February 2009

Flipping Houses

Finding Happiness with Contractors

by Brendan O'Brien | February 28, 2009

What do these projects have in common? Replacing zone valves (not just the heads) for forced hot water heating Installing a 220-volt outlet for an oven Installing a hot water heater The common bond between these projects is that I won’t do ‘em. It’s not that I don’t have handyman skills – I do. But [...]

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Economy

Economic Forecasting And Astrology

by Tom Koziol | February 27, 2009

Probably the most succinct to the point explanation of the difference between economic forecasting and astrology was summed up when John Kenneth Galbraith said: “The only function of economic forecasting is to make astrology look respectable.” Since, of late, I’ve been propounding one be an expert in one’s local economics if one wants to be [...]

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Commentary

Hotel Industry Ravaged by Fear Stoked by Government, Pleads to Congress

by Joshua Dorkin | February 27, 2009

I just found the advertisement above while reading a political news/opinion website, and thought it was important to share. Read the letter and make your own judgment. I know that there is a feeling that Wall Street is the enemy, and that public companies need to pinch pennies, but as the letter says, the rhetoric [...]

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Commentary

I Quit

by Matt Pitcher | February 26, 2009

I Quit. I quit listening to the media and how bad things are. I quit believing there is not enough money. I quit believing in a power outside of me. If you focus on “no money, no money, no money,” Guess what you get? The answer seems pretty simple when asked like that! No Money! [...]

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Commentary

Obama’s Not-State of the Union Speech; Comes As Home Prices Plunge; Consumer Confidence Falls Off Cliff

by Charles Feldman | February 25, 2009

It was a State of the Union speech–even though it wasn’t a State of the Union speech. It just looked, sounded and felt like a State of the Union speech. That’s probably because it was in all but name only a State of the Union speech, even though the Constitution requires a State of the [...]

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Economy

Real Estate Investing Returns May Trump Stock Dividends

by Ted Karsch | February 25, 2009

Many investors have been questioning lately how they can afford to invest in real estate right now, while the economy is on the skids and the stock market is tanking. My answer is how can you afford NOT to be investing in real estate right now? The Federal Reserve is flooding the market with greenbacks! [...]

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Economy

67% Say $8,000 Tax Credit is Likely to Incent them to Buy a Home

by Steve Heideman | February 24, 2009

Okay, so despite Josh and my best efforts, we only had 6 people answer our poll through twitter. Therefore, this is by no means a large sampling fit to discern the efficacy of the tax credit, but I liked the headline–Catchy isn’t it? Of those who voted, 4 said it would incent them and 2 [...]

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Learn Real Estate

Learn the Basics of Short Sales (Video)

by Joshua M. Marks, Esq. | February 24, 2009

We put together the following video presentation in 3 parts to help you learn about the basics of Short Sales, how they work, etc. Other topics covered include Credit, Deed in Lieu of Foreclosure, dealing with the banks, and Taking a Short Sale Listing etc. PART II PART III

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Blogs

The Spin Cycle – What Real Estate Statistics To Believe

by Richard Warren | February 23, 2009

     Sales are up! Sales are down. Foreclosures are up. Foreclosures are down! Which statements are correct and which are wrong? They’re all correct, if you spin them the the right way. But two opposite statements can’t both be right, can they? Yes, if you choose the proper time frame in which to measure them. [...]

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Economy

The Crisis of Credit Visualized: How We Got Into the Current Housing Mess

by Joshua Dorkin | February 22, 2009

I just found this video series called the Crisis of Credit, outlining how we managed to get to where we are in terms of the housing and economic mess, and of course, I had to share it with our blog readers. So . . . . Enjoy! Part 1: Part 2: Thoughts?

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Commentary

Servicers Incentivized To Modify Loans Under Obama Plan – Is It Enough?

by Rob K. Blake | February 22, 2009

The Obama $75 Billion housing stabilization plan holds pieces which are designed to help stem foreclosures and help those already in foreclosure with loan modifications. Currently servicers have shown no real signs of wanting to modify loans, but this new plan hopes to change their collective minds. Will the Housing Stabilization Plan Work? I’ll get [...]

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Commentary

Need a Housing Bailout? I Admit it, I’m Unsympathetic to Speculators

by Brendan O'Brien | February 21, 2009

Have you heard of Scott Mintz? The LA chiropractor bought four houses, leveraging heavily in the expectation that real estate values would rise forever. Shockingly, they didn’t. Now, every one of his houses is underwater. Mintz not only wants his loans refinanced, he’d like the lenders to reduce his loan principal to reflect their current [...]

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Commentary

Questions & Risk for Lenders In The New Credit Environment

by Tom Koziol | February 20, 2009

Risk management rules are being revised as a result of the credit crisis we are currently experiencing. One of the categories under review is Customer Behavior. The proponents of the “strategic adjustments” have come up with supposedly new questions in this category. This makes sense if the questions were truly new questions engineered for the [...]

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Commentary

True Bank Nationalization Is Coming; Citi and BofA Probably First Up; Nationalization Means Salvation For The Real Estate Market!

by Charles Feldman | February 20, 2009

Let’s talk bank nationalization, folks. Why? because I think there is a pretty good chance it is coming soon–especially when talking about Citi and Bank of America–and, more important, THAT might have the biggest impact yet on solving (or helping to solve) the ever growing mortgage crisis that is still feeding the global credit meltdown. [...]

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Real Estate

Foreclosure Glut Clogging Courtrooms; Will Obama Make it Better or Worse?

by Joshua Dorkin | February 19, 2009

According to CBS News, “For homeowners who haven’t paid their mortgage in Lee County Florida, the end of the line is a courtroom where a judge whips through more than 400 cases in a single morning, reports CBS News correspondent Kelly Cobiella. They call it the “rocket docket.” The article goes on to show how [...]

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