Archive for the 'Community Happenings' Category
Almost 400,000 Countrywide mortgage holders will get help
November 8th, 2008 categories: Community Happenings, Our Market
Stephanie Armour, USA TODAY
Nearly 400,000 homeowners will be able to get more affordable loans after Bank of America (BAC) agreed Monday to modify mortgages that originated with its Countrywide Financial unit. The move could be worth more than $8.6 billion and mark the largest predatory lending settlement in history.
Monday’s deal settles claims brought by attorneys general in 11 states that accused Countrywide — acquired in July by BofA — of misrepresenting loan terms, loan payment increases and borrowers’ ability to afford loans.
Bank of America says it will restructure loans for Countrywide customers holding subprime mortgages and option adjustable-rate loans that permit borrowers to pay only a small portion of interest and principal owed each month. Some might wind up in new fixed-rate loans; others might not.
But the Bank of America deal represents only a fraction of the future defaults and foreclosures facing homeowners. There were more than 2.2 million foreclosure filings in the USA in 2007.
EVEN MORE DETAILS: Read Bank of American’s press release
“There could be a couple million more (foreclosures to come), so it begins to put a price tag on the problem and how expensive it is,” says economist Joel Naroff at Naroff Economic Advisors.
Pat Lashinsky, CEO of ZipRealty, says as many as 6 million homes will have gone through a short-sale or foreclosure before this housing slump is finished.
Expect more states to file claims against predatory lenders, predicts Roger Cominsky of Buffalo, a lawyer at Hiscock & Barclay who specializes in financial institutions and lending issues.
Under the terms of the agreement with Bank of America, eligible homeowners must occupy the home as their primary residence. Their mortgages must be seriously delinquent — or likely to become so. Loans must have been serviced by Countrywide and originated prior to Dec. 31, 2007. Modifications will include lower interest rates and principal reductions.
How borrowers will be helped:
•First-year payments of principal, interest, taxes and insurance will be restructured to equal 34% of borrower’s income.
•Effective immediately, no foreclosure sales can be initiated or proceed against borrowers who are likely to qualify for loan modification until a final decision is made on eligibility.
•No restructuring fees will be charged. Prepayment penalties will be waived.
“We will be proactive,” says Bank of America’s Daniel Frahm. “Effective Dec. 1, we’ll start reaching out to homeowners.”
Some $150 million has been set aside for borrowers in certain states who suffered foreclosure or are at serious risk of foreclosure, and another $70 million is earmarked for relocation assistance to borrowers unable to keep their homes.
The attorneys general in West Virginia, California, Connecticut and Illinois had sued Countrywide over its business practices.
“Countrywide’s lending practices turned the American dream into a nightmare for tens of thousands of families by putting them into loans they couldn’t understand and ultimately couldn’t afford,” California Attorney General Edmund Brown said Monday in a statement.
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Whoo Hoo!!!! The World Celebrates
November 5th, 2008 categories: Community Happenings, Featured Events, Glimpse of the Day, Lifestyle, Our Market
Change Happens when you need it the most. All across America last night, citizens watched history unfold as Barack Obama became the President Elect, on his path to becoming the 44th President of the United States of America. For some, today is a day of rejoicing, for others, an opportunity to look ahead with optimism even though their candidate wasn’t victorious.
I think the victory belongs to every American regardless of ideology simply due to the overwhelming involvement of the American people in directing the path of our government. I fear we had become a society that took it’s liberty for granted and just assumed others who were in positions of power and authority would do right by us and our country. It’s a shame we had to hit such a low to wake us all up to the fact that it’s our responsibility, my responsibility, to lead government and if we blindly follow those who are in a position to make or break our success as a nation, we deserve what we get. Unfortunately, the typical outcome is less than we expect and that has never been more obvious than today and this mess we find ourselves mired in.
So whether or not your candidate won the election, YOU won by taking charge of your destiny and being a part of the American process.
Please enjoy these photos of Celebration around our nation and our world.
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FEAR Is Foundation of Financial Crisis, Not Greed- San Diego Business Journal Excerpt
October 22nd, 2008 categories: Community Happenings
Business in the North County – Ted Owen
Since my last column, a bunch of stuff has happened in the financial markets across the globe.
