by Real Bread Campaign

Question by Andy F: Can one be a political Libertarian without being committed to 100% “free market” economics?
I ask this question partly because I was a teenaged libertarian long ago, and although I’m a leftist today, I still think there are many valid points in libertarian philosophy.

The notion that “free markets” are always best and always correct themselves through Adam Smith’s “invisible hand of the market,” on the other hand, just isn’t correct. And when libertarians with perfectly good political ideals try to pretend that “free market” solutions are always the best ones, I think they sometimes sound like dangerous simpletons.

As the English economist Arthur Pigou pointed about around 100 years ago, the nearly perfect functioning of the “free market” can occur in some capitalist societies; it isn’t always the product of conservative wishful thinking.

But the perfect “free market” is a limiting case of a much wider set of possibilities in market societies. A capitalist market society will only produce almost perfect outcomes when a half-dozen or more limiting conditions are met — for example, when there are no big oligopolies or monopolies to manipulate prices, when all consumers in the market have nearly perfect information, when all the economic actors in the market are rational or nearly so, when violence is never used to influence economic decisions, and when the market suffers from no major “externalities” (such as environmental pollution, big oil spills, etc.) that force one economic party to pay costs that arise from another party’s actions.

When these and a few other limiting conditions are not met, however, when a society suffers from what economists call “market imperfections,” then the “invisible hand of the market” may produce some fairly terrible results. And in those cases — which cover many economic conditions we find in real life — the market may benefit hugely from government regulation and/or government intervention.

Are there any libertarian thinkers, either in the USA or elsewhere, who are grappling with Pigou’s insights about the market’s virtues and limitations, both?

I’m now a democratic socialist and generally not very sympathetic to the libertarian movement these days. But I see American libertarians trying to grapple with the big BP oil spill in the Gulf of Mexico, and I think they’re floundering in embarassing ways because they lack a way to combine their legitimate defense of individual liberty with a realistic model of the American and world economies, which in many ways just don’t fit the classic “free market” model.

Can’t some creative libertarians devise some new intellectual formulas for combining an ardent intellectual defense of individual freedoms with a more realistic picture of how real-world capitalist markets actually work, and how they can and can’t be improved by the State?

Best answer:

Answer by Dave87gn
Nope, that would be like saying, I’m a jew who follows the pope

Know better? Leave your own answer in the comments!

Question by ??!!: where to find info on foreclosures and short sales?
Where can one go to find out available foreclosures and short sales that is reliable?

Best answer:

Answer by wizjp
Local realtor is still your best bet,

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by elmada

Defrosting Liquidity Freeze – Dealing With Credit Crunch

When one wants to make tons of money, he should be surrounded by thousands of fools, says an old adage on the stock market. It reiterated itself when Warren Buffet announced investment of $ 5 billions in Goldman Sachs (GS) and $ 3 billions in General Electric (GE) fetching him 10% interest per annum in addition to free warrants convertible into shares for next 5 years at currently depressed prices. 

It was considered by many as signs of confidence from one of the most revered and legendary investors of all time, Mr. Warren Buffet. No one bothered to ask the investee companies, why was he given the yield of 10% that was normally associated with the junk grade bonds or companies.  Have this bluest of blue chip companies degenerated into junk status? Are they next on line of “Olympic 2008 Parade of Bankrupt financiers?”

No one even noticed the rapid transformation of the legendary investor into usurious Money Lender at his advanced age of 78. No one even noticed that there was no real liquidity crisis, but the lenders like Mr. Buffet have lined up on the side line to seek the Risk Related Return (RRR) from the potential borrowers. “Greater the Risk, Higher you Pay” was the simple message displayed on the foreheads of every possible lender.

