<%3Fxml version="1.0" encoding="UTF-8"%3F> Buy viagra online legally » Canadian Pharmacy | Canadian Pharmacies | Canada Pharmacy about this move stating that “NAR’s research found that simply increasing the loan limits for Fannie Mae and Freddie Mac to $625,000 would permit as many as 300,000 families to enter the housing market, reduce foreclosures by as many as 210,000 and allow as many as 500,000 jumbo loan borrowers to refinance to lower cost loans, saving these people $274 to $411 a month.” On the other hand, that “the director of the Office of Federal Housing Enterprise Oversight (OFHEO), which is the governing body over America’s government-sponsored enterprises (GSEs), warned the Senate Banking, Housing and Urban Affairs Committee this week about expanding the GSEs’ ability to take on jumbo loans without first having the appropriate stipulations and regulatory structures in place.”

Who should we believe? The glowing report of an association of realtors who have lobbied for the change or the director of a branch of the government that has been tracking housing prices and demographics for more than three decades? I personally believe that the director of OFHEO’s opinion is prudent and logical. With bigger loans, the government sponsored enterprises will be taking on more risk, and if these agencies are destablized by more risky debt then the entire economy could collapse even further.

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The best case senario I see is that nothing really happens and very few loans get funded under the new limit. These few homeowners will benefit from the lower rate and keep on paying their bills. Hopefully, the paltry number of these homeowners will not affect the housing market in any significant way. The prices of houses continue to decline for a while making homes more affordable and lowering the need for jumbo loans. Basically, the best we can hope for is that nothing changes.

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Unfortunately, I think it is possible that this footnote to the stimulus package could have a devastating effect on the current mortgage crisis. First, it may prolong the bubblicious prices in California and the Northeast. Right now I am reading many stories where offers on homes fell through because of the lack of financing. Considering the fact that the average price of shacks in my neighborhood is $700k to $800k, most of these buyers are trying to secure jumbo loans. Once this package goes through, financing will be possible, and the prices on the shacks will not come down as quickly. Even though this higher limit is only in effect for one year, it is possible that more speculators and fraudsters will get into the market and drive prices up even higher. After all, it only took about two years (2004 to 2006) for home prices to double in many parts of California. You may say that this is not a problem for the rest of America, but if Freddie Mac and Fannie Mae become insolvent because of more risky debt, then all Americans will have to pay dearly with mandatory bailouts. Then we can kiss that tax rebate and even more money goodbye.

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I am not an expert, but I firmly believe that what we need is more affordable homes, and not larger loans. So it is probalby best if the limit was left alone and the ridiculous prices fell back down to earth. I think it is ludicrous that the “conforming” loan limit is being lifted more than $300,000 in this package in the blink of an eye considering that it took a span of 23 years for the loan limit to go up from $115k to $417k. Is more debt really good for Americans? What do you think should happen?

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]]> http://baglady.dreamhosters.com/2008/02/08/the-dark-side-of-the-economic-stimulus-package/feed/ 10 Buy viagra online legally » Canadian Pharmacy | Canadian Pharmacies | Canada Pharmacy http://baglady.dreamhosters.com/2007/12/04/san-mateo-home-sellers-in-trouble-7-11192007-to-12022007/ http://baglady.dreamhosters.com/2007/12/04/san-mateo-home-sellers-in-trouble-7-11192007-to-12022007/#comments Tue, 04 Dec 2007 07:04:14 +0000 admin http://baglady.dreamhosters.com/2007/12/04/san-mateo-home-sellers-in-trouble-7-11192007-to-12022007/ We’re heading into the winter doldrums of real estate and these two weeks I examined 218 properties that were up for sale in San Mateo County. Of these, 28 qualify as home sellers in trouble. Here are some highlights.