The stock market continues to boil like a pot of pasta. I think the infusion of capital, interest rate cuts and just about anything else someone comes up with will help guide us to a better comfort zone, but it will not happen overnight.
In the last two weeks, many experts have started to sound like they have been reading this column. The headline in an Oct. 3 daily newspaper read, “The financial crisis: It’s about fear, not greed!”
The headline in the Oct. 8 business section of a daily paper said, “Fear appears to have upper hand.” My sentiments exactly.
The question most of us would ask Warren Buffett, if we had a chance, is probably, “What should I do with my investments?”
He was asked that in a KPBS interview last week and he said this is the best time to buy stock because the prices are so low.
Most financial planners and brokers will tell you to sit tight and wait it out.
In most cases, the losses are only paper losses at this point, unless the company went out of business, so the real drop in your portfolio doesn’t occur until you sell the investment.
You probably should do as the experts are lamenting and just sit tight.
A recent “Fear not Greed” editorial stated: “It is true what is done is done. So why waste our time making esoteric arguments about the psychology of what went wrong? Whether it is Greed or Fear, who cares?”
Picking Up Speed
I do because the FEAR (False Evidence Appearing Real) is like a restrictor plate on a car engine. The market can only get revved up if it is allowed to pick up speed.
The article goes on to say, “We are not out of the woods yet. What went wrong is still going wrong. The most dangerous part of a bursting bubble is the impulsive aftermath.
As the housing bubble bursts, dysfunctional impulsive behavior climaxes because of the fear of losing compounds.
Typically, cautious people make mad dashes for the exits and trample good judgment on the way out. Until we address the root of the problem — fear not greed — we will continue shooting ourselves in the collective foot wondering why poor impulsive choices persist long after greed has disappeared from the equation.”
My last comment is taken from a quote in the lead story in the business section of an Oct. 8 newspaper with the headline, “Fear appears to have the upper hand.” The article states:
“Anybody searching for cause-and-effect logic in the daily gyrations of the market will be disappointed — even if the overarching problem of a crisis in confidence in the global economy is now becoming clear. Instead, the market has become a case study in the psychology of crowds, many experts say. In normal times, it runs on a healthy mix of fear and greed. But fear now seems to rule, with investors often exhibiting a Wall Street version of the fight-or-flight mechanism — they are selling first, and asking questions later.”
Other News
In other North County news:
• While the credit market is upside down just about everywhere, that is not the case in San Diego County. The Board of Supervisors just announced Sept. 29 that national rating agency Standard & Poor’s has awarded the county administration its highest rating, making San Diego the only county in the state with a AAA rating. Supervisor Bill Horn said it best: “The upgraded credit rating is the result of the unwavering fiscal management of the Board of Supervisors and their county management team.” According to the report, “the stable outlook reflects the county’s deep and diverse economic base, strong reserve levels, formalized policies, manageable dept burden and long track record of conservative budgeting where actual results typically exceed initial projections.” I give them an A-plus.
• Many of us are concerned about the ability of charities and nonprofits to get funding during the crisis. One North County merchant has a program that meets the continuing need for charitable donations in a unique way. Gems of La Costa owner Dale Condy started his program in the ’60s. Jewelry stores historically provide services such as inspection, cleaning and minor adjustments. They don’t charge for those services traditionally, but Condy had an idea. Sometimes his customers would leave a small sum of money on the counter as a tip for the free service. He realized that most of his customers appreciated the care and at the same time put a small value on it. So he placed a jar on the counter with “Charity Charges” on an engraved plate. When someone wants to leave a tip, the money goes in the jar and its contents are donated to local nonprofit groups. During the last 30 years, Condy and his family business can proudly declare thousands of dollars of badly needed money has gone to organizations in the area. Well done!
• The green movement is catching on all over the North County area. In that regard, most of the major auto manufacturers are selling alternative fuel vehicles. One of the limitations on the part of some buyers is the availability of special fuel. In Carlsbad, the first public fuel station for ethanol-fueled cars and trucks has opened at the Bressi Ranch Fuel Mart. Two E85 ethanol pumps began service Oct. 7. The Shell gasoline station and Circle K market are owned by Fred Reed, who owns ADC Asset Management. Several multifuel vehicles already are regular customers.
