How Long Befor Banks Use This Market to Enter Real Estate

I'm surprised that with all the foreclosures in the last year and what is coming this year that the Banks haven't said they want to be allowed to sell Real Estate. Banks have been trying for years to get legislation passed that would allow them to sell Real Estate and now they have a slightly opened door. I'm sure they will argue that they would be the best to sell the properties that are past due or in foreclosure. They could make the loans to the new buyers and give discounts on appraisals........ This would then open the door to selling all Real Estate.

I'm also surprised it hasn't been hidden in this stimulus bill. The banks would have to hire Brokers, associates, processors thus creating jobs and getting rid of the bad debt.

Keep your Eyes open.

Durable Goods Orders Up 1.3% in July

This is a surprise to some and makes sense to me. Foreclosures are at record levels, Home prices our down and July sales of existing homes increased.

What I am seeing is a large number of sales from the large number of foreclosures. All of the foreclosures I have seen need new refrigerators, dishwashers, stoves, washers and dryers.

It's my opinion that the Foreclosures are driving the markets and have increased the sales of durable goods.

ARM's Set to Adjust Again

On August 1 Millions of ARM's are set to adjust again. This sounds like it could be another prelude to more foreclosures. Not so fast!

I have two mortgages, both ARM's, and I never refinanced to a fixed rate for various reasons. And I'm glad I didn't. I received letters from Wells Fargo and Countrywide telling me my mortgages are set to adjust and to my surprise they are both adjusting down two full % points. This will save me almost $300 a month. The $300 will go right back into the economy. If this is happening to millions of mortgages around the country it could be the economic stimulus we have been looking for.

I'm not hearing this in the financial news.

For more Real Estate go to www.thelaffertygroup.com

What does a 350+ drop in the Dow mean for Real Estate?

A drop in the market like today will do one thing for sure.

• Mortgage rates will fall

This is the best time to buy.

No matter what the rates are people are having a hard time making the decision to buy when the dollar is low and oil is high.

We need to fix the Dollar to get our confidence back.

To see more go to www.thelaffertygroup.com

I Guess it Wasn't The Day We Have Been Waiting For

Since the last post:

• The market is down huge
• The Dollar is worse
• Oil is Higher
• Gas is over $4

The price of houses are very low and it is my opinion that we will see more millionaires made in real estate from this down market than ever before. Foreclosures are everywhere and great deals and that includes commercial real estate.

I think it's time for me to expand into commercial real estate across the state! http://www.thelaffertygroup.com/view/306/22193/Lafferty-Commercial-Real-Estate.html

Was this the day everyone has been waiting for?

1. GDP increased more than expected
2. Oil prices took a steep fall
3. The US Dollar was stronger
4. The stock market went up
5. T-Bills increased
6. Gold fell

If this holds we will be in good shape.

This is a good time to expand.

More Bad Housing News

Today more bad news came out for the Nations Housing stats. April sales dropped 1% with the Median sales price dropping 8%.

For Indian River County we saw an increase for April compared to the same period in 2007. We increased 16.5% for single family homes and 61% for Condos. We did see a be drop in median sales price of 16% for residential Single family homes and 20% for condos.

I think we have hit the bottom here and with the action we have seen this month I think the trends should be up.