Otherwise, when the FED was willing to lend at meager 1.5%, why should the GS and GE pay up 10% to Mr. Buffet?   Within hours of receiving $ 3 billions from Mr. Buffet, GE rushed to the commercial paper market to raise further money for the payment of wages and salaries, and was glad to see the FED chief Mr. Bernanke dressed up in Santa Clause, disbursing billions more at just 2% (cut to 1.5% on following day). In short, $ 3 billions of Mr. Warren Buffet appear to have “gone with the wind “within hours.

What Mr. Warren Buffer announced was misunderstood and misinterpreted by almost everyone on Wall Street, Main Street, Capitol Hill, Fed, and entire community of journalists, analysts, commentators and interviewers. He meant, but did not say it, that the real market rates were extremely high, regardless of billions of dollars being printed in the backyard of Federal Reserve for free distribution later, and that no one was willing to lend unless he was rewarded with the return associated with the risk. (RRR)

Across the Atlantic, in London, relatively free market, the LIBOR rates rose to the highest, and yet no one was emerging as lender to lend to even commercial bank.

Why lenders look for higher return when the risk increases? 
If the lender lends today 0 for just 3% (when the FED rates is only 1.5%), and that loan goes bad, he has to lend it 33 times (100/3) more just to recover the old loan, and that too, provided no new loans going bad. If he had lent at say 24%, and if the loan goes bad, he has to lend only 4 times more to recover his old loans, presuming again all new loans remain good. This is why the local governments have to raise the funds at 20% or more in some cases. That is, there are lenders apart from Mr. Buffett.

When the risk profile of large banks have increased to the extent of bankruptcy running into hundreds of billions of dollars, the money market does become very tight, and the lenders withdraw into shelters when the market rates continue to be managed low by FED. The action of the FED to pump the markets with over 0 billions a day before and cutting the rate by 0.5% does not help. The money goes to bankrupt banks that merely set off the new funds against old losses. They do not lend more.

Mere injection of liquidity is not enough. The FED has to make it conditional, that if billions are given to say, Citi group, it should deploy funds only for granting new loans or buying the new Commercial papers issued by various corporate business with suitable sub limit so that the money is distributed widely. Supposing, the sub limit is set to $ 500,000 for small businesses to billions for large businesses like General Motors, they can carry on business by paying their employees the wages and salaries.

Float a New Bank or use smaller Regional Banks and fund them with $ 200 billions
Bush Administration may extend new loans through new bank or existing smaller banks to small businesses, large corporate entities, and consumers, subject to real tangible security with first lien. Limit the loans up to 25% of their annual sales, so that money rolls over every 3 months at least. 

Why avoid large existing banks?
All large banks are saddled with billions of dollars of old bad loans. Most of them are irrecoverable as they have no security backing. They are secondary papers with second lien. The primary security has been foreclosed, seized and sold by the primary lender, with nothing left for secondary holders. By funding these bankrupt banks is like adding fuel to fire. Good money would be thrown after bad money. When the money is scarce, the efforts should be to use the new supply as efficiently as possible.

The banks that are almost bankrupt may be asked to transfer deposit and loan accounts (including primary mortgaged loans with first lien (not the secondary derivative papers) to new banks, so that normal business continues.

Old banks with billions of dollars of bad loans without security may be merged with each other so that cross obligations are set off against each other. If after this adjustment, they are still unviable, let them die the natural death or hold the talks with debtors to accept only 20% of the outstanding debts repayable in next 5 years. Thus, the liability of the large banks will be reduced to 20% and liquidated @ 4% over next 5 years.

Higher Rates are biggest enemy to leveraged derivatives and swaps
We are in the midst of highly leveraged economy. It has to be deleveraged. These derivatives thrived in low interest rates environments where the cost of swap was very low. If the rates rise to reasonable level, even up to 9%, all leveraged transactions will be forced to reverse immediately. At the same time, the Bush Administration may fund the banks Mortgaged loans to consumers at special rate of say 3%, so that their interest cost does not rise. This kind of differential interest scheme may bring immediate stability in the market place.

