A blog about Business & Finance.
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Kern unemployment at 13.9 percent in September Pre-Halloween Christmas displays Read Florez's letter to the PUC Know Your Farmer, Know Your Food Text of Jerald Teixeira plea agreement What are your kids (or you?) going to be for Halloween? Update on Forever 21 opening at Valley Plaza First-time homebuyer credit still available Facts on Kern come out in American Community Survey What can you get for your money? See our home sales map January 08 February 08 March 08 April 08 May 08 June 08 July 08 August 08 September 08 October 08 November 08 December 08 January 09 February 09 March 09 April 09 May 09 June 09 July 09 August 09 September 09 October 09 November 09 Contact us with your news and information: Christine Peterson, cpeterson@bakersfield.com, 395-7418 John Cox, jcox@bakersfield.com, 395- 7345 Courtenay Edelhart, cedelhart@bakersfield.com, 395-7372 E-mail & PrintGet e-mail updates from this blog, and download a PDF to print on the go with the Money Talks Printcast.
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More homes sold! Check out the prices on our latest maps
Two months, two maps. We have our latest home sales data, covering Dec. 29 to Jan. 4, mapped online. Because the one week of data covers dates that fall in both December and January, you’ll see updates to both months’ maps. We regularly publish single-family home sale transactions that occurred between individuals, as well as foreclosures. The homes are color-coded by price, with information from First American Real Estate Solutions compiled by reporter Jenny Shearer.. Highlights for Dec. 29 to Jan. 4: • 78 homes are new on the two maps. • Priciest? One sold for $539,000 in the 93311 ZIP code. It was 3,554 square feet. • Cheapest? One sold for $41,000 in the 93306 ZIP code. It was 840 square feet. Any thoughts on the prices? — Christine Peterson 1 comments from 1 users
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posted by
happyashell
on Feb 23, 2009 at 06:50 PM
THE VULTURES ARE CIRCLING The value of our homes has been the backbone of our money supply. If you presently owe more than your home is worth the vultures are circling. The bankers and investors servicing your loan want you to make payments on a loan that you cannot afford. The vultures are waiting until you default on your loan, to pick your bones clean. The housing bubble has burst and prices are coming down. This has led to federal action to stabilize and re-inflate the housing market. The government (your representatives in Washington) should change the tax incentives for bank business losses, so banks are motivated to lower the principle balance of your loan. The loss that occur es when banks mark down the value of an asset (your mortgage) should not be allowed until the amount of the mark down is pasted through to the homeowner. We should support President Obama as he lowers interest rates and pays banks or the servicing company one-half of the amount that is forgiven on each home loan. The home-buyers, our elected representatives, the investors, the bankers, we all have equal responsibility for this economic crisis. We must all understand this business fact; that until the excess amount of the mortgage is forgiven, in some manner, the real-estate market and the economy will not recover. The economy will remain in recession and could move into a depression. The foreclosed properties are selling because the loan amount to buy the house is equal to the value of the home. 75% of the homes that are being sold are being brought by investors. We must make the vultures go away by changing the policies our economy is guided by. STABILIZE YOUR HOME’S VALUE Bakersfield has seen home values decrease more than other parts of the country. There are 3 things that must be done to maintain the price of your home. 1.Enact the Zero Inflation Taxation policy. This policy will increase confidence of investors to make long-term money investments, creating a market for 30yr mortgages. It will automatically change the income tax, as economic conditions change in our economy, from recession to the inflation cycle. 2.Create mortgages that have interest rates that are no more than 300 percent above the Consumer Price Index. Maintain mortgage interest rates with Adjustable Rate Mortgages at no more than 50 to 100% above the C.P.I. Have the U.S. Treasury fund these mortgages, at cost, until the banks lower their mortgage rates and investors start investing in mortgages. This would stimulate the economy. By decreasing mortgage rates by 50%, mortgage payments would decrease. A $1500.00 monthly interest mortgage payment would decrease to $750.00. That is a $750.00 stimulus check every month for 30 yrs. Nov.’s 08 C.P.I. was a negative 1.9%. A 3% starting mortgage rate would be 490% above the deflation rate. This policy will make housing affordable. It will bring more buyers into the market and eliminate the foreclosure problem. With safe guards included, the chance of another housing bubble occurring is practically nil. When the economy is correctly guided it will produce more tax revenues for state and local governments without raising taxes, as the California Congress has done. The tax increases can then be eliminated. 3. Call! Sen. B Boxer, 202-224-3553 Sen. D. Feistein 202-224-3841 Rep. J. Costa 661-869-1620 Rep. K. McCarthy President Obama 202-456-1111 Fax 202-456-2461 Treasurer Tim Geithner Fax 202-622-2000 Opinions? www.bakersfield.com or www.contactingcongress.com The last four letters in American are I CAN. We can do this together and as a nation of free people. We are responsible for the laws and policies our economy is guided by. Additional Free Info. www.americansolution.com search articles/comments by “happyashell”
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