Monday, January 01, 2007

APP Article

From the Asbury Park Press "Home Sweet Home"

[Despite the recent fluctuations in real estate prices and sale prices that have fallen short of sellers' expectations, homeownership has proved to be a good long-term investment, financial experts agree.

Buying a home is the largest investment most people will ever make, said Shrikant Nadkarni, a certified public accountant, certified financial planner and shareholder at WithumSmith+Brown PC's Somerville office.

"Owning a home over a long period of time is generally a good investment idea," Nadkarni said. "It brings financial obligations and forces savings through paying down the mortgage while building equity."]

Full article...


Blogger SCProfessor said...

Owning a home is always a good idea when you can purchase at a time when real estate is a good value. That simply, IMHO, isn't today. The key to sales prices is an "able" buyer. This pool of "able" buyers in the past included those who could not afford to buy without the help of sub-prime lenders. Well folks, those kind of lenders are disappearing quickly. And add to that list of recent disappearing acts from this segment of the loan market, Mortgage Lenders Network USA (see below).

Mortgage Lenders Network USA stops funding new loans
By David Enrich, Dow Jones Newswires | January 2, 2007
NEW YORK --Mortgage Lenders Network USA, a major issuer of loans to people with blemished credit histories, says it has stopped funding loans and accepting applications for new loans.

Tuesday, January 02, 2007 12:08:00 PM  
Blogger SCProfessor said...

Add to my previous comment the story located at the link below that has Ownit Mortgage filing for bankruptcy today.

Tuesday, January 02, 2007 12:25:00 PM  
Blogger I Love Broadband over PowerLine said...


Falling prices trap new homebuyers

Neighbors in a new Garden Grove tract say a developer's plan to slash prices by about $140,000 has left them owing more for their homes than they're now worth.
The Orange County Register

GARDEN GROVE – David Dunn felt as if Christmas were stolen from him when prices for neighboring homes in his new subdivision fell by about $140,000.

Now, he says, his home is worth less than he owes, making it next to impossible to refinance before his $3,000-a-month payment doubles. Eleven neighbors who bought before the price cuts are in the same boat.

"They put us in a bad financial situation by lowering the price," said Dunn, 33. "Some of (the buyers) did 100 percent financing, so they're completely over their head right now."

Brandywine Homes, developer of the 42-home Heritage subdivision in Garden Grove, is one of many homebuilders that's had to cut prices lately.

read more:

Tuesday, January 02, 2007 1:39:00 PM  
Blogger Mr Pyane said...

looks like the "BUBBLE " still has a way to go in FLORIDA

Tuesday, January 02, 2007 5:06:00 PM  
Blogger Mr Pyane said...

oops forgot the link..

Tuesday, January 02, 2007 5:08:00 PM  

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