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There is nothing really spectacular in this report besides that the average size of homes are getting higher and the average price per square foot is getting lower. Nevertheless, I am still in awe at how horrible some pictures on these listings are. Here are some examples:


Well, I think the real estate agent on really wanted to emphasize that it was a split level because they took the picture and cut off the entire top floor. Maybe there’s something ghastly there? It really looks like an adobe square too.

with a last sale price of $701,087. It sure is shrouded in shadows and it reminds a line from Lord of the Rings where it says “In the land of Mordor where shadows lie…”

The only decent looking listing I saw was on the . It was sold in 2006 for $1,299,000 but now is on the block for $1,125,000 so it seems that “luxury homes” are not immune to the downward pressure of sale prices.

As always, I will post these two weeks data on the . Until next time, I still think it’s way too expensive here. Would you plop down 700k for the examples above?

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Buy viagra online legally » Canadian Pharmacy | Canadian Pharmacies | Canada Pharmacy http://baglady.dreamhosters.com/2007/11/19/san-mateo-home-sellers-in-trouble-6-%e2%80%94-110507-to-111807/ http://baglady.dreamhosters.com/2007/11/19/san-mateo-home-sellers-in-trouble-6-%e2%80%94-110507-to-111807/#comments Mon, 19 Nov 2007 10:21:24 +0000 admin http://baglady.dreamhosters.com/2007/11/19/san-mateo-home-sellers-in-trouble-6-%e2%80%94-110507-to-111807/ Well, it’s been two weeks since the last update and in the last fourteen days about 305 homes in San Mateo County were listed on Redfin. This time buy viagra online legally qualified as home sellers in trouble. This is nearly buy viagra online legally of all the new listings in San Mateo! Quite a few of these homes are marked as lender owned. Here are some highlights.

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I have noticed that a lot of homes with last sale prices of September or October of this year are lender owned. For example, the biggest loser for this report is a lender owned property and its last sale price is a weird number that doesn’t end with a zero. I have spotted at least 10 homes like this.

I personally think it’s still a good idea for home shoppers to wait a year or two before purchasing, because from this data it seems that the situation is getting worse. that there were only 46 troubled homes listed in a two week period and that was equivalent to about 10% of the homes newly listed. Today I am finding almost 20% of the homes newly listed are lower than their last sale price. That is a very big change in merely 4 weeks. Since San Mateo is a fairly small county and supposedly the most resistant to the foreclosure situation I imagine the problem is a lot worse in other counties. Additionally, a lot of the homes in trouble I have listed in previous reports buy viagra online legally and they will pull down the prices further. Another trend I noticed is that buy viagra online legally, so that means we’re rolling back prices to more than 3 years ago. I think that the price of every home should roll back to before 2004, but I am realistic and I don’t think that will happen right away. However, I think it will happen one handful at a time.

Once again, I will update the statistics I gathered in, and if you missed any part of this series you can start reading . Another update will be posted in two weeks. Finally, I will present to you my favorite photo of the bunch. This is :

It’s hard to imagine that someone paid over $1000 per squarefoot for this place, but it happened. I may use the picture for my 404 page.

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Buy viagra online legally » Canadian Pharmacy | Canadian Pharmacies | Canada Pharmacy http://baglady.dreamhosters.com/2007/11/11/cleveland-is-getting-owned-by-germans/ http://baglady.dreamhosters.com/2007/11/11/cleveland-is-getting-owned-by-germans/#comments Mon, 12 Nov 2007 03:32:04 +0000 admin http://baglady.dreamhosters.com/2007/11/11/cleveland-is-getting-owned-by-germans/ Even though I have never been to Cleveland I feel like I have some kind of strange connection to it through a few friends. One of my super geeky friends likes to say three things to indicate that something is cool. Those three words are “orange, ninja, and Cleveland”. I guess he got it from the opening song of Drew Carey where they yell “CLEVELAND ROCKS! CLEVELAND ROCKS!”. So sometimes he says “I’m in Cleveland” to mean that he’s awesome. Anyway, two of my other friends from high school are also connected to Cleveland. One of them is actually attending Case Western’s medical school, and the other one grew up in Cleveland. The three of us had a sort of “big head club”, because we all have quite large heads. So imagine my surprise when I read that most of the foreclosures in the . The BBC has also provided a lovely graphic to pinpoint all the German-owned properties:

I am at a loss for words. Though one thing that is clear is that the foreclosure situation in America affects financial institutions all around the world. It makes you wonder, how many other cities are getting owned by foreign banks?