Ted Owen is president and CEO of the Carlsbad Chamber of Commerce.
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Habitat for Humanity Build in Carlsbad
October 21st, 2008 categories: Community Happenings
Habitat for Humanity is underway with a new project in downtown Carlsbad. In conjunction with the City of Carlsbad, they are building 12 affordable condominiums for low income families. These homes are one and two bedroom homes and as of now, only five of the twelve homes are spoken for. The income requirement for eligibility to own is an approximate range between $25,000 and $35,000 per year and the new owner must have a good credit and work history. The homes are located on Roosevelt Street, walking distance from dining, shopping and the Coaster rail system for easy commuting.
JB Home Sellers along with the North San Diego County Association of Realtors is participating in building the homes and spent last Friday contributing their time and energy (lots of energy) in framing the structures. Jan Westman and Jennifer Bonasia got plenty dirty back-filling a utility trench (with a shovel- just like the olden days), cutting lumber to size and even nailing shear panel. It was a great day and a great feeling contributing to the home-ownership dream of some lucky families right here in our home town.
If you ever have a chance to participate in a Habitat for Humanity build, it is highly recommended. Over the years, we have had several experiences participating in Habitat builds, sometimes using the special talents of Special Olympians. Each experience has been well organized and a very rewarding experience. Habitat for Humanity does an amazing job and is a terrific organization. To learn more about them, visit their website at www.habitat.org and see how you too can get involved in helping to eliminate poverty housing.
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New York Times Article
October 13th, 2008 categories: Community Happenings
Central Banks Coordinate Global Cut in Interest Rates
Published: October 8, 2008
In a move of unprecedented scope, the world’s major central banks lowered their benchmark interest rates Wednesday, a coordinated effort to halt a collapse of share prices and a freeze in credit markets that threatens to set off the first global recession since the early 1970s.
Emmanuel Dunand/Agence France-Presse — Getty Images
A ticker outside the NBC studios in New York emphasized the falling financial markets.
The New York Times
The action failed to calm gyrating markets, however, amid the growing realization that a serious and prolonged recession may be difficult to avoid.
The Federal Reserve, the European Central Bank, the Bank of England and the central banks of Canada and Sweden all reduced primary lending rates by a half percentage point. Switzerland also cut its benchmark rate, while the Bank of Japan endorsed the moves without changing its rates.
In another monetary first, the Chinese central bank joined the effort — without explicitly saying it was doing so — by reducing its key interest rate and lowering bank reserve requirements to free up cash for lending.
The Fed’s benchmark short-term rate now stands at 1.5 percent. The European Central Bank’s is 3.75 percent.
Taken together with other moves in the United States, Britain and Continental Europe in the last few days, the rate cuts look like part of a broader, global strategy that embraces aggressive use of monetary policy and taxpayer recapitalization of ailing banks, generating cautious optimism among crisis-weary analysts.
“The gravity of the times requires out-of-the box responses,” said Jim O’Neill, the chief global economist at Goldman Sachs. “Atop of all the other things we have seen this week, it gives me great confidence.”
The efforts led to a brief rally on European stock markets, but it quickly fizzled. Benchmark indexes were off by 5 percent to 6 percent in Germany, Britain and France. Markets in New York were trading in a 400-point range, swinging between positive and negative.
Credit market conditions remained extremely tight, with the gap between yields on safe, three-month government securities and the rate that banks charge one another for loans of the same duration rising to more than 4 percentage points not long after the central banks acted — showing financial institutions remained deeply concerned about lending to one another.
Federal Reserve officials said Wednesday’s action was the first time ever that the Fed had coordinated a reduction in interest rates with other central banks, though the United States has periodically joined with other countries to intervene in currency markets to stabilize foreign exchange rates.
The closest thing to a precedent came in November 2001, when the Fed and the European Central Bank announced a rate reduction on the same day. But those actions were nominally independent, and they did not involve any additional foreign central banks.
The cut came despite what had been a divergence of views between the United States and Europe ever since the financial crisis erupted in August 2007. The European Central Bank had been much more reluctant to lower interest rates, because policy makers there tended to see the mortgage meltdown primarily as an American problem with secondary ripple effects in Europe.
But any lingering comfort outside the United States evaporated in the last week, as money markets froze up around the world and major corporations and banks across Europe began suffocating from their inability to do even routine financial transactions.
