Mike Cleaver

This is the story of a tenant, a landlord and a foreclosure. The tenant pays his rent on time, keeps the property clean and rarelys bothers the landord. The landlord takes the rent, never comes by to see the tenant unless called upon for a problem. The landlord stops paying the mortgage payment, and doesn't tell the tenant. The mortgagee forecloses. The sheriff delivers the notice of sheriff's sale. Legal documents are delivered regarding the foreclosure and sale. The redemption period goes by, six months here in Minnesota. The attorney for the new owner, sends a "Notice to Vacate" to the tenants giving them 60 days notice to vacate by a certain date or they will be evicted. So far all is going according to the law. The landlord has a foreclosure on his record and also at least 9 months rent from the tenant and the tenant's security deposit. The tenant has to find a new home, and will have the expense of moving, will have to pay a new security deposit and maybe connexion deposits for utilities. Do you see a victim? Do you see a crook? Who is being punished by the law? The victim is being punished for the crime committed by another. And that is why I say: The law is an ass!

Oh I am so envious of all you voters. I am an immigrant, not yet able to become a citizen of the greatest country in the known universe, and therefore not able to vote. I am so looking forward to earning my citizenship and then being able to fully participate in being an American, hopefully for the 2012 general election. To be able to vote is such an honour.

Which is why I get a little hot under the collar when I hear folks telling me or others that they haven't time to vote, or they can't be bothered standing in line for 30mins or so. We are lucky, upon attaining age 18 we are blessed with the right to vote, (I am referring to US born 18yr olds) all a person has to do then is register and then they can actually vote, how hard is that? I cannot imagine having to walk for days as in the case of some people in Africa so that they can make a mark that they hope will effect their lives. So you can see why I get angry when US citizens " can't be bothered", it's almost too easy!

I want everyone who can to get out and vote, you are voting for me and for others who cannot yet vote, like your kids or grandkids and the kids your kids will have.

Tomorrow I will hear, like many of us will, people complain because the candidate they voted for didn't win. We will also hear others complain even though they didn't vote, they are the ones who are first to complain but last to act, usually. Tomorrow we will have a President elect. I hope that my guy wins, but if he doesn't I will support the President to be because we need to work together to rebuild the confidence in our great country, not only abroad but right here at home.

So please go and vote, ask your neighbor if he/she has voted, be a participant today, the outcome will have such a massive effect on all our lives.

Thank you all for Voting.

Here are some interesting figures about FHA loan programs in 2008.

FHA received 2,008,157 single-family loan applications.
That's up 161.2 percent over the 768,770 applications received in fiscal 2007.

More than 90 percent of applications were for existing home purchases or refinances.

977,550 borrowers applied to purchase homes

885,972 borrowers applied to refinance

FHA approved 1,199,624 mortgage applications.
This number is up 125 percent from fiscal 2007 when the FHA insured 532,337 mortgages.

631,667 loans were made to individuals purchasing homes
That's up 126.9 percent over the 278,422 purchasers who got loans in fiscal 2007.

Among those financing a new home, 492,295 (77.9%) were first-time buyers.

Here in Minnesota there are some great loan programs for first time and low income buyers. This is a great time for first time buyers, with a $1000 downpayment they can buy a home for about the same money they pay in rent ( a $110000 home with $1156 down and an FHA loan of $705 per month, this is an example). There are several programs here in Minnesota: Minnesota Housing; Home Help; City Living, specifically St. Paul and Minneapolis; FHA, all available for homebuyers with low incomes, less than perfect credit scores and who are first tme buyers.

I'm sorry landlords but this might be the time when a lot of your tenants move on and start to realize the joy of affordable home ownership.

If you are a first time home buyer there are lots of homes available for you to choose from,there are over 125 HUD acquired homes in Minnesota, this is a good time to buy. Low interest rates, low prices.

I see the listings daily and there are some fabulous bargains.

A friend who lives in Phoenix sent me this snippet from her local business news.

"A new study shows the Phoenix area continues to be one of the hardest-hit housing markets in the nation.

The Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3 percent in July from a year earlier, the largest drop since its inception in 2000. Prices in the Phoenix area dove 29 percent on an annual basis. Only Las Vegas, with a 30 percent drop, fared worse than metro Phoenix.

Prices in the 20-city index have plummeted nearly 20 percent since peaking in July 2006. A similar 10-city index has fallen more than 21 percent since its peak in June 2006. Both indices measure the largest metro areas in the country.

For the fourth straight month, no city in the Case-Shiller 20-city index saw annual price gains in July. However, the pace of monthly declines is slowing. Between May and July, for example, home prices fell at a cumulative rate of 2.2 percent - less than half the cumulative rate experienced between February and April.

Just seven cities showed positive or flat returns from June to July. That's down from nine that showed month-over-month gains in June. Atlanta, Boston, Dallas, Denver and Minneapolis all posted positive returns for three months or more."

Could it be that we are about to see prices stabilize? I sure hope so. Having seen prices continue to fall with the huge number of foreclosed properties available it will be great to see a period of stability.

Interest rates are great right now and there are some really superb loan products available for first time home buyers and those with low incomes who have good credit scores.