700 Billion Stolen and Forgotten

If you ask your congressman or senator to give you an accounting statement of where the 700 Billion in bailout has gone - most will quite blatantly tell you that they have no idea.

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Among the states expected to be worst-hit is already battered California. Today, outstanding option ARM loans in the U.S. total about $500 billion, about 60% of which were sold to California homeowners, according to Credit Suisse.

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With foreclosures still climbing and every major bank still underwater on their balance sheets, why are the investors happy? Is it because the Fed has made it clear that everyone is going to get bailed out? I don't see why everyone is so excited.

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It is always refreshing to watch agencies like the National Association of Realtors or the Federal Reserve try to convince the public at large that we are just around the corner of stability in the markets.

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Over the next several months, we're going to be subjected to a chorus of hand-wringing about the moral turpitude of people who walk away from their mortgages and pronouncements like last month's warning from Treasury Secretary Henry Paulson that people should honor their mortgage …

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What if you could get a 15 year amortization with a 30 year payment? Now that would be tremendously helpful, wouldn't it? You can actually envision a day that you actually pay off the house! Seems impossible right now for most of us but that is exactly what is available through …

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A report released by the home builders indicates that new permits for construction hit its lowest level since 1997. This is a sign that the home builders are expecting more pullback in values.

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As expected, the price of homes has fallen for the 3rd straight quarter according to the National Association of Realtors (NAR). The decline is an average of 6.5% below the peak in 2006.

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Finding a home in the right neighborhood is equally as important as getting it at a value. Many neighborhoods may look suitable from a glance but there could be underlying crime that would affect your decision. Just because a neighborhood is well kept does not mean it is safe.

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The National Association of Realtors reported that overall home prices are expected to decline this year for the first time since they began tracking this in 1968. The expected median drop in values is 1%.

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As lender inventories of repossessed homes reaches uncomfortable levels they resort to selling the homes through auction.

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Not surprisingly, Los Angeles is listed as the smoggiest major city in the United States. This is based on a report released today by the American Lung Association. Yet LA is much better than it was 20 years ago before the strict smog laws (if you can imagine that).

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The banks really don't want your house. It is a costly event for them to foreclose on your property. The average cost of a foreclosure is $40,000. In addition there has been an increasing amount of pressure placed on banks to provide bailout solutions to troubled homeowners.

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It is clear that the increase in foreclosures caused by negative amortization loans and short term fixed teaser rates has prompted some state governments to get involved by offering a bailout program.

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In the current market is is far more difficult to sell a home than it is to find a good buy. Here is a couple of things that may help you through this process.

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There has been recent articles written about which is a better long term investment, stocks or real estate. In the comparison it was determined that stocks outperform real estate in the period between 1978 and 2004.

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Do you get calls at work from creditors? It can be embarrassing and a total harassment. Creditors will call every number they have on file multiple times every day unless you do something to stop them. There is a way to get them to stop calling.

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Too many homeowners wait till they get a foreclosure notice to realize they need to do something about their situation. It is a proactive approach that will produce the best results.

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There are many homeowners that want to upgrade to a home that meets their current needs and desires yet they are afraid of the market slide and fear they will not get full value for their home. This could play into your favor.

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Once you are facing foreclosure there are a few options that could help you stop the inevitable.

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As the mortgage boom slowed in 2005 many brokers scrambled to fill their pipelines as the rate of new applications fell.

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Many mortgage brokers have had the ability to secure lines of credit with major lenders to fund loans faster and increase their profit margin. They commit to a specific volume of business and are responsible for the qualifying criteria of that loan.

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Today the jobs report came in much stronger than expected fueling fears of inflation and sending the bonds lower. This pushed yields higher which of course has affected interest rates for mortgages negatively.

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Traditional lending sources will limit their programs to those with a score above 500. Many borrowers have scores that are near or below this level. What can you do if your score goes below 500?

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The California Association of Mortgage Brokers (CAMB) has issued a warning to homeowners to beware of advertisements claiming they can relieve you of your high payments and can qualify you for a 1% interest rate even with bad credit. This is simply not true.

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