Higher Rates also help Insurers
Ask AIG – why and where did it lose in billions of dollars, when there were not much claims due to natural calamities, fire, flooding, or death of individuals. They did not lose in their core business.The insurance companies receive free premium income from the insured. They found difficult to invest in higher yield long term treasury or local government bonds or well rated corporate bonds.

Mr. Greenspan has effectively killed the market of long term treasury bonds (10 to 30 years) by artificially lowering interest rates or even cancelling 30 years bonds altogether for 4 years (2003 onwards) so that interest servicing cost for the treasury remain artificially low on its massive public debt.

When the insurance company found no alternative long term high yielding safe treasury investment they started looking for exotic derivatives that used to give them higher yields, without realizing what they were getting into. The companies like AIG finally started buying highly risk derivatives like CDO, (Collateralized Debt Obligations) CDS (Credit Default Swaps) and CLN (Credit Linked Notes) without realizing the financial risk and legal evaluation of the securities to backed. If the insurance companies had option to invest into say, 6% 10 year bonds or 8% in 30 year bonds, they would not have invested into derivative papers with fake back up securities. 

Money should have some cost 

The Money has been printed so much that  the toy homes can be built by the American children with real US dollars. If Paulson and Bernanke prints trillions now, they will have to print  100 Billion Currency Notes with the logo of ex-Presidents. If they are spread on the 8 lane high way in United States,  it will cover 22,600 Miles 

The economists like Greenspan and treasury secretaries like Rupert Rubin or Henry Paulson (from Goldman Sachs) made the money worthless the moment they were issued or created. Their money did not have material cost 1% to 2% for most of the times. Their theory was that low interest will boost the stock market that will increase GDP, which will increase the value of their stocks held in Goldman Sachs. This was a myth.

Low Rates do not increase GDP or lead to healthy growth
Example,
Look at Japan.. It has been following near Zero interest rate policy since 1994. 14 years have passed and its Nikkei has slumped from 38000 to 9000+ yesterday (lost 75%) with no perceptible growth in real terms. Retiring Japanese with 10 millions yen find difficult to take care of himself in his retiring days because he does not earn anything on his life time savings. If he spends, he feels that his savings will be empty in a few years. If he was getting even 6% interest, he would have got interest income of 600,000 yen which he could spend without seeing his savings depleted.

Reasonable high Long term rates do encourage savings and increase GDP in real terms
Example,
In country like India, the growth is robust because long term interest rates for Provident fund etc are over 10%. This encourages savings from where the people spend without seeing their savings depleted. The PF amount is invested into long term high yielding Government bonds that assures steady decent income.

Look at what happened in USA 
And look at what these Greenspan and company did for United States. Often he was applauded for his brilliant management of economy. His philosophy was that Consumers contribute to GDP, so to make them spend more and more, lower the interest rates. That made the consumers to contract more and more debts – credit card, car loans, educational loan, home loans, top up loans on home mortgages and host of other loan products that fatten the banks with usurious interest rates.

Look at the signs at large stores selling Car to furniture. No interest for 6 months, no payment for 12 months….etc. This is what happens when the money is free and does not have cost. The people just become spendthrifts and go bankrupt. If they find difficult to pay – file for bankruptcy – that’s all. It is more like “Payable when able”

Money, Treasury and Gold 
If money does not have cost, they are more like Toilet paper. They can be printed overnight in Bernanke Press. Treasury bonds are also papers – can be printed at the sweet will of President Bush or Paulson or Bernanke.  Papers like Dollar and Treasury bonds can be printed and re-printed like books are reprinted with popular demand. Gold can not be produced artificially – it has to be dug from the ground

Why Interest rate will go to 24% to even 30% 
If you can not control inflation, control inflation numbers, were the theory, belief and practice of Greenspan. He invented new theory of inflation – Core Inflation and Non –Core inflation which was excluding violent food and energy prices.

