Stunning NEW Development In Los Angeles

ULTRA-MODERN newly constructed development opens its doors and already has 1 unit sold and 4 units in escrow. Take a look at this place. Stunning.

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Low Rates Stimulate Growth.

According to an analysis conducted by the Fed, the housing bubble was not caused by its low rates. This information was released to help bolster support for low current and future rates. The bottom line: low rates stimulate growth, not trouble. However, whether rates are high or low, it comes down to taking personal responsibility. We all need to read the fine print to make sure we are not getting in over our head.

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When The Rates Are Low, People Will Borrow Money

Delinquent mortgages aside, new mortgages are on the rise. It seems that regardless of impending foreclosures, the banks are still making loans. Or rather, the rates are SO low right now (4.95 for a 30-year fixed), that borrowers are applying for new mortgages and homeowners are refinancing. Will this be enough to balance bank books...? We will have to wait and see.

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Will Record Mortgage Delinquencies Prohibit Recovery In The Real Estate Market?

I am constantly being asked, "When will the market improve?" The truth is that no one knows for sure, but I feel comfortable in suggesting that a true recovery will not happen until the mortgage crisis truly subsides. Excessive mortgage delinquenices give way to excessive foreclosures. And according to the AP during the fourth quarter of last year almost 7% of mortgage borrowers were 2-months or more behind on their payments. That is very troublesome.

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Do Not Be Confused By Sensational Headlines

Recently fans of Michael Jackson purchased a house he rented in Las Vegas for over $3 million. The story is being publicized as a sign Las Vegas market conditions are improving. I completely disagree, when it comes to the Las Vegas market which was completely over-inflated well beyond California. This was the biggest sale in over a year, for the city of Las Vegas. Developments are the major force in Las Vegas real estate transactions. Unfortunately, the only development seeing substantial returns is the City Center, and even they have not been able to sell out. Research your area, and your prospective property before purchasing. Don't fall victim to sensational headlines.

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Are Foreclosures A Good Deal?

Foreclosures have not always been a good deal. Sometimes they can even cost more than purchasing a non-bank owned property, when you consider the repairs that the buyer will end up paying for. So is there good news? Yes. Across the nation foreclosed properties are selling at prices 28% below (on average) similar properties that are not in foreclosure. Remember though, that we also need to take into account the prevalent practice of allowing homeowners to price their property and many of them have priced their properties well above market value.

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The best news from the worst place?

Freddie Mac's CEO believes the housing market is about to plateau before it rebounds. However, it is hard to trust the man at the helm of Freddie Mac. I equate it to trusting the chef at a restaurant where I got food poisoning... but read the article and tell me what conclusions you arrive at.


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