Tuesday, December 11, 2007

Yahoo - "Bush subprime plan limited but a step forward" (12-7-07)

"The Bush administration unveiled a foreclosure relief plan Thursday that the White House said could help 1.2 million distressed homeowners. In separate announcements, President Bush and Treasury Secretary Henry Paulson said the plan will streamline the mortgage modification process for many distressed borrowers. It will offer 'more relief to more homeowners, more quickly,' the president said. And it will include a five-year freeze on interest rates for borrowers current with their monthly payments."

Seeking Alpha - "Why Home Prices Are Important To the U.S. Economy" (12-7-07)

"the bursting of the stock market bubble was really just a little bump in the road - total household assets declined only slightly over those years and, in the last seven years, the value of household real estate has gained more than twice the amount that stocks lost between 2000 and 2002."

Yahoo - "Should I Rent or Buy A Home?" (12-7-07)

"The decision to rent versus buy may be affected by interest rates. Use this calculator to compare costs over the period you choose."

NAHB - "Fannie Mae Plan To Raise Housing Finance Costs Highlights Need For Congressional Action" (12-7-07)

"Fannie Mae’s new fee is a broad tax on homeownership that ultimately will be passed along to consumers. It’s certain to be more difficult for the housing market to regain its footing when steps are being taken to drive up mortgage costs. This is the exact opposite of what needs to be done and underscores the importance of Congress quickly enacting legislation that would strengthen regulatory oversight of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac while also preserving their vital housing mission."

Los Angeles Times - "Mortgage relief program a slap in the face to some" (12-7-07)

"Many people who prudently sat out the housing bubble -- or resisted the urge to cash out their home equity to help finance their standard of living -- share that visceral reaction. In part, they resent on principle the rush to help a segment of society that may not have acted so responsibly. But they also fear that any effort to prevent foreclosures could keep home prices from falling to an affordable level. 'I try to do the right thing, which is to have a down payment and a job and to be fiscally responsible, and it basically looks like it's not going to pan out if this sub-prime bailout goes through,' said Johnson, a 34-year-old biologist at the Salk Institute."


Orange County Register - "Orange County home prices and sales" (12-7-07)

"For the 22 business days ending November 20, sales for all types of Orange County home sales decreased 46.8 percent. The median sales price decreased 8.2 percent. The median is where half the homes sold for more and half for less. Types of homes selling, as well as home value changes, cause the median to change."

Los Angeles Times Blog - "Homeowners paying property taxes on time" (12-7-07)

"In San Diego County, Tax Collector Dan McAllister expects a 6.5% increase this fiscal year as compared to the double-digit growth during the last five years. His Ventura County counterpart, Larry Matheney, says his "collection rate is actually up, though not by a statistically significant" amount. "I don't think the county is going to get the big pinch from this until the decline in the real estate market has gone on for maybe another couple of years," he says. Counties need to get used to normal to just below normal growth after a series of phenomenal jumps in the tax base, assessors and tax collectors say. Riverside County Tax Collector Paul McDonnell says assessed value jumped 22% on Jan. 1, 2006 from a year earlier, but grew only 17% the following year. Forecasts are for 8% growth in 2008, 4% in 2009 and 2% each year in 2010 and 2011."

Real Estate Journal - "The Subprime Credit Crunch Hits Local Governments" (12-7-07)

"Thirteen years ago today, Orange County, Calif., sent tremors through financial markets when it filed for bankruptcy. Today, that same county -- and states and counties nationwide with troubled investment funds -- face new worries. This time, they stem from the subprime crisis."

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