Making matters worse, none of the epic emergency measures taken in the United States — the passage of a $700 billion bailout plan to buy up distressed securities; a doubling and redoubling of emergency loan facilities at the Fed to $900 billion on Monday; and the Fed’s unprecedented decision on Tuesday to start buying up short-term commercial debt for businesses of all types — had prevented the stock markets from plunging at vertigo-inducing amounts day after day.
Some analysts responded positively to the news.
“At last, a coordinated show of force,” Ian Shepherdson, chief United States economist at High Frequency Economics, wrote in a note. “The move is to be applauded but there is more to come. The playbook to avoid depressions says rates need to be as close to zero as possible.”
Other economists were cautious about whether the various measures would be successful, after previous plans like the United States’ economic bailout have not halted steep declines in share prices. Read the rest of this entry »
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HUD’s Neighborhood Stabilization Program
October 6th, 2008 categories: Community Happenings, Our Market
| HUD No. 08-148 Brian Sullivan (202) 708-0685 www.hud.gov/news/ |
For Release Friday September 26, 2008 |
PRESTON ALLOCATES NEARLY $4 BILLION TO STABILIZE NEIGHBORHOODS IN STATES AND LOCAL COMMUNITIES HARD-HIT BY FORECLOSURE
HUD plans housing summit to explain new Neighborhood Stabilization Program
WASHINGTON – U.S. Housing and Urban Development Secretary Steve Preston today allocated a total of $3.92 billion to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. HUD’s new Neighborhood Stabilization Program (NSP) will provide targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.
HUD plans to host a national housing summit in Washington, DC on October 7-8, as well as a series of regional conferences to explain the details of this new program to governors, mayors, county executives and other State and local leaders.
“To those areas trying to recover from the effects of foreclosure and declining property values, help is on the way,” said Preston. “Clearly, the intent is to put this money to work in communities with the highest need and to have a meaningful impact. Now the real work begins and HUD stands ready to support these States and communities as they work to stabilize their neighborhoods.”
The funding is provided through HUD’s Community Development Block Grant (CDBG) Program under the Housing and Economic Recovery Act of 2008. These targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values.
State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer downpayment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceed 120 percent of area median income). In addition, these grantees can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.
In determining the allocations announced today, HUD followed Congress’s direction that grants be targeted to areas based on the number/percent of foreclosures, subprime mortgages and mortgage defaults and delinquencies. HUD took a data driven approach to this process, relying on numerous data sets from government agencies and private sources.
HUD also will issue specific rules that will assist communities in the administration of this new program and to ensure, as Congress directed, that these grant funds be obligated for specific activities within 18 months. This Congressional timetable may present challenges to state and local governments undertaking ambitious, and in some cases unprecedented, acquisition and rehabilitation activities. Meanwhile, HUD is actively encouraging local governments receiving direct grants to coordinate with each other, and with their state governments, to make most effective use of available funds.
The NSP Program also seeks to prevent future foreclosures by requiring housing counseling for families receiving homebuyer assistance. In addition, the Agency seeks to protect future homebuyers by requiring States and local grantees to ensure that new homebuyers under this program obtain a mortgage loan from a lender who agrees to comply with sound lending practices.
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HUD is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
HUD’s Methodology for allocating the Supplemental CDBG Appropriation
The Housing and Economic Recovery Act of 2008 calls for allocating funds to States and local governments with the greatest need, as determined by:
- “The number and percentage of home foreclosures in each State or unit of general local government;
- “The number and percentage of homes financed by a subprime mortgages in each State or unit of general local government; and
- “The number and percentage of homes in default or delinquency in each State or unit of general local government.”
To ensure these funds have the maximum impact possible and are targeted to States and local communities with the highest needs, HUD analyzed data from several different sources, including:
- The Mortgage Bankers Association National Delinquency Survey data on the rate of foreclosure starts in 2007 and 2008 as well as current rates of subprime loans and loans in default or delinquency at the state-wide level;
- Census Bureau data from 2006 on the number of owner-occupied mortgages in each state to ensure that all states are treated equally;
- Federal Reserve’s Home Mortgage Disclosure Act (HMDA) data on owner-occupied and investor mortgages made between 2004 and 2006, as well as the percent of those loans that are high-cost;
- Vacancy data from the U.S. Postal Service to determine areas where abandonment of homes due to foreclosure is more likely;
- Public data from the Office of Federal Housing Enterprise Oversight (OFHEO) to measure home price declines; and
- Labor Department data on the rate of unemployment at the city and county level.
