Talking about the home ownership level holding steady, several proposals to use eminent domain to seize underwater mortgages and much more…
Eminent Domain to Seize Underwater Mortgages
Consider this quote from HW:
The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages.
The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, reduce the principal for the borrower and refinance it into a government-backed loan.
Instead of starting some crazy plan to line the pockets of some vulture capital…I mean venture capital firm why not focus on IF this plan is even legal before devoting too much time or resources to it? Or even crazier, why not look at ways to create jobs and economic growth that actually helps the majority of Americans.
Just another tax payer funded transfer of money to Wall Street to me. But what do you think?
Related article from a friend on the West Coast: Can the Government Take Your Home?
Home Ownership Level Holds Steady
I am sure you have heard the many radio or TV ads from NAR talking about how important home ownership is to America. While I agree, I think NAR could have spent their money on better things such as promoting the various government programs to help struggling home owners keep their homes. Anyway, the Census Bureau recently reported the home ownership rate stayed unchanged at 65.6% during the second quarter of 2012 it was good news.
Check out some of the charts from the Census Bureau:
Is 65% a more realistic home ownership level? Rents have been steadily climbing but home ownership levels have fallen. No matter what, people will always need a place to live. Rising rents just makes owning rental properties look better and better. I hope one of my client likes the property I sent him yesterday. Great ROI at the list price and appears to need very little to be rent ready.
Regarding the FOMC meeting this week:
The FOMC meeting adjourns Wednesday at 2:15 PM ET. Between now and then, speculation will drive the mortgage markets. It’s not for the faint of heart.
So, if you’re floating a mortgage rate or just shopping for one, consider getting locked in ahead of Wednesday afternoon because, once the Federal Reserve publishes its post-meeting statement, all bets are off. And if you’re betting with a sizable mortgage, your losses could be big.
While there is much more to getting the best deal on a mortgage besides the rate, this is something all buyers need to consider. Read more at Even Without QE3 Mortgage Rates Ready To Move
Is Opportunity You Passing By?
Despite record low mortgage rates, the volume of home sales remains low. Read Why Record Low Rates Aren’t Working