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Name:	FLgirl -	Reply
Subject:	Real Estate Stats: for John C
Date:	10/20/2008 2:43:51 PM

When you get a chance, would you please post the 3rd quarter sales.
Then look into your crystal ball and tell us what the next year holds in storefor lake properties. I guess I'm a closet nembers cruncher because I always enjoy reading your posts and comparing the numbers. Thanks

Name:	John C -	Reply
Subject:	Real Estate Stats: for John C
Date:	10/20/2008 5:13:28 PM

thanks. I am actually working on August right now.

I will probably wait a couple more weeks to to 3Q08, since sometimes agents might wait to enter a sale or new listing for a couple of weeks. So the longer you wait to pull the data, the greater chance that it will be correct.

stay tuned. or just go to the site and enter your email address and it will auto deliver you a notification that there is a new post. That way you don't have to check back and forth. I don't spam.

Or subscribe by RSS, if you are hip to that.

Thanks.

Name:	GoneFishin -	Reply
Subject:	THIS WILL HELP
Date:	10/20/2008 5:40:15 PM

Here is something the Republicans want to include in a stimulus program that could help move some Lake inventory. Even, a Liberal thinks this is a good suggestion.

"House Republicans are also calling for purchasers of homes that are not primary residences to be entitled to the same capital gains exclusion as owners who sell their primary residences. Currently, a single homeowner can exclude $250,000 of capital gains on a sale, while couples can exclude $500,000.

The proposal would only apply to people who bought second or third properties over the next 18 months and held their properties for at least five years."

Name:	John C -	Reply
Subject:	THIS WILL HELP
Date:	10/20/2008 8:42:06 PM

I think they should forget shoveling money at the problem and just:

1. eliminate all capital gains taxes
2. extend federal mortgage insurance to "subprime" loans IF and ONLY IF the mortgage holders agree to convert the loans to fixed rate, 30 year loans at 6%
3. eliminate, for 18 months, the requirement of companies to mark to market the subprime tier loans on their sheets.

Name:	pontoon -	Reply
Subject:	THIS WILL HELP
Date:	10/20/2008 10:32:46 PM

Original idea "Dave Ramsey"
But a great idea.
As far a capitol gains ???? What capitol gains
Has anyone make any gains recently on a properity purchased over the last 2 years?????
All the properity has taken a HUGE dive

It will be years till it comes back so be happy its so beautiful and enjoy it !!!!

Name:	Swimmer27 -	Reply
Subject:	I have a question.
Date:	10/20/2008 10:44:56 PM

Name:	Swimmer27 -	Reply
Subject:	??
Date:	10/20/2008 10:52:19 PM

These folks with the subprime loans presumably didn't have 20% down. Every mortgage I have ever had, if I didn't put 20% down I would have had to have PMI on the loan to protect the lender in case of default. Where did this PMI go? Why are the insurance companies not paying the banks when the the folks, surprise, default? Is PMI a total scam? What is the point of of forcing it if we, the taxpayers, have to pick up the bad debt?

So far John, nobody has given me even a bad answer. All I get is gee, I don't know. I realize this is not your area of expertise, but I thought you may know. I know there are a couple of economics wizards on the forum. Can anybody answer these questions?

Name:	Maverick -	Reply
Subject:	??
Date:	10/20/2008 11:11:47 PM

Do not know the exact answer, but somewhere in all this mortgage debacle the PMI requirement was greatly relaxed.

As all II can tell you is I have a friend who is a mortgage broker and was speaking with him one day (several years back like 3 to 4 years ago) and I said something about PMI and he said it was not required and I said thought if you do not put down 20% PMI was required, he said nope not if your credit score is XXX and you put down 10%+, or something like that.

Cannot remember the exact details but maybe John C can elaborate further as I was shcoked as had never heard of such.

Name:	JIM -	Reply
Subject:	??
Date:	10/20/2008 11:42:52 PM

It`s called a 80-20. PMI only covers the percent up to 100. They took out a 80% first and a 20% 2nd.

Name:	John C -	Reply
Subject:	??
Date:	10/21/2008 11:56:56 AM

to Pontoon - I agree with Dave Ramsey 100%. Didn't say it was my idea. It wasn't Dave's, either, totally. Who cares. Just do the right thing, is all I'm saying.

PMI - a big issue with varied answers. Here are some major reasons why PMI is not the saving factor:

1.) PMI is only on conventional loans, mostly. Not the subprime, exotic mortgages that are causing a lot of problems

2.) PMI, in conventional loans, is only required when the LTV is greater than 80%. ("loan to value" or mortgage amount divided by home value). Most people, if they don't have a 20% down payment, would get a home equity line or 2nd mortgage for the rest, TO AVOID PMI. So if they bought a $100,000 home and only had $10k to put down, they would get a $80k first mortgage and $10k home eq or 2nd mort. So PMI won't help them as they set it up to avoid PMI. Had they done a $90k 1st mortgage, yes, PMI would be in effect (most likely).

3.) Lenders / Mortgage companies / subprime lenders etc would set these things up and write them up as refinances. Remember all of those commercials in 2002 - 2006 about refinancing? They would write up an 80% 1st mort then loan them the rest in a home eq or whatever, up to 110% of the home's value. Remember the ads "pay off medical bills, student loans, car loans, or TAKE A VACATION!! Tap in to the equity of your home now!!" Remember all of that? Borrowers would just take on all that debt, lenders would lend it, and it snowballed.

The above being said, I am sure that in many cases, PMI is being paid out. But remember, many of those policies are written by huge insurance companies - like AIG.

The above is not an exhaustive list, but simply (IMO) the major cases in which PMI is NOT involved. If you talk to a person that is getting foreclosed, and PMI is not involved, my wild guess is that one of the above will be the case.

Name:	John C -	Reply
Subject:	??
Date:	10/21/2008 12:07:48 PM

nixing the capital gains tax helps liquidity.

when big investment houses do things, they factor in tax implications. when there's no tax on the sale, they know they can immediately add like 20% to their yield, and they jump in to buy low. It is not only for real estate but stocks etc. It gets the money flowing. (lack of) Liquidity is the problem right now.

See what happened then Reagan cut it in the post Carter years.

Name:	JIM -	Reply
Subject:	??
Date:	10/21/2008 5:36:36 PM

Basically the same thing I said about the PMI ,w/o the bs.

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