Goddamn idiot. Food and energy constitute over 40% of household budget. Every family has at least 2 or 3 children, one of two college going young adults, 2 to 4 cars depending on the number of adult members in the family. How could you exclude the cost of Energy and Food from inflation and adjust your interest rate policy. When I left stock broking field, the CRB index was 191 – it rose to over 430 recently, that is gain of 240 pts in less than 7 years. This index covers over 17 elements of daily use – from Orange juice to Oil to dairy products and  commodities of daily use. In other words, the inflation rose by 31% per year (240 divide by 7). The United States was having “negative interest rates” by at least 25% for over 7 years in a row.  Those rates are now catching up and there is nothing the government can do. The creative management of inflationary numbers (called manipulations in layman’s terms) can not last for ever. You have to pay for it. The pay time has finally come in October 2008. The interest rates in United States have to rise to 24% minimum to weed out all excesses in the system that was built under the lousy regime of Alan Greenspan. May be high interest rates may remain for only 6 months, but that will force everyone to start respecting their own dollar.. The lesson that United States will learn is that “Money is not Free” and do not take it for a free ride.

How to defrost the present liquidity freeze? 
Stop cutting Interest rates – in fact raise interest rates up to 6% in 6 months in increments of 1% per move. Higher rates will bring out money lenders into the market that will force down the interest rates later with more participation. Currently, their participation in almost NIL

Adopt “differential interest rate policy”

Fund the banks of their mortgage finance portfolio with cheaper funds @ 2.5% for the time being. (MFR = Mortgage Finance Rates) Fund the banks of their Credit card portfolio with cheaper funds @ 2.5 % over the 30 year MFR Other bank borrowings to businesses be permitted @ 3.0 % over 30 Year Mortgage Finance Rate (that is, if MFR is 2.5%, then other commercial borrowings to be 5.5%). Please note that charging of even 9.5 % interest rate (based on maximum MFR of 6.5%) from FED to banks on commercial borrowing is not excessive. This is the ruling Prime Rae in most of the Asian financial centers and emerging economies. Bank to customer interest rates may be restricted to 2% over the Fed funds rate for respective category. Example, if MFR funding is at 2.5%, then the customer lending rate may be 4.5% (2% over 2.5 The idea of allowing only 2% above Fed funds rate is to ensure that the bank does pass on the benefit of the rate cuts in future to every section of the society. Currently, they may pay more but much less than the market rates.

Merge 3 or 4 large banks that have inter-swap positions outstanding.
This will cancel out cross obligations of each other.

Then Consolidate the fund based external debt (not deposits). Call the creditors of bad loans to work out discounted solution, agreeing to pay not over 20% of debt outstanding (or more if there is real security, Extend Federal guarantee to such amount and charge the respective banks guarantee commission @ 2% per annum. Take some equity for such help or warrants convertible into shares at any time for next 10 years. The creditors will have no choice but to accept the compromise, otherwise they will lose everything.
EXAMPLE: If the total bad debt outstanding is $ 50 billions, reach a compromise for $ 10 billions. Extend the Federal Guarantee to Billions and charge the bank guarantee commission @ 2% of guaranteed amount (0 Millions per year). After all these adjustments,. Ask the bank to come out with secondary public issue of which the State may take up 10% of public offer. This will infuse the confidence to investing public. 

Extend the Tax Cuts as under:

Corporate tax be cut by 5% now, followed by another 3% in second year, 2% in third. Total 10% The present corporate taxes of 35% is too high for anyone to invest in USA It will come down to 25% in 3 years. (In my proposal it is brought down to 18% in progressive manner) This will increase the real earnings of the company and boost its stock price, enable raising of new capital and also boost the stock market. There will be real strength in the economy, not paper trading or manipulations that both Paulson and Bernanke are indulging in. Personal Tax Cut may be extended by reducing the initial tax slabs substantially.
The initial tax slab be drastically reduced so as to benefit the low wage and middle income wage earners. While Interest rate may have some negative effect on the market (in fact it will have none, because slightly more interest rate is more desirable than wholesale collapse of financial system), The lowering of Corporate Tax and Personal Tax will have significant positive effect on the entire range of capital markets throughout the United States.

