz is sole proprietorship and makes far less than 250,000 (but we are growing) and have been working hard so that we can be successful... when we do, we have tons of debt to repay. That means, not only will we be paying interest, BUT we will be taxed on the debt incurred earlier.

and if you die its even more expensive ...... Here are some highlights.

• Restore 36 and 39.6 percent income tax rates.
• Restore personal exemption and Pease phaseouts for households making more then $250,000 and increase the threshold.
• Make permanent the estate tax with $3.5 million exemption ( that won't last) at 45 percent rate.
• Impose additional tax of 2-4 percent on families making $250,000 for social security/payroll.

He also has a couple good thing: invest in company up to 50K results in 20% tax credit. Right now we have that in the form of depreciating assets. I'll let the number crunchers figure it out but I always thought depreciating a laptop over years and years was stupid!

Of course coming up with 50K (like is that his fav number?)for investment can be difficult without credit. He wants to make sure that all have access to private health insurance regardless of preexisting conditions= good idea.

to recap:
40% for us work at homers and then another 2-4% for soc. sec .Further many dem's want a 50.3% tax rate heck that so only another 10% and heck if people vote in both democratic congress and democratic president - they just might get their way!

I want to mention here that in most families I know of sole proprietors, BOTH PEOPLE are working and sometimes the kids too are chipping in. Most are working long long hours. And could be making more working separately at jobs with benefits matching 401 contributions, partial health insurance payments and best of all paid days off .


Be careful what you wish for when you wish for change - I think these are some changes that will kill the economy. What do you think?


WANT TO SEE Some of the Changes?

One thing straight from Obama's site.
Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of health care and to reward investments in innovation. UH DUH small biz does NOT pay capital gains now

Now if you want to judge for yourself just click the title and it will take you to an article that outlines both tax plans and what they mean..

Resources
http://www.biztimes.com/news/2008/10/3/which-one-has-the-best-economic-plan
http://taxprof.typepad.com/taxprof_blog/2008/10/marginal-tax-ra.html

No time today - but HANG IN THERE

WElll my time is tight today but the main thought that occurs to me is this one thing!

ONE THING: AMERICANS got us into this (with congressional help) and AMERICANS can get us out.

You see, there is no loss unless you take a loss. We can wait it out. Last crisis after Sept. 11 terrorist attack the economy tanked for a couple of weeks.

I remember friends on the ebay.com question and answer forum saying they were spending all the money they could to get economy rolling. They were flying instead of caving into fear. WHAT WISDOM.

Today we need to not panic and keep on buying. It isn't that the stock market is tanking because of government, it is tanking because of FEAR. The stock market is all about perception.

I'll admit is hard not to be afraid when the news media hypes it all up.

I'll tell you this you have to be careful in your vote. It may sound good to have Obama saying he'll do it different but look at actions. I may lose a couple popularity points here but his charitable projects weren't all that successful and his foreign policies scare the heck out of me. I don't think we need to sell ourselves down the tubes for the economic crisis.

I think if Congress (and maxine waters I'll bet you are biting your tongue now) had dealt with the mess 2 years ago despite THEIR fears we would not have this financial meltdown now. Think about that while you are deciding your vote. research and look for information on it. Don't just take anyone's (not even my) word for it.

WELL NOW ACTUALLY MAKE THAT TWO THINGS:
And all Democratic friends and family please don't get me wrong.
The media sold my family who are democrats down the tube by not vetting Obama the same way they have vetted Hillary or other candidates. THIS ACORN THING is about voter fraud and deciet and they have vested interest in Obama attaining presidency. They are tied to corruption. Obama was their LAWYER for crying out loud. Voter registration this big and hidden is not good. I don't want to offend my family and friends but research it out for yourselves- don't just listen to words.

Right now today people are panicked at news, but get this a lot of this is the OIL Companies and Insurance Companies taking a hit.. WEll duh, who want AIG, and with the economic crisis oil prices tanked (gas about3.05- 3.15 here) and so stockholders are out for profit!

POLL: Should the stock market have been closed for 2 days and an emergency congressional meeting convened? Before the automatic circuit breaker kicks in