Comments on: The Bail Out Plan (Nov 13 at 8:14am version) – I Don’t Get It http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/ Phoenix real estate | Search Phoenix Homes for sale | Real Estate Blog Sat, 20 Mar 2010 09:20:58 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Karen Geselle@Boise Idaho Real Estatehttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-55300 Karen Geselle@Boise Idaho Real Estate Thu, 04 Jun 2009 19:16:50 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-55300 Jay, I don't think anyone gets (or got) it. Something had to be done and throwing money at it always seems to be the answer. I'm not sure whether loan modification is working - would like one person to tell me that they got their loan modified and can (and will) now make their payment. Most of the listings in our MLS are foreclosures or short sales. We keep setting records - month after month - for the number of new notice of defaults that are being recorded on properties. That said, I'm finding that most of the short sales that are out there with offers will have multiple offers on them. Examples: 1) House #1 priced in the mid-$600K had 2 offers and we became #3 2) House #2 priced at $99K had 6 offers - winner was an all cash offer above asking price 3) House #3 priced in the $115K range had 2 offers and we became #3 I finally got smart and starting calling the listing agent prior to showing the property and asking about the number of offers. Real estate seems to be coming back in this area. Prices are gone down to about 2004 levels but that was needed due to the out-of-control appreciation we saw in 2005-2007. The $8000 tax credit available to first time buyers has really brought the buyers out here. Hopefully, since it seems to be working, I hope that that incentive is kept in place past its current deadline of December 1st.*<em>*<em>Karen Geselle´s last blog post..<a href="http://www.karengeselle.com/2009/06/04/will-idaho-lead-the-recovery/">“Will Idaho Lead The Recovery?”</a></em></abbr></abbr></em> Jay, I don’t think anyone gets (or got) it. Something had to be done and throwing money at it always seems to be the answer. I’m not sure whether loan modification is working – would like one person to tell me that they got their loan modified and can (and will) now make their payment.
Most of the listings in our MLS are foreclosures or short sales. We keep setting records – month after month – for the number of new notice of defaults that are being recorded on properties.
That said, I’m finding that most of the short sales that are out there with offers will have multiple offers on them. Examples:
1) House #1 priced in the mid-$600K had 2 offers and we became #3
2) House #2 priced at $99K had 6 offers – winner was an all cash offer above asking price
3) House #3 priced in the $115K range had 2 offers and we became #3
I finally got smart and starting calling the listing agent prior to showing the property and asking about the number of offers.
Real estate seems to be coming back in this area. Prices are gone down to about 2004 levels but that was needed due to the out-of-control appreciation we saw in 2005-2007. The $8000 tax credit available to first time buyers has really brought the buyers out here. Hopefully, since it seems to be working, I hope that that incentive is kept in place past its current deadline of December 1st.

**Karen Geselle´s last blog post..“Will Idaho Lead The Recovery?”

]]> By: Nancyhttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-48799 Nancy Thu, 19 Mar 2009 18:32:48 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-48799 hello, I can remember reding abot Sen. Judd Gregg (NH)patting himself on the back of how he was the author of the bank bailout bill. Now he has disappeared from the face of the earth and has left the Democrats to figure out what the heck happened. he and Paulson and Pres. Bush screamed they needed to save the banks , to save the country from an economic disaster. Remember during the campaign McCain running to and fro like a madman,"British are coming the British are coming" if you want to find out who's to balme ,they always say follow the money..well someone had to type this bill out and we all know...that no member of congress actually read it...no more than they did at the time of the Iraq War. so my peace I leave you..follow the author and the writer of the bill and then the money..someone knows how it got in their... AIGNancy hello,
I can remember reding abot Sen. Judd Gregg (NH)patting himself on the back of how he was the author of the bank bailout bill. Now he has disappeared from the face of the earth and has left the Democrats to figure out what the heck happened. he and Paulson and Pres. Bush screamed they needed to save the banks , to save the country from an economic disaster. Remember during the campaign McCain running to and fro like a madman,”British are coming the British are coming” if you want to find out who’s to balme ,they always say follow the money..well someone had to type this bill out and we all know…that no member of congress actually read it…no more than they did at the time of the Iraq War. so my peace I leave you..follow the author and the writer of the bill and then the money..someone knows how it got in their… AIG

Nancy

]]> By: Mariahttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-44943 Maria Sun, 22 Feb 2009 02:21:49 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-44943 I don´t know about you but I think that it will takes years before we see some improvement in real estate business. Banks are afraid to lend money and people are afraid to borrow the money...such a mess...*<em>*<em>Maria´s last blog post..<a href="http://www.financedogma.com/credit-card/3-major-disadvantages-of-bad-credit-card/">3 Major Disadvantages of Bad Credit Card</a></em></abbr></abbr></em> I don´t know about you but I think that it will takes years before we see some improvement in real estate business. Banks are afraid to lend money and people are afraid to borrow the money…such a mess…

**Maria´s last blog post..3 Major Disadvantages of Bad Credit Card

]]> By: Lizzie@Fireplace Bucks Countyhttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-43731 Lizzie@Fireplace Bucks County Wed, 04 Feb 2009 22:30:43 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-43731 To me it seems as if money and greed got us into this mess; how do they expect to use money and greed to get us out of it? The money proposed in the stimulus package requires that the money be spent to mend the broken economy. Too many people need to use the money to pay their debts; not get a big screen TV. To me it seems as if money and greed got us into this mess; how do they expect to use money and greed to get us out of it? The money proposed in the stimulus package requires that the money be spent to mend the broken economy. Too many people need to use the money to pay their debts; not get a big screen TV.

