11 million Americans are underwater in their mortgages.  That's roughly 1 in 4 homeowners.  How about another government bailout to help?

The Obama administration is pulling a lever or two so this nasty problem should be fixed just in time for the election, right?  Didn't they try something like this before or did that just not work last time?

There are several reasons why we believe it won't work this time either.  The Republicans will be blocking it.  Then there's that persnickety problem of exactly where will the money be coming from.

Here's the main article from Bloomberg, plus several more interesting takes we've found across the net.

Obama Wants To Expand Government Reach Of Federal Assistance …

Spencer Bachus, R-Ala., chairman of the House Financial Services Committee, said the refinancing plan proposes “to get out of the hole we're in by digging deeper.” “He wants lenders to make more of the same risky loans …

Publish Date: 02/01/2012 17:52

http://newsone.com/nation/associatedpress6/obama-government-housing-assistance/

Geithner: More Fannie reform details in spring | Hot Penny Stocks

By Ronald D. Orol , MarketWatch WASHINGTON (MarketWatch) — Treasury Secretary Tim Geithner on Thursday discussed some of his goals for financial reform in 2012, including a plan to provide more details in the spring about the … He said the Federal Housing Finance Agency, Fannie and Freddie's regulator, is “still open to examining the economic case” for reducing the principal owed by borrowers who have mortgages owned by the two mortgage giants.

Publish Date: 02/02/2012 16:33

http://www.hotpennystocks.co/wall_street/top_stories/geithner-more-fannie-reform-details-in-spring/

Related articles

• Why Fannie and Freddie are Hesitating to Help Homeowners (propublica.org)
• Obama wants Congress to act on expanded home refinance plan (usatoday.com)

Housing sales took a nose dive in July, according to the numbers crunch.  I'm using Nashville as an example because that's the real estate market I am directly involved in and I know it all too well.

The last year has been very difficult for us as landlords.  We've had a huge turnover in tenants; much larger than usual.  We're still getting 30 day notices, which is very strange for this time of year.  Usually, the season starts to wind down along the middle of August.

The article from the Tennessean sums it up.  The Obama tax credit for first time homebuyers is gone.  The article further points out  those  new homebuyers have already bought.  That means houses were sold earlier this year and sales are not being spread out over the remaining months of 2010.

I won't criticize the Obama tax credit.  I've already done that ad nausium.  But I will say this.  You can't keep on interfering with the markets.  I don't think you can tweak and play with the real estate market, or any market for that matter without causing further damage. 

The important thing is to look to the future.  What can we expect?  More of the same, perhaps?

I am guessing there won't be any more stimulus for first time buyers.   It will go the way of the clunkers for cash program, thank goodness.   What I do see as a possibility is that the Team Obama will now turn to Freddie Mac and Fannie Mae distressed homeowners and will give them some sort of bailout.  I didn't think that was conceivable a few weeks ago.  I now know anything can happen with this White House.

That will be cataclysmic.  Homeowners who are paying off their mortgages will think it isn't fair and why should they keep on struggling?  One suggestion is to bring hope and change to Freddie and Fannie in the form of a complete makeover.

Still, I'm generally optimistic.  I think once we're past the New Year, things will improve.  Real estate will make a comeback.  It always has.  That is what keeps me going.  I know the cycle will turn.  But I think the government ought to leave these markets alone now and let the chips fall where they will. 

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• Fannie Mae Seeks $1.5 Billion in Aid as Loss Narrows (businessweek.com)

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What does this mean?

We believe it's political.  He's trying to aid distressed homeowners who got on the wrong side of the real estate cycle.  But hey, people do that all the time.   They over invest or they invest in the wrong real estate at the wrong time.  Does that mean our tax dollars should be used to bail them out?

Most importantly, exactly where will this money be coming from?  They're having to look underneath the couch cushions now for coins.

Read Obama's  Freddie/ Fannie Bailout

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• The Mortgage Crisis and Investments in Real Estate According to regional and state real estate analysts, the factors which previously fueled the housing boom of the last few years are easy to explain. The factors that fueled this boom in the real instate industry ranged significantly, including: - Interest rates that were historically low. - Flight-Risk Safety Investments......
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There is a rumor being reported by the Washington Post that there will be a sales tax on real estate sales beginning in 2013.

Of course, those of us worth  less than $200,000 don't have a thing to supposedly be worried about.   Those of us over $200,000 do have something to worry about.

So what's happening?

The money will be going for the new ever so complicated health care system.   And it isn't being called a sales tax, you see.  It is really a Medicare tax, as if that will make any difference to the taxpayer. 

I just love this quote:

"Of course, the Washington area has experienced dramatic appreciation in real estate (at least in recent years), so some homeowners may be hit with this new tax. But the large profit that has been made should offset the nominal tax that has to be paid."

Funny, how some people believe taxes can be offset.  It's also funny how property taxes that we're paying in Davidson County, TN  have not been off set.  They're coming straight out of our profits.

Anyway, read Fact or fiction? The health-care law and real estate tax

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Small  homes are gaining in popularity according to the Ottawa Citizen.

New homebuyers are thinking smaller because of land costs and the fact that McMansions are losing luster.

Reasons: Wasted space =wasted costs.  Economizing is in now and buying a huge home just to keep up with your neighbors is not as thrilling as it once was.

Small is the New Big

The Wall Street Journal is also picking up on this trend in Florida.  Here's an interesting snippet of news as the Journal talks about the Florida real estate market making a comeback but with smaller homes.