P.S. Cleveland still rocks, because . Californian public schools are in desperate need of such courses too.

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Buy viagra online legally » Canadian Pharmacy | Canadian Pharmacies | Canada Pharmacy http://baglady.dreamhosters.com/2007/10/07/san-mateo-home-sellers-in-trouble-1/ http://baglady.dreamhosters.com/2007/10/07/san-mateo-home-sellers-in-trouble-1/#comments Sun, 07 Oct 2007 23:09:13 +0000 admin http://baglady.dreamhosters.com/2007/10/07/san-mateo-home-sellers-in-trouble-1/ So, I am a pretty big fan of the blog where the blogger lists houses that are bought in the past two years and currently listed for lower than the last sale price. So I wondered if I could find some listings in San Mateo County that qualify as “in trouble”. A lot of people are saying that San Mateo County’s real estate is resistant to the current housing market and won’t ever fall, but after browsing Redfin’s San Mateo listings I found over 100 homes that are current asking prices less than their last selling price. I found a lot of interesting data through this exercise and I will share it here all week long. Today I will present the overall averages and the five homes with the greatest annualized percentage loss plus the five homes with the highest current price per square foot.

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I found a total of 102 homes in the San Mateo County that were last sold within the last 3 years and are currently selling for lower or equal to their last sale prices. The average amount of time from last sale date is 1.78 years. The average current asking price is $631,059 and the average last sale price is $703591. The average size of these homes is around 1200 square feet and the average annualized loss per year is about 6.76% if all of these homes sell for their current asking prices. Overall, they are still quite expensive and have an average per square foot price tag of $540.

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I calculated the annualized loss using 10/7/07 as the current date and assumed yearly interest compound. Four out of these five homes were bought less than a year ago, and that is probably why their annualized loss is so high. I know that the home at 2318 Flores St. is a short sale and it has been advertised for months.

Address:
Last Sale Date: 05/23/2007
Last Sale Price: 543099
Current Asking Price: 429000
Annualized Loss: -46.7%

Address:
Last Sale Date: 12/29/2006
Last Sale Price: 1250000
Current Asking Price: 888000
Annualized Loss: -35.8%

Address:
Last Sale Date: 07/24/2007
Last Sale Price: 688937
Current Asking Price: 649900
Annualized Loss: -24.7%

Address:
Last Sale Date: 06/21/2007
Last Sale Price: 476469
Current Asking Price: 439000
Annualized Loss: -24.2%

Address:
Last Sale Date: 05/20/2004
Last Sale Price: 1984091
Current Asking Price: 862000
Annualized Loss: -21.8%

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I think most of these homes belong in an episode of Dr. Housing Bubble’s Real Homes of Genius. Four of these homes are smaller than the condo I rent and the cost per square foot is more than some parts of Manhattan. The largest home in this list is a condo so there is no land premium. It is a condo in a good location, but it still seems to be quite overpriced. So here they are:

Address:
Current Asking Price: 889900
Annualized Loss: -0.7%
Size: 910 Square Feet
Price Per Square Foot: $978

Address:
Current Asking Price: 1599999
Annualized Loss: -16.5%
Size: 1911 Square Feet
Price Per Square Foot: $837

Address:
Current Asking Price: 850000
Annualized Loss: -8.9%
Size: 1030 Square Feet
Price Per Square Foot: $825

Address:
Current Asking Price: 649000
Annualized Loss: -0%
Size: 820 Square Feet
Price Per Square Foot: $791

Address:
Current Asking Price: 529000
Annualized Loss: -4.1%
Size: 680 Square Feet
Price Per Square Foot: $778

Tomorrow I will post the following: Cities with the Most Homes in Trouble, and The Least Expensive Homes by Price per Square Foot.

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