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House Vote Fails- Update From The CA Association of Realtors
September 30th, 2008 categories: Community Happenings
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Wall Street VS Main Street
September 29th, 2008 categories: Community Happenings
ARGH!
Dare I rant a little? What is the difference between Wall Street and Main Street? No, this isn’t a riddle and it shouldn’t be that hard to understand. Wall Street IS Main Street. It’s our economy. Your economy and my economy and all of our closest friends and neighbors all over the world’s economy. What does this credit crisis mean to you? It may mean that your employer doesn’t have access to the credit line that they use, when necessary, to cut your paycheck or to buy materials used in your industry. It’s not just ‘Fat Cats’ looking to buy their next million dollar home or luxury vehicle.
If our supposed ‘leaders’ don’t come up with a plan very, very soon, it’s Main Street that will be bleeding all over Wall Street. It’s your401K, IRA, job, that is at stake. This is no time for partisan politics. It’s interesting to note that the legislature is actually trying to learn from the mistakes of the past and some within won’t let it happen!!! We did have this same type of crisis once before, you may remember it or learning about it… I believe they called it the ‘Great Depression’. So, our congress is trying to work out a deal so financial institutions don’t collapse leaving us Main Streeter’s with no cash and no credit. Some of our ‘leaders’ are evidently unaware of the fire they are playing with and the extent of the damage they could do to their constituents- LIKE YOU AND ME DAMMIT!
Do I want an irresponsible, unthoughtful, shameful bailout for the rich and mighty of Wall Street so I can spend the next 25 years paying off the debt? OF COURSE NOT. And while I don’t have all the answers about the plan that has been in negotiations over this past week, from what I hear, it spans the concerns of both political parties, has oversight and transparency and most of all, will prevent the utter collapse of our tenuous economy.
You (and I) need to let your representatives know it’s not okay to delay. We need to act now- as a cohesive society for our own preservation. Nothing will happen over the next couple of days due to the High Holidays but when congress resumes, we had better have a plan or it’s you and me that will pay the price. There’s no room for petty differences in this case and petty they will seem when this thing comes to a screeching halt.
Do the right thing and COMPLAIN!
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It’s Party Time!
September 29th, 2008 categories: Community Happenings
“What?!?”, you say? That’s right- I said “PARTY TIME”! What better time to have a party than when people need each other the most?
When times get tough, we have the natural tendency to retreat from the world. We conserve our energy, our money and hunker down waiting for the good times to come again. Why wait? Why not bring friends and business partners together for an evening (or afternoon) of lighthearted fun? Not only will it make everyone feel better, it can also create new business alliances between your friends and partners.
These turbulent times we are facing in our economy in practically every sector can make one feel like they are David battling Goliath. Every one of us can at times feel a little defeated in the face of a market that continues to evade recovery. I read in some Rah-Rah management book once the adage, “None of us is smarter than all of us” and I have come to realize the wisdom in that line. Getting people together, sharing ideas or just reminding each other that we’re all in this together can be wonderfully empowering.
This last weekend I had the opportunity to bring my friends and colleagues together for a casual cocktail and BBQ party. Every one of us is feeling the pinch of the economic downturn. We’re all working harder for less money and feeling the stress of our country’s economic crisis. But, as the guests arrived- some old friends and some new acquaintances- there was a feeling of community; a feeling that none of us are alone and ultimately have the support of each other. That’s a powerful antidote to the malaise of the crestfallen. It’s what’s best about the human family, our need for each other and our ability to rise up against the odds particularly with a boost from a friend.
So I ask you; what are you waiting for? There’s no better time for a party than when you need it the most. If you don’t need it, maybe you can bring a little light into your friends lives. See what happens when you reach out and bring people together. ‘We’ can overcome anything!