]]> By: Cal@Gulf Shoreshttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-41728 Cal@Gulf Shores Mon, 17 Nov 2008 23:40:55 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-41728 None of it makes sense. If you or I dug a giant debt hole, the fix would be to get another job, cut back lifestyle, and pay down debt. It bothers me deeply that people think that they can fix this so easily in Washington. We have let them straddle us all with debt and the solution is going to be work harder, longer, and pay more taxes to pay for stupidity. Yes, those that were prudent and cautious in their affairs will have to pay too, perhaps even more.*<em>*<em>Cal´s last blog post..<a href="http://www.mygulfcoastbeachteam.com/snake-hunting-at-lake-washington-ms/">Snake Hunting at Lake Washington, MS</a></em></abbr></abbr></em> None of it makes sense. If you or I dug a giant debt hole, the fix would be to get another job, cut back lifestyle, and pay down debt. It bothers me deeply that people think that they can fix this so easily in Washington. We have let them straddle us all with debt and the solution is going to be work harder, longer, and pay more taxes to pay for stupidity. Yes, those that were prudent and cautious in their affairs will have to pay too, perhaps even more.

**Cal´s last blog post..Snake Hunting at Lake Washington, MS

]]> By: Wamu Cares - Apparently Not Anymore « The Woodlands Real Estate Voicehttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-41716 Wamu Cares - Apparently Not Anymore « The Woodlands Real Estate Voice Mon, 17 Nov 2008 16:44:34 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-41716 [...] disappointed blog posts like this one.  Has WAMU stopped caring?  Would they rather wait for the government to bail them out? Was the response to their programming overwhelming and unmanageable?  Was their a management [...] [...] disappointed blog posts like this one.  Has WAMU stopped caring?  Would they rather wait for the government to bail them out? Was the response to their programming overwhelming and unmanageable?  Was their a management [...]

]]> By: Joe@Slow Computerhttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-41708 Joe@Slow Computer Mon, 17 Nov 2008 13:07:30 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-41708 That money was allocated for keeping the financial services sector going. But it looks like 25 Bil will be diverted to the auto industry. I understand that they need to bail out banks, because if businesses can't get business loans the economy takes serious damage. But I don't see why they would bail out other businesses. In bad times weaker businesses are suppose to under. It means bigger market share for the stronger businesses when the economy turns.Bailing out weak businesses is a bad idea. That money was allocated for keeping the financial services sector going. But it looks like 25 Bil will be diverted to the auto industry. I understand that they need to bail out banks, because if businesses can’t get business loans the economy takes serious damage. But I don’t see why they would bail out other businesses. In bad times weaker businesses are suppose to under. It means bigger market share for the stronger businesses when the economy turns.

Bailing out weak businesses is a bad idea.

]]> By: Kevin Tomlinson-Miami Beach Real Estatehttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-41695 Kevin Tomlinson-Miami Beach Real Estate Sun, 16 Nov 2008 23:31:39 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-41695 I'm scared. Who knows where we will end up. It's clear that nobody knows whats going to happen. I think it is a strategy of "lets throw a lot of money up against the wall until something works." I’m scared. Who knows where we will end up. It’s clear that nobody knows whats going to happen. I think it is a strategy of “lets throw a lot of money up against the wall until something works.”

]]> By: Ned@BaltimoreRealEstateInvestingBloghttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-41662 Ned@BaltimoreRealEstateInvestingBlog Sun, 16 Nov 2008 04:02:06 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-41662 Julissa is right - a can of worms. now every poorly run business is like the Us auto industry is going to ask for a bailout.What amazes me is when senators like Barney Frank say If the banks don't start acting responsibly with the money they are going to put restrictive conditions an any more money. Is he saying that money he already gave away that kind of money WITHOUT any conditions? Outrageous, how do these guys get re-elected*<em>*<em>Ned´s last blog post..<a href="http://baltimorerealestateinvestingblog.com/2008/11/clearing-title-with-tax-lien/">Why Would You Ever Foreclose on Yourself?</a></em></abbr></abbr></em> Julissa is right – a can of worms. now every poorly run business is like the Us auto industry is going to ask for a bailout.

What amazes me is when senators like Barney Frank say If the banks don’t start acting responsibly with the money they are going to put restrictive conditions an any more money. Is he saying that money he already gave away that kind of money WITHOUT any conditions? Outrageous, how do these guys get re-elected

**Ned´s last blog post..Why Would You Ever Foreclose on Yourself?

]]> By: Julissa Jumperhttp://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/#comment-41633 Julissa Jumper Sat, 15 Nov 2008 15:23:21 +0000 http://www.phoenixrealestateguy.com/the-bail-out-plan-nov-13-at-814am-version-i-dont-get-it/1459#comment-41633 And to think this morning the newspaper was talking about major cities that want bailout money! Oh my, we sure have opened a can of worms.*<em>*<em>Julissa Jumper´s last blog post..<a href="http://julissajumper.com/2008/11/13/steady-steady-a-market-update/">Steady, Steady… A Market Update</a></em></abbr></abbr></em> And to think this morning the newspaper was talking about major cities that want bailout money! Oh my, we sure have opened a can of worms.

**Julissa Jumper´s last blog post..Steady, Steady… A Market Update

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