My Letter to the President Bush was ignored and they blew up over $ 3.5 trillions in 15 days

In my book, I have designed full range of tables of Income Tax for the corporate sector and also Individuals. The plan is so comprehensive that it will be liked by Individuals and corporate alike. Not only that, I have given most valuable suggestions to increase the revenue from other sources, so what is lost in taxation, is more than compensated from the other revenue stream.

I only regret that the no one in the White House paid any attention to my 4 page letter which contained the summary of 18 chapters of blue print for the recovery of United States of Americal. I had also warned that if the immediate actions were not taken, worse consequences would follow. That was my letter recceived by White House on 25 Aug 2008 and the situation started worsening 15 days later. And you know what happened from second week of September. I had also sent a copy of that letter to the Consul General of Hong Kong for his information and also for proper identifcation purpose.I would release the letter shortly on this blog site within a few days.

By not paying any attention to such important letter, at a time when the solution was eluding the nation, the Bush Administration blew up over $ 2.5 trillions in loss of market capitalization and also over trillions in so called “bail out” plans.

Kalidas, Hong Kong
Article ref: 0811-006 (Originally published on blog on October 10,2008)
Blog: http://www.anilselarka.com/

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www.PropertyInvestmentPros.com Foreclosure expert, Patrick Arena explains 7 ways to avoid foreclosure and even keep your house.
Video Rating: 4 / 5

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by Steve Rhodes

Question by mike j: How do i learn about Foreclosures?
I need to know what Foreclosures are how to do them how to learn about them and all that juicy info. I also need to know if this is the right place for a new Real estate investor to start if I have no money to start this. If not I would also appreciate that info

Best answer:

Answer by linkus86
To buy real estate you need either need a lot of money or a little money, good credit and a good source of income (job). Foreclosures are properties that lenders repossessed because the owners failed to make their payments. The advantage to a foreclosure is that they can be bought well under their market value and as an investor you could either opt to rent it out or resell it to a willing buyer for a profit (or both). Since you don’t have any money, the first step would be to talk to a mortgage broker about your loan options to see how much money you are qualified to borrow so you can determine how much house you can buy. Step 2 would be to contact a Realtor who knows a lot about foreclosures in your market. As the buyer, you do (usually) do not pay the Realtor a commission, the seller does.

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by mia!

What is Marketing Analytics?

Marketing

First, let’s discuss the term marketing, and start by defining what it is not (or at least, what it shouldn’t be). Real marketing is not manipulative. Real marketing is not the slick used car salesman trying to rip you off. Real marketing is not trying to make a trash product look better than it really is. Real marketing is not deceitful.

Real marketing means bringing valuable products and services to the people who need, want, and are able to purchase them. Assuming you have a product or service that is valuable to other people, you already have a market. The trick for you now is finding that market, educating about your product or service, and building trust so that the market will purchase. When this occurs, both parties win – you make the sale, and your market gets your valuable product or service.

It sounds like a simple idea, and in theory, it is. It’s when we need to apply this theory to real world situations and make marketing work that the problems occur. There are many questions to be answered, such as: Who is my market (who needs my product or service)? What will resonate with them? How do I best educate them about my product or service? What are the best channels to reach them? How do I communicate with them in a way that they will understand? What are the ways I build trust with them?

Analytics

Because there are so many variables involved in marketing, it’s not possible to have exact answers to these questions. What’s more, the variables always seem to be in flux and we never have complete control over them, making it hard to find concrete, sure answers. Despite these difficulties, however, it still remains that we need marketing to work.

This is where the analytics enter the picture. Analytics, in practical terms, can be defined as the investigation of available data and facts (be it qualitative or quantitative) to arrive at an optimal decision. The analyst seeks to find true, valuable insight from the investigation of the data and circumstances.

