My wife and I will be participating in a Charity Walk for the American Cancer society next weekend on Saturday October 25. The Walk is called Making Strides Against Breast Cancer. We have participated since we relocated to Port Orange Florida (near Daytona Beach in Volusia County) in 2004 from Rochester, NY. It is one of the many ways that we try to give back to our new community as well as to help fight against a terrible disease.
The event is well run and attracts a huge number of people for the walk as well as the ceremonies. I never expected to see such a large crowd the first year I participated, let alone the outpouring of generosity and emotions. It is now a tradition in our family and it is marked on our calendar as soon as the new date is released.
I am new to AR, so I hope that this is within the rules to leave a link below for anyone that would care to donate to this worthy cause. If it is not, please send me a note and I will remove it. Donations can be for as little as $5. These are tough times for many people, but we firmly believe that a lot of little donations can lead to a big benefit to help find a cure.
The President will speak this morning at 8:00 AM to outline the first stage of the Bailout program. Approximately $250 Billion will be invested in US Banks in an attempt to alleviate fears in the market. It is also anticipated that all deposits will covered in the event a bank becomes insolvent.
We are told that this is a necessary step to un-freeze capital in the banking industry, and to stimulate the economy. I have yet to see that there is any help that will be readily available for home homeowners. We may see a freeze on foreclosures in the weeks and months ahead, but I do not sense that it is a top 5 issue.
I have fielded numerous inquiries regarding the HOPE H4H Program in my Port Orange office. Upcoming posts will detail some of the guidelines for homeowners. Suffice it to say that the criteria set for will make it hard for many people "under water" to get the refinance loan that they need.
Until the bailout "sorts itself out", home buyers will find that they have very few choices when they are looking for a mortgage to buy a home. For that matter, auto financing will be difficult to obtain as well. The housing and auto industries are in desperate need of a boost. Since these industries are the source of many Americans income, let's hope that the help comes sooner than later.
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It looks the like the government bailout program will be unveiled in the next day or so. While much progress was made over the weekend, it appears that the U.S. will hold off revealing a comprehensive plan until at least Tuesday. It is believed that the delay is due to the desire to have a tangible plan in place first.
It is likely that the U.S plan will involve government guarantees of inter bank loans which are seen as a vital to thawing the lending freeze. Until banks trust each other enough to lend money between them, it is unlikely that businesses or individuals will be able to borrow money easily, or cheaply.
Worldwide markets are up this morning and it is anticipated that U.S. Markets will be as well later in the day in anticipation of the next bailout announcement. Homeowners looking to sell are hoping for some encouraging signs to bring more people to the market. Any added confidence in the market would be welcome news for them.
For those that are looking to purchase or refinance, we are witnessing the first steps to ending the tightening of lending standards. It remains to be seen when standards will begin to loosen. View this as a necessary step to making it easier to be approved for loans in the months ahead.
The Group of Seven industrialized nations met on Saturday afternoon in an attempt to display of show of unity in the face of the global financial crisis. The G7 is comprised of U.S., Britain, Canada, France, Germany, Italy and Japan. The U.S representatives worked diligently to seek increased unity among the G7 in an effort to bring calm to panicked investors in an attempt to stabilize rapidly deteriorating markets.
Saturday evening, G20 leaders representing a mix of rich nations as well as rapidly developing nations including China, India, and Brazil. G-20 finance officials pledged to work together "to overcome the financial turmoil, and to deepen cooperation to improve the regulation, supervision and the overall functioning of the world's financial markets."
The International Monetary Fund also had its annual meeting this weekend. A joint statement from its members, shared much of the sentiment as the G7. The IMF stated "the depth and systemic nature of the crisis call for exceptional vigilance, coordination and readiness to take bold action".
Members of the World Bank are meeting on Sunday to discuss the effect the current crisis. There are serious concerns regarding many poor nations ability to overcome the problems resulting from this crisis. There is a growing sentiment that the solutions for the richer nations must not adversely affect poorer nations.
All of these actions will have a large effect on Main Street USA. Monday will hopefully be the end of an unprecedented 8 day slide on Wall Street. Interest rates for consumers and the ability to be approved for financing not will improve until markets stabilize. For those seeking to purchase or refinance a home, the choices are limited to FHA, VA, and a shrinking number of conventional loans.
It is my hope that solutions will be heard at this week's presidential debate, as it is likely to take the majority of the winners 4 year term to see a recovery take place.
The Volusia Home Builders Association held its first Friday Exchange October 10. The featured speaker was Rich Allen of Pomeroy Appraisal. It was an in depth one hour forum where Rich explained the current environment of the appraisal industry. The listeners were very engaged in this open forum and were able to get expert answers and opinions on how to overcome some of the many challenges that real estate professionals are facing.
Among the many topics discussed were the differences between sales comparables used to support value of a purchase and the adjustments that are made to determine the current market value of the subject property. It was very interesting to hear his rationale of when a sale is included or not included in an appraisal. The audience learned that there is a difference between a market sale and one that was done out what he termed as motivation.
Short sales were discussed in great detail as well as bank owned property sales. These sales were part of the ones he described as due to motivation where sellers may accept below market value, and may not be a true indication of the market. There were many questions as you might expect.
If you are interested in more information about the Volusia Home Builders Friday Exchange meeting, please contact me. The next meeting is Friday November 21. It is Meet The Lender day, and I will be speaking as part of a panel of local lenders. We will be discussing what it will take to qualify a buyer in this environment and what it will take to close the loan. To reach me by phone, call Ron @ 386-562-2651.
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