Builders Return to Florida

More about smaller home building from The Net

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Smaller Homes for Boston?

Tһе St. Petersburg Times reported tһаt a Tampa Bay Builders Association spokesman ѕаіԁ tһаt builders wіƖƖ still bе building super-sized homes bυt tһеrе wіƖƖ bе more οf tһе smaller ones being built аѕ well. …

Publish Date: 06/15/2010 22:09

http://greenerlivingonline.com/smaller-homes-for-boston.html

Builders hope that smaller sells: Local developers say the trend …

The company has such a good track record that the Home Builders Association of Lane County is hitching its annual showcase home fundraising effort to Piculell's gambit by building the showcase house on the lot between the developer's …

Publish Date: 06/08/2010 0:00

http://www.bigbuilderonline.com/industry-news.asp?referer=rss363&sectionID=363&articleID=1303668

Home Buying and Home Selling Tips » Blog Archive » Interested in a …

Interested in a smaller home and price tag? Posted By varac on June 15, 2010. Are you interested in a home finished by a new building strategy? Some builders are taking advantage of lower lot prices to resume work in stalled housing …

Publish Date: 06/15/2010 23:57

http://www.buy-and-sell-house-fast.com/blog/interested-in-a-smaller-home-and-price-tag/

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Sellers are changing their minds, leaving their realtors in binds all across the nation.

(Hey, that might  make a good country music song.)

According to a New York Times  article this is really getting  to be a problem because of the uncertainty of the economy, not the uncertainty of the real estate markets.

A consumer behaviorist, Dr. Yarrow, is quoted.  "People are making long-term commitments, and they limited vision into the future."

What I think that means is if people have too many choices as consumers, they'll develop that deer in the headlights paralysis and they'll end up doing nothing.

Like the New York couple who worked with a real estate agent getting their apartment in ship shape.  They liked it so much after she staged it, they decided to stay.

That's also happening with some renters, I might add.

Read Sellers Indecisive

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Are home foreclosures really down, or is the Realty Trac report exaggerated?

Realty Trac's report is saying foreclosure fillings went down 2% in April 2010 from April 2009.

Nevada is still the highest.  This is their 40th month.  Not surprisingly, Arizona and Florida are next highest for foreclosures.

There could be several reasons for this, is we can really believe this report. One reason for the possible decline is that lenders are being more responsible with loans.  They're not lending to high risk borrowers like they were in 2006.

Read USA Today's Foreclosure Decline Report

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California Foreclosures Made up 38 Percent of Home Resales

Sales of California foreclosures accounted for 38 percent of all home resales in April. A total of 37481 pre-owned housing units and new homes were sold in April, an increase of 0.5 percent from March total sales.

The Real Estate Wonk: Foreclosures and short sales in the …

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A rat ran in front of President Obama's podium yesterday during a press event.  The President did not acknowledge the furry critter but the ever vigilant press members did.

So it seems the White House needs to get rid of these little rodents who somehow got past security.

That reminds me of my own situation at my house in flood drenched Davidson County a few days ago.  We had bats.

My brother was calling from China when my 83-year old mom suddenly started screaming.

"What's wrong," Turney asked.   "What's happening to Mother?"

"It's okay," I reassured him.  After all, what could he do about it?   He's in Beijing, of all places.

The bat was flying around Mother's bedroom and we quickly cornered it in the living room where it stayed all night.  (We somehow figured out you have to keep the lights on with bats)

Next morning we called a critter pest removal expert.  It took four phone calls to find one who would come.  I'm sorry, but you don't need to be rerouted to Atlanta when you need someone now in Nashville.

He got rid of the bat that turned out to be a baby.  Then he went up into our attic and removed the rest of them.  Most importantly he guaranteed his work for a full year.   Cost? Almost $400.

What's our advice for the White House?

Stop ignoring your pest problem.  Get on with it.

Rat Upstages Obama Press Conference

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What is THAT in this picture? (The President does not need this …

Report. PERFECT!!!!!LOLOL OR DO I SAY PERFECTO NOW??? TWO CAUGHT AT THE SAME TIME. GEEZE THE WHITE HOUSE IS LOADED WITH RATS THAT ARE TRULY ""BOLD"". May 20, 2010 at 10:16 pm … "For the 1st time in my life, I'm proud of America". Report. so she said. Now, how about calling someone to get rid of the rodents before the next President in 2012 moves in! May 20, 2010 at 9:56 pm …

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The realtors are pushing passage of H.R. 2483 and H.R. 5072.  These bills will still allow access to safe financing for borrowers who qualify and would make the current FHA loan limits permanent.

NAR is in direct opposition to Sen John McCain's amendment to shut down Fannie Mae  and Freddie Mac.

So who's right?  Isn't Fannie and Freddie the couple who caused a lot of this housing downturn or have they just been demonized for little reason?

What  do you think?

Realtors Ask Washington for Fannie and Freddie Reform

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He was an educator for those interested in real estate investing, landlording and the buying and selling of properties.

Best known for his excellent courses such as Real Estate Sales and Marketing, Big Profits and Little Deals, and Discounted Mortgages.

Hal Wilson of the Wilson Group Rentals, also wrote The 12 Secrets of Real Estate Investing.

We hear a lot about fake gurus and they are a problem, but Hal was the real thing.  He actually practiced real estate investing.  He  was also willing to work and to share his knowledge with others. 

He has left us quite a bit of material and we can still study his books and courses.  His work was fundamental, not the fly by night info commercial junk.

Read more about Hal Wilson

Hal Wilson's Obituary

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