Archive for October, 2008
Lawsuit Boom
October 18th, 2008
Categories:Real Estate News
Call them blood suckers, vampires and everything else under the sun, lawyers have a way of being there at the right time to make things just a little worse. This is one of those few times I’m happy there are so many of them out there.
The New York Times reports the number of lawsuits are bound to boom as investors and others who were hurt in the financial crisis seek to recover their losses.
It’s understandable that investors who made decisions based off intentionally bad information would seek repercussions, let’s just hope they don’t go after the same institutions the government just bailed out.
Unfortunately lawsuits often take forever to come to an end, and often we’ve lost interest before we find out the results. I will admit however, it is a little easier to know the executives who ran their companies into the ground will see their day in court. Which brings me back to the word of the month… Karma
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Mortgage Crisis Maps
October 18th, 2008
Categories:Real Estate News
Are you wondering just how each state is doing in comparison to the rest of the country?
Here is a website that provides information on how each state is doing in terms of foreclosures, number of delinquent payments, adjustable rate mortgages (ARMs), in a map format, which can be zoomed in to the city level.
Here is a list of all the features you can select on this map:
- Loans per 1,000 housing units
- In foreclosure per 1,000 housing units
- REOs per 1,000 housing units
- Share ARMs
- Share current
- Share 90+ days delinquent
- Share in foreclosure
- Median combined LTV
- Share Low FICO and High LTV
- Share low or no documentation
- Share ARMs resetting in 12 months
- Share late payment last 12 months
Ready to Jump in and Check it Out?
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Bush Speaks… Money Moves
October 17th, 2008
Categories:Real Estate News
I was at the gym this morning and I made the occasional glance up to tv. Admittedly seeing Bush’s face at 5 am wasn’t the best way to start the day. He’s speech allthough long and often interrupted by the news shows went on to discuss the current state of the economy and all the wonderful things he had put in place for the economy to help move us along. I was hoping someone would put up a display of the stock market prices going up or down as he continued on and on and on.
All in all it sounds like Bush has put together dozens of new regulations and securities for banks to help the cash flow start moving again. Then CNN posted an article titled “Credit Squeeze Loosens“, and from what they report, it appears banks are feeling better about the economy, the dollar is acting stable and we are starting to move in the right direction.
Perhaps its too good to be true, or too soon to tell, but i’ll take the good news today. And i’ll be looking forward to the next presidential debate as the two candidates squirm from one policy plan to the next as this economy continue to evolve.
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Highest Mortgage Rate Jump Since '87
October 16th, 2008
Categories:Real Estate News
CNN Money states “Rate on 30-year fixed mortgage jump could climb higher still. One cause: Government’s rescue efforts.”
Freddie Mac reported the average rates for a 30-year-fixed-rate mortgage jumped from 5.94% last week to 6.46%, and it was the largest weekly increase since April 1987, when the jump was 0.84 points.
Ok, so now that we have the frightening news put aside, lets look at some numbers.
Lets assume you were to go out and get a 200,000 mortgage.
- Last week, your monthly mortgage payment would have been $1,225. This week, you’d be paying $1,295 at the 6.74% interest.
- If you were looking for a mortgage back in the 1980’s you’d be looking at 18% interest rate and a monthly payment of $3,014.
I think I’ll take today’s rate thank you. Ok, I’ll admit looking back into the 80’s is a bit of stretch, since after all that was the last time we had a real estate and economy crisis like this one.
Instead of randomly picking dates, I’ve provided a graph below that details our historical interest rate.
The green line is the historical rate with some highs and lows, our lowest being back in Jun of ‘03 at 5.23%. The orange line represents a twelve month average trendline. To use this line, take month for example, Jan ‘07. The orange line value is approximately 6.25%, this means that from Jan ‘06 to Jan’07 the average interest rate is 6.25%.
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New DPS Photo Radar Camera Locations
October 14th, 2008
Categories:East Valley News
New DPS photo radar camera locations
by Nicole McGregor – 12 News Today
“Drive slow or you’ll pay!”
DPS has rolled out mobile cameras throughout the state, and they’re now starting to put up stationary cameras too. When finished, there will be a total of 60 stationary cameras and 40 mobile ones throughout Arizona.
If you get a ticket for going 10 miles over the speed limit, you’ll pay $181.
Bear in mind that your trusty radar detector does not work on permanently installed speed cameras; they aren’t radar: the sensors are embedded in the roadway and physically pace you. Your detector will work and give warning of the roadside vans which use actual radar.
Here’s where to be careful – but of course, you’re always careful!
Interstate 10
- Eastbound, I-10, 287th Ave.
- Eastbound, I-10, Miller
- Eastbound, I-10, Watson
- Westbound, I-10, 91st Ave
- East & West, I-10, 75th Ave
- East & West, I-10, 59th Ave
- Eastbound, I-10, 35th Ave
- Eastbound, I-10, 43rd Ave
- Eastbound, I-10, 27th Ave
- East & West, I-10, 15th Ave
- Eastbound, I-10, 16th Street
- Westbound, I-10, Buckeye
- Westbound, I-10, 24th Street
- Westbound, I-10, 40th Street
US 60
- Westbound, US-60, Alma School
- Westbound, US-60, Mesa Drive
- Westbound, US-60, Gilbert Road
- Interstate – 17
- Southbound, I-17, 15th Ave
- Southbound, I-17, 12th Street
- Northbound, I-17, Thunderbird
- Northbound, I-17, Bell Road
State Route – 51
- Southbound, SR-51, Thomas Road
- Southbound, SR-51, Highland Pkwy.
- Southbound, SR-51, Bethany Home Rd.
State Route – 101
- Southbound, SR-101, McDowell Rd
- Southbound, SR-101, Indian School
- Southbound, SR-101, Bethany Home
- North & South, SR-101, Glendale Ave.
- Southbound, SR-101, Olive
- Eastbound, SR-101, 75th Ave
- Eastbound, SR-101, 59th Ave
- Eastbound, SR-101, 35th Ave
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