FRIDAY FACTS
May 27, 2011
Here are some sound bites from NAR’s Midyear Legislative Meetings in Washington, D.C.:
Here is a link to my notes from the conference:
Dana Perino in answer to the question, “What is the end game for Fannie and Freddie?” Yesterday, another $8.5 billion went from the Treasury to the GSE’s. It makes people mad. What are those “F” words? There are 262 federal programs for financial literacy. Layering. People grew up believing that the worst thing you could do is default on a loan now watch neighbors who haven’t paid their mortgage and are still in their home 13 months later.
Senator Judd Gregg: Budget is on a totally unsustainable path. The Greek situation is not that far off from the U.S. – we’re just bigger and have more running room. This year we have a $1.2 trillion deficit. Debt will double in 5 years, triple in 10 years. $56,000 is added to the national debt every second since 2009. Three programs independent of health care are driving the deficit: Medicare, Medicaid, Social Security. The unfunded liability of these programs is $81 trillion. The present net worth of US citizens is $55 trillion. The total taxes collected in US history, $48 trillion.
Diana Olick, CNBC: This week home prices officially double-dipped. The pent-up demand is there. The problem is mortgage liquidity. 35% of all sales in March were all cash – an all time record. Only 22% of those were investors.
64% of buyers contacted only one agent during the home buying process. 66% of all sellers contacted only one agent during the home selling process.
Every fourth generation replicates itself. For example: There was a change in the psyche of the home buyer in the generation coming out of the Great Depression and there is now a change in that of the generation coming out of the Great Recession.
In 1950, less than 5% of all households had 2 wage earners. Today it’s 80%. In 1960, 28% of women with kids under 18 were in the work force and in 2009 it was 71%.
Tuesday, May 31, 2011
Monday, May 23, 2011
Friday Facts May 20, 2011
FRIDAY FACTS
May 20, 2011
Why consider International Real Estate?
From March 2009 – March 2010, International buyers spent $66 billion on residential real estate in the United States.
The median price paid was 26% higher than the national overall median for existing homes.
55% of International buyers used cash to cover the full purchase price.
The top sources for inbound investment were Canada, Mexico, United Kingdom, and China/Hong Kong.
The two major drivers for purchase location were proximity to home country and convenience of air transportation.
70% of immigrants own their homes
Target groups: foreign buyers living abroad; immigrants; foreign students and university faculty; 1st generation Americans; clients with international family connections.
Reach out to local cultural groups, chambers of commerce, immigration attorneys.
May 20, 2011
Why consider International Real Estate?
From March 2009 – March 2010, International buyers spent $66 billion on residential real estate in the United States.
The median price paid was 26% higher than the national overall median for existing homes.
55% of International buyers used cash to cover the full purchase price.
The top sources for inbound investment were Canada, Mexico, United Kingdom, and China/Hong Kong.
The two major drivers for purchase location were proximity to home country and convenience of air transportation.
70% of immigrants own their homes
Target groups: foreign buyers living abroad; immigrants; foreign students and university faculty; 1st generation Americans; clients with international family connections.
Reach out to local cultural groups, chambers of commerce, immigration attorneys.
Friday, May 13, 2011
Friday Facts May 13, 2011
FRIDAY FACTS
May 13, 2011
Effective March 18th, new mortgage rules in Canada reduced the ability to amortize mortgages over 35 years to a maximum pay back period of 30 years.
As noted in RISMedia: “Bad News Travels Fast. One customer complaint, tawdry tweet, Facebook faux pas or edgy email – and suddenly it could go viral. Add value, build trust, give back and it may go viral too.”
From Think Big Work Small – How did you hear about Osama Bin Laden’s death? 67% of the country heard it through social media. Still think it’s a fad?
According to NAR, 80% of signed contracts usually result in a sale, but recently, a larger group is pulling out because appraisal values are coming in lower than contract price.
Here’s a notable quote from Tara-Nicholle Nelson in Inman News: “Home-sellers who had pushed their windfall-esque home equity over into the mental account that is labeled “assets” have been excruciatingly reluctant to revise this mental account’s balance. Some have decided to stay put and wait to sell until “values come back next year” for four years running … Others have put their homes on the market, but insist on rigid and fantastical pricing based on their mental belief in their home’s value … As a result, they set themselves up for long term limbo.”
May 13, 2011
Effective March 18th, new mortgage rules in Canada reduced the ability to amortize mortgages over 35 years to a maximum pay back period of 30 years.
As noted in RISMedia: “Bad News Travels Fast. One customer complaint, tawdry tweet, Facebook faux pas or edgy email – and suddenly it could go viral. Add value, build trust, give back and it may go viral too.”
From Think Big Work Small – How did you hear about Osama Bin Laden’s death? 67% of the country heard it through social media. Still think it’s a fad?
According to NAR, 80% of signed contracts usually result in a sale, but recently, a larger group is pulling out because appraisal values are coming in lower than contract price.
Here’s a notable quote from Tara-Nicholle Nelson in Inman News: “Home-sellers who had pushed their windfall-esque home equity over into the mental account that is labeled “assets” have been excruciatingly reluctant to revise this mental account’s balance. Some have decided to stay put and wait to sell until “values come back next year” for four years running … Others have put their homes on the market, but insist on rigid and fantastical pricing based on their mental belief in their home’s value … As a result, they set themselves up for long term limbo.”
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