Nov 232014
 
Loan Mod Default: How to game the system with FHA loans for maximum advantage

Our current housing finance system is a mess. It’s laden with moral hazard, and likely to implode with enormous losses to be absorbed at taxpayer expense. All our current policies are geared toward saving our banking system from financial ruin and making loan owners comfortable with their… – How to game the system with FHA loans for maximum advantage


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Nov 232014
 
USA Housing: The real reason the NAr affordability index is completely worthless

The National Association of realtors is dedicated to advancing the interests of listing agents who dominate the organization. Their primary focus is to generate real estate sales and commissions that provide income for its members. It spends enormous sums promoting real estate sales with the… – The real reason the NAr affordability index is completely worthless


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Nov 232014
 
OCHN: Shevy Akason awarded Top Producer six years in a row

Shevy Akason, exclusive agent for OC Housing News, is named a Top Producer for his great work with OC Housing News customers and others.

FOR IMMEDIATE RELEASE

Shevy Akason, exclusive agent for OC Housing News, is named a Top Producer in Orange County, California, real estate sales.

Shevy… – Shevy Akason awarded Top Producer six years in a row


Visit the OC Housing News, and read the OC Housing News blog. Learn why you should use a home guide. Meet the Akason Realty Consulting home guides and housing market analysts, and read our re

Nov 222014
 
Ponzi Debt: Everyone Wants To Live Here… Not!

The Great Housing Bubble witnessed many foolish ideas and beliefs about real estate. Among the most foolish was the idea that prices went up because everyone wants to live wherever they are. When rational arguments fail to explain something, it is only natural that people will start making… – Everyone Wants To Live Here… Not!


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Nov 222014
 
RE Ruin: In a Buyer’s Market the First Offer is the Best Offer

This is the most counter-intuitive part of buying in a buyer’s market. Ordinarily sellers, or more accurately the seller’s realtor, try to create a sense of urgency to buy the house. They want the buyer to think other people are looking, there is going to be a bidding war, and the buyer needs to … – In a Buyer’s Market the First Offer is the Best Offer

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Nov 212014
 
OCHN: Existing home sales decline 5% in West despite low rates

Plagued by affordability problems, the Western US endured a 5% decline in home sales in October 2014.

Ever since mortgage interest rates suddenly and unexpectedly rose from 3.5% to 4.5% in May of 2013, the market has been weak. For almost a year prices were flat while sales volumes declined…. – Existing home sales decline 5% in West despite low rates


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Nov 202014
 
Real Estate Loan: Home Interest Tax Savings Are Always Overestimated

When a borrower takes out a home loan, the interest is tax deductible up to a certain amount. For borrowers in the highest marginal tax bracket, the savings can be significant, and this can make a dramatic difference in the true cost of ownership. However, this benefit diminishes over time as… – Home Interest Tax Savings Are Always Overestimated


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Nov 202014
 
OCHN: Robo-signer redux: first the house, now the money

Fannie Mae attempts collection on old bad debts, which were often associated with robo-signed foreclosures.

Many people borrowed money to buy a house and quit making payments. Lenders attempted to foreclose on these properties and found the volume overwhelming and their bubble-era paperwork… – Robo-signer redux: first the house, now the money


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Nov 192014
 
Housing Forecast: FHA financing and loan assumption

From my first post at the Irvine Housing Blog I am IrvineRenter, I have provided housing market analyses to help people make sound financial decisions with regard to real estate. To date, most analyses have pointed to renting rather than owning, but as conditions change, I will point out the… – FHA financing and loan assumption

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Nov 192014
 
Bubble News: They Aren’t Making Any More Land… Not!

All market pricing is a function of supply and demand. One of the reasons many house price bubbles get started is due to a temporary shortage of housing units. This is a particular problem in California because the entitlement process is slow and cumbersome. Supply shortages can become acute,… – They Aren’t Making Any More Land… Not!

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Nov 192014
 
OCHN: Renters can acquire wealth as well as homeowners

Renters who save and invest can acquire wealth just as well as homeowners who rely on their house as their biggest asset.

