Lowest Home Ownership Rates since 1960's

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Watching today's news coverage and reading the USA Today's article about the drop in homeownerhip; several things became apparent. The prediction of my realtor friends and dire warnings of the housing depression was mild compared to today's estimates....

6 MILLION - repeat 6 Million out of 8 million homeowners lagging in payments now will ultimately lose their homes to foreclosure.

Face it most Americans love owning their own home and until recently it has been a great financial decision to own a home, less expensive than renting and a matter of pride...But now; not only are some people are afraid to buy, the banking industry is making it harder to qualify for a home, and the government is not addressing the actual unemployment rate in a real and substantive way.

Things need to turn around fast to help protect our neighborhoods and communities.

Right now in our local city you can buy a foreclosed home for between 50 and 100 thousand..... There are bargains out there, but be careful because there are also many homeowners that having been evicted may be suing the bank and trying to get their home back... not the money the home. Remember that many evicted wrongfully have homes that have sentimental value. This promises to be another mess coming down the pike for those that buy without checking title or ignoring problems with title.


According to this Prisonplane Blog :

"About 18.9 million homes in the U.S. stood empty during the second quarter as surging foreclosures helped push ownership to the lowest level in a decade.

The number of vacant properties, including foreclosures, residences for sale and vacation homes, rose from 18.6 million in the year-earlier quarter, the U.S. Census Bureau said in a report today. The ownership rate, meaning households that own their own residence, was 66.9 percent, the lowest since 1999."

If you have read my previous blogposts; you will see that I think fraud has much to do with this foreclosure crisis, housing market crisis, or as some term it, blight on our local communities. Whatever the name for it, there are solutions for your situation. People need to stand up and fight for their homes and for reforms in banking and government.

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!

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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

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