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Making Some Sense Out Of The Chaos
September 17th, 2008 categories: Community Happenings
How many of you out there feel like you’re on a roller coaster? Every day we hear about one disaster after the next. It’s enough to make one ready to crawl into that proverbial cave and hunker down to wait it out. From hurricanes to less natural disasters such as the imploding financial markets in the U.S., it’s hard to find a reason to venture forward into the chaos to try to find the deal that makes it all worthwhile. I know it’s out there and I hate having to subsist in this down cycle without somehow taking advantage of it. So, how to make lemonade from the mountain of lemons raining down?
It seems like the only people making money in Real Estate today are those dealing in REO’s, aka foreclosed properties. Foreclosure market activity in North County San Diego, particularly in the Coastal areas, is very brisk. In fact, I personally have missed out on two opportunities due to acting too slowly. However, the fatal flaw would be getting into a deal that lacks thorough investigation. The risk is high today. We don’t know when the market will turn around. To offset your risk, you need to make sure you are buying right- the right property at the right price. ‘A+’ locations minimize risk and there are many fewer foreclosures in more affluent areas. Of course, the best hedge against your risk is getting a smokin’ deal. Researching comparable properties in the area will give you a good read on what constitutes a great deal and it is also helpful to know what the bank ‘bought’ the property for. This is public information and can be accessed on-line via your favorite Real Estate professional.
Here are some statistics from our local Real Estate Market;
Sold home prices decreased by 2.57% in North San Diego County from July to August creating a new median price for detached and attached homes of $390,000. Detached homes fell 1.64% to $450,000 while attached homes increased in August by 3.45% to a new median price of $261,200. For San Diego County (excluding North County) sold home prices fell 4.38% to a new median price of $360,000 in the detached sector and Non-North County attached homes decreased 5.69% to $232,000. Countywide, the median price of homes sold decreased from $407,500 in July 2008 to $390,000 in August and was down 32.76% from the August 2007 number.
MEDIAN PRICE GRAPH
The current condition of the housing market needs to be kept in historical perspective. Home values rose 88% on a national average-higher in California- over the past decade. Sales continue to be hampered by problems in Real Estate finance. Both tighter underwriting standards and the ongoing effects of the credit/liquidity crunch continue to limit sales. Buyers with secured financing or all cash are not hampered by these constraints. In fact, several North County brokers and agents have experienced significant increases in activity in recent weeks, working with well-qualified buyers who recognize optimum buying conditions with which there are low interest rates and an abundant selection of homes on the market.
Median days on the market for single family detached homes in North County increased from 49 to 54 days between July and August and the Average days on the market rose from 73 in July to 77 in August. The median number relates to an equal number of days (in this instance) above and below the median number where as the average is an average of all the number (of days) needed to sell a home. The number of North County single family homes sold decreased 14.27% in August to 703 from 820 in July but there was a year-over-year increase in sales of 8.49% from the 648 homes sold in August 2007.
The single family detached median price per square foot fell to $228 in August 2008 from $232 in July, down from $304 in August of 2007.
A bit of good news is active listings decreased in August by 217 homes from July and were down by 531 from one year ago. A great sign for better times ahead is affordability is higher today than it has been for years in San Diego County. Due to the recent uptick in mortgage rates, affordability in North County actually decreased by 1% but remains at a high 20%. Overall San Diego County is sporting a 25% affordability ratio. That’s considerable when compared to a few short years ago when the affordability ratio dipped into the single digits.
What’s the outcome of this tale? Our market continues to struggle but it is creating some exciting opportunities for those who can afford to take advantage of them. Those who are less reliant on financing or well qualified are in a position to buy properties from banks today for pennies on the dollar. Often times the more physically distressed a property is, the more likely the bank is to accept the low- lowball offer. Obviously there are fewer buyers who are equipped to deal with rehabilitating properties. Most buyers are still looking for foreclosed homes with as few blemishes as possible. With the help of a General Contractor (such as Pacific Shoreline Home Building, Inc. for instance), home buyers can look for properties with significant cosmetic flaws while being structurally sound and set the stage for tremendous appreciation potential.
It’s easy today to become mired in the depressing information that is constant and relentless. While we do find ourselves in turbulent times, it’s important to remember that without the volatility, the opportunities wouldn’t exist. So put on your positive thinking cap and let’s see if we can’t come up with an opportunity that will serve you well into the future.
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