Over the long term, home ownership is superior to renting because homeowners fix their housing costs whereas renters pay an ever-increasing housing cost. In fact, I believe… – Renters can acquire wealth as well as homeowners


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Nov 182014
 
Mortgage Refinance: Credit Rating Agencies and the Secondary Mortgage Market

Credit rating and analysis of collateralized debt obligations and all structured finance products are integral to the smooth function of the secondary market for mortgage loans. A credit rating agency is a company that analyzes issuers of debt and debt-like securities and gives them an overall… – Credit Rating Agencies and the Secondary Mortgage Market


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Nov 182014
 
Mortgage Foreclosure: The bearish case for another leg down in housing

It’s a difficult time to be a housing bear. The chorus of cheerleaders in the financial media are keen to report on the supposed strength in housing, and locally prices are going straight up. Given those realities, are the rantings and ravings of housing bears just noise to be ignored?… – The bearish case for another leg down in housing


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Nov 182014
 
OCHN: With the foreclosure crisis past, why are foreclosures rising?

The financial media perpetuated the fantasy that the foreclosure crisis is past. Now, can-kicking ends and foreclosures rise once again.

The foreclosure crisis never ended, it was merely delayed by lender can-kicking. Bankers designed policies to promote loan modification over foreclosure, … – With the foreclosure crisis past, why are foreclosures rising?


Visit the OC Housing News, and read the OC Housing News blog. Learn why you should use a home guide. Meet the Akason Realty Consulting home guides and housing market analysts, and read our

Nov 182014
 
Banks successfully managed their disposition of shadow inventory

The arguments about whether there is or is not a shadow inventory have gotten silly. There is a shadow inventory, and there are certain facts we can establish about it. First, there are millions of delinquent mortgage squatters who will not be given free homes. The exact number is impossible to ascertain because no accurate records are kept outside the banks who aren’t accurately sharing this information. Since the banks aren’t disseminating accurate information (why would they?), CoreLogic, who relies on voluntary information, consistently under reports the problem. Second, the disposition of these properties will require a sale on the [Read More…]

Nov 172014
 
USA Foreclosure: Loanowners are in no hurry to list and sell their houses

I postulated that loanowners would begin listing their homes as soon as prices reached near-peak levels when they could get out without completing a short sale. Upon further reflection, I’ve concluded that we may not see many more MLS listings once loanowners are above water. We will… – Loanowners are in no hurry to list and sell their houses


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Nov 172014
 
Floppers: realtors who profit by ripping off their lender clients

I first covered the flopping phenomenon a few months ago in Flopping: unscrupulous realtors deceive lender clients and profit from fraud. Apparently, the occurrence is common enough the story is gaining traction in the mainstream media. The main reason I am covering it again is because a reader… – Floppers: realtors who profit by ripping off their lender clients

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Nov 172014
 
OCHN: 3% down mortgage announcement more sizzle than meat

Mel Watt’s announcement of 3% down loans pandered to left-wing constituents, but credit standards haven’t changed, and some lenders won’t offer it.

Whenever home sales slow down, people who depend on transactions to make a living cry and complain about tight lending standards…. – 3% down mortgage announcement more sizzle than meat


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Nov 162014
 
Loan Mod Default: FHA has became subprime, 12.4% interest cost of FHA insurance

Yesterday I described How to game the system with FHA loans for maximum advantage. Today, I want to look at the cost of that financing. It’s up to you to determine whether you believe the benefits are worth the costs. Many have quipped that FHA has become the replacement for subprime. They… – FHA has became subprime, 12.4% interest cost of FHA insurance


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Nov 162014
 
USA Housing: Legislators failed to implement down payment requirements

Home equity is needed to keep housing markets stable. First, people with equity have a financial stake in sustaining home ownership. It was the plethora of no-money-down mortgages that prompted so many to strategically default. People simply don’t walk away from their financial obligations… – Legislators failed to implement down payment requirements


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