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Down Payment Assistance Going Away? Not Without A Fight… And Maybe A Few Videos.
I received an email today with this video about what is going on with the down payment assistance programs… Remember, we are officially “neutral” on this topic. Maybe *slightly* in favor of the down payment assistance programs, but they are not without their problems.
Either way — it is interesting to see a campaign go viral like this.
Phoenix Expert Sees Real Estate Boom Ahead
I came across this release on prweb.com today — and for what it is worth, I agree with the general idea that the current downturn in Arizona real estate won’t go on forever (duh!). Tammy and I are both Arizona natives, so we have experienced the Arizona real estate cycles before — remember, people are still moving to Arizona in greater numbers than they are moving away from Arizona.
Phoenix Expert Sees Real Estate Boom Ahead
Author H. L. Quist is on record in calling all the past five boom and bust cycles in the US since 1990.
Phoenix, AZ (PRWEB) August 10, 2008 — H L Quist, a Valley resident for thirty-six years, believes that the local real estate market will bottom this year and forecasts another boom starting in 2009. In April, 2005, H. L. Quist forecasted that the “Greenspan Plan” to promote all forms of consumer borrowing and spending would implode causing the real estate and credit meltdown aftermath experienced in 2007 and 2008.
Quist, who has taught “Cycles & Trends in Real Estate at the Southwestern School of Real Estate for the past fifteen years, says that, “All markets move on fundamentals and emotion. The new ‘Housing & Economic Recovery Act of 2008′ just passed by Congress and signed into law by President Bush, changes the fundamentals. The bill greatly expands the Federal Housing Administration (FHA) which will insure up to $300 billion in new loans for desparate homeowners who cannot qualify for FHA loans under the existing rules and law. The new FHA along with the Hope Now Alliance will slow the surge in foreclosures permitting the market psychology to also change.”
The Aftermath of Greed: Get Ready for the Coming Inflationary Boom.
“Based upon information available as of this date, here’s an example of how the new FHA program might work,” explains Quist.
“A homeowner (who has spent at least 31% of their income on a mortgage)has an existing high interest sub-prime loan with (let’s say)Countrywide Financial. The loan may already be in default as is 48% of Countrywide’s $30 billion sub-prime portfolio. The borrower can refinance with the new FHA on a 30-year fixed rate loan at an interest rate significantly lower than any prime borrower on a conventional basis. Countrywide agrees to write down their mortgage to 90% of the current appraised value in exchange for a new loan guaranteed by FHA.The borrower presumably now has a loan that is affordable, Countrywide owns a loan that is fully valued on its balance sheet and the risk of default is assumed by taxpayers.”
Quist, now retired, worked thirty-five years in financial services and ten as a real estate developer and is the author of “The Aftermath of Greed: Get Ready for the Coming Inflationary Boom.” He is also the author of 3 other non-fiction and fiction books.
Contact:
H L Quist
602-840-4117
http://theaftermathofgreed-updates.blogspot.com/
I.O.U.S.A. Opening In Arizona August 21
On October 21st, Fathom Events is opening a new movie titled “I.O.U.S.A.” in a select group of theaters in Arizona and around the country.
Following the movie, there will be a live discussion with with Warren Buffett, Pete Peterson & Dave Walker about America’s economic crisis and what we can do to change course.
This one night event will be shown LIVE at 8:00pm ET / 7:00pm CT / 6:00pm MT / and tape delayed at 7:30pm PT.
The theaters in Arizona where you can see this movie on the 21st include:
You can also see a complete listing of all theaters across the US here.
Light Rail Testing
I spent my morning drive from Southeast Chandler to Tempe thinking about the price of gas. FOUR BUCKS A GALLON ADDS UP TO A LOT OF MONEY! I was thinking about all of the different strategies I could use to get better mileage as I was pulling up to the office — and it dawned on me.
Actually, it drove by me.
Light rail is coming to town!
I am no expert, but it seems like this might be a great solution to my 4-bucks-a-gallon-and-35-miles-to-work problem.
Honoring and Remembering Tim Russert
With Tim Russert’s life being celebrated today during his memorial services, I feel the overwhelming need to honor this man and his enormous legacy he leaves behind. One of my favorite quotes from Ralph Waldo Emerson says:
“To laugh often and love much;
To win the respect of intelligent persons and the affection of children;
To know that even one life has breathed easier because you have lived…this is to have succeeded.”
Tim Russert leaves this earth with an enormous legacy of success. Success in the most genuine, broad, and everlasting impact. Mr. Russert was down to earth, humorous, and not content with average or good enough, but he was driven for excellence and truth.
He was demanding and passionate when it came to politics. He was a family man – nothing was more important to him than his wife and son. People have described him as a “trusted friend”. He lived his life with honor and integrity. He was known to “reach down to help others up.” He knew the value in learning to “listen” to people. He had working class roots and he never forgot or devalued his roots. He had extreme faith and enormous patriotism towards his country.
He was a tough interviewer . . . not to elevate himself but to take the issue at hand to a higher level of understanding and accountability. While some may argue that Tim Russert’s work ethic might have been a contributing factor to his early death (ever wondered how much stress affects our health?) , I have to wonder how much progress we as a nation could make if collectively we had more of Mr. Russert’s work ethic and passion.
Where would we be if we all prepared as if we were to sit across from Tim Russert for an interview on Meet the Press on a Sunday morning?
I never personally met Mr. Russert. However, I can tell you that he has touched my life and reminded me
“To laugh often and love much;
To win the respect of intelligent persons and the affection of children;
To know that even one life has breathed easier because you have lived…this is to have succeeded.”
Happy Fathers Day 2008
Living in the Valley of the Sun during this time of year makes you grateful for at least two things — air conditioning and backyard pools!
Fathers day at our house was spent relaxing by the pool in the morning (is it possible to “relax by the pool” when you have young kids?) and watching Tiger Woods drain a clutch 12 foot putt to force a playoff for the US Open.
Ever since our oldest daughter was young, she has called herself “Tiger Woods” — probably no different than about a million other kids who have watched the Nike commercials and declared “I AM TIGER WOODS”. And while it was fun to see the real Tiger in action today — the best part of the day was seeing what my Tiger Woods made me for Fathers Day along with her little brother…
Thanks to Tammy for making Fathers Day 2008 great.
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