All GLG News Analyses Filed Under: Residential Market Trends
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
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Move -Up Buyers Overlooked in Stimulus Package
February 27, 2009
Who won't be helped by housing fix | money.cnn.com
The stimulus plan as outlined by our new administration, while a good incentive, will not be of advantage to several segments of the potenial buying population. In my own real estate practice I have young couples ready to move up to a larger property that don't qualify as first time buyers. Also, even if this was not the only factor, almost anyone who has purchased in the past five years and did not have a rather large downpayment, is faced with the fact that the proceeds they would obtain at settlement are not enough to even allow them to clear title and pay off what is owed, let alone have anything left over with which to purchase another property.
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Jack KernManaging DirectorKern Investment Research
The "Fix" Is In and Many Will Not Qualify
February 27, 2009
Who won't be helped by housing fix | money.cnn.com
According the the CNNMoney.com (c) article, most current homeowners and borrowers with under water mortgages will not qualify under rules set for foreclosure assistance. The premise is, even if things are bleak, if you can afford your current mortgage and still have a job, you won't qualify and if you're in trouble, have an upside down mortgage and lost your job, well, you might not qualify either. These arcane rules, designed to help about 9 million families under the $75 billion program have very specific requirements.
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Jack KernManaging DirectorKern Investment Research
Foreclosures Tap Fannie/Freddie Funds for $20+ Billion
February 26, 2009
Fannie, Freddie to fund part of plan | money.cnn.com
The Administration, in an effort to conserve part of the TARP appropriation approved by Congress has decided to pull approximately $20 billion out of Fannie/Freddie. Both Fannie/Freddie are currently unstable with losses mounting in the billions already. Their credit lines have been effectively doubled to $200 billion each with the Treasury. Other federal agencies are also contributing to the effort.
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February 25, 2009
Housing Prices Tumble 18.5% to Another New Low | www.cnbc.com
Did anyone really expect a continuation of the run up? Probably duped buyers, many uneducated flippers, possibly some finance churners/packagers and some national economists late in their warnings about the housing bubble.
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February 25, 2009
Who won't be helped by housing fix | money.cnn.com
This article illustrates exactly what went wrong. Even at the upper middle income levels the buyer decision making process was jaundiced. Everyone needs to go back and review the Case-Shiller Indices and review when run-ups occurred and downturns began. The story is within those numbers.
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February 25, 2009
Home prices in record plunge | money.cnn.com
How low can prices go? That is a great conversation and noboby really knows. The real question is "what are the new rules to gain financing"? If three out of ten Americans have bad credit AND no source of income, we could become a nation of have vs. have nots. This is the direction we are headed. The downturn has exposed the good O' boy system and most Americans are just tried of being lied too. Can we find some new banks,investors and developers?
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They Would Pronounce Me Dead While Still Breathing
February 25, 2009
Housing Plan: Five Things Investors Need to Know | www.cnbc.com
The Housing Plan will not "bail out" the housing industry nor the investing arena; it was designed to attempt to provide a level of stabilization for defined segments .
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Steve BottfeldPrincipalMarketing Solutions
HOUSING RESCUE SMALL PROBLEM: It won't work ...
February 24, 2009
Housing Plan: Five Things Investors Need to Know | www.cnbc.com
There's only one small problem with the housing rescue bill: It won't work for the people who need it most.
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Fighting Falling Rents and Sustaining Occupancy
February 23, 2009
Downtown apartment rent falls by most in 7 years (Chicago, IL. USA) | www.chicagorealestatedaily.com
The strong and experienced operators should survive if they pay attention to details. The new players are going to need some help in learning the rental business given current market and economic conditions.
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The United States Housing Crisis: A Look Forward
February 23, 2009
Home prices in record plunge | money.cnn.com
The recent and steady fall of home prices in most U.S. markets, now continual through the last quarter of 2008, is hardly a surprise with respect to the heavy competition represented by foreclosed or otherwise distressed single family properties. Such properties heap great downward pressure upon most all real estate markets and the current trends indicate no exception. Rather than to scrutinize the median value trends and take a look back, as so many have competently done, I prefer to look forward into 2009 and beyond. Being a seasoned appraiser and consultant, I will begin with those intangible factors I have always examined prior to any such study and they include seasonal influences, buyer confidence and the availability of financing. I will then move on to other more tangible factors that may point to the future growth and recovery of the real esate market or the lack thereof.
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