Marketing Analytics

Combining the two terms, we arrive at marketing analytics, or the practice of investigating data and facts to make optimal and functional marketing decisions. The marketing analytics practitioner, then, must not only be able to do this type of analysis and see the data in context to get real insight, but he must also be able to translate this insight into action.

To be successful at marketing analytics, one must draw from a large base of knowledge and skills. An understanding of sociology, human relationships, psychology, communications, and statistics is necessary. Being able to write, educate, make an idea sticky, manipulate data, see data in context, and break down complexity into simplicity is essential. Marketing analytics can span from doing web analytics, search engine optimization, good website or advertisement design, social media, traditional PR channels, content creation, television and radio campaigns, to a myriad of other activities.

In short, it is not something you master in a day. It is a multi-faceted discipline that requires study, practice, and dedication.

Recorded on March 28, 2011 using a Flip Video camera.

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by Ravi Karandeekar

Philadelphia Commercial Real Estate News

Philadelphia, fondly known as the City of Brotherly Love, is the largest city in the state of Pennsylvania, in the United States. It has a population of over 1.4 million with a growth rate of 1.2% on average until 2009. This growth is considered one of the lowest in the United States, however, at the present time, there has been a small but significant influx of migrants into the Philadelphia area which has helped somewhat make the office space market in Philly stable. Philadelphia played an important role in what has become America as we know it because it was here that the American Revolution and Independence was fought for.  We also list all the office spaces in Pittsburgh and the majority of local listings in: Blue Bell, East Falls, Hatboro, Manayunk, Market St., Oreland, Roxboro, Bridgeport, Chester Springs, Exton, Hanover, and Queen Village.  If you need an office space elsewhere check out our office listings.

Local Economy and Companies Supporting Philadelphia:

Philadelphia’s main economic interests lie in the areas of manufacturing, oil refining, food processing, health care and biotechnology. Some prominent Fortune 500 companies that have their base here are Comcast, Lincoln Financial Group, Sunoco, Rohm and Haas Company, Wyeth and Glaxo SmithKline. Some of the federal government’s facilities are also here for e.g., the United States Mint and the Federal Reserve Bank’s Philadelphia division.

Philadelphia New Commercial Developments:

New commercial development is said to be ready to make a comeback with the economy showing signs of recovery. Many business owners are planning their strategy for expansion and new ventures. The commercial districts are poised to be ready when the businesses come back strong after the turmoil. Even the local communities have agreed to work together to make these new ventures work.
Office Space In Philadelphia Rental Rates:

Philadelphia recorded one of the lowest office vacancy rates in the nation at 10.2% despite the economic crisis hitting the whole country. The commercial office rentals faced a hard knock though with a huge dip in rentals which has been experienced across the entire country.  The bad economy has affected all types of spaces like serviced units, temporary office spaces, furnished units, and even just conference rooms rented by the hour have dropped in price.  Many land and building owners had to package their tenancy agreements with a lot of concessions to make it attractive for businesses. The average office rentals in Philadelphia ran from .65 to .75 per square foot in the central business areas. This trend is expected to continue right through to 2010 and even further as most experts think office spaces in Philadelphia will take a few years to recover as most companies are afraid to commit to a lease or long term office rental.  For more news on the local area and other major cities check out our commercial real estate articles.

Philadelphia Crime Rates and Current News:

The crime rate here is at 54 crimes per one thousand residents. This figure is considerably low if compared to the other cities in the US of the same size and population. Philadelphia is made up of large divisions, namely North, Northeast, Northwest, West, South and Southwest Philadelphia. These areas surround the Center City. Many people like to go to the old part of the city in Downtown Philadelphia rather than the mid town as the traffic is much bearable and you can take a pleasant walk to the ‘Welcome Park’. It is the place where the government of Pennsylvania first started its administration at the Slate Roof House way back in 1701. You will also come across the City Tavern Restaurant where you will find the waiters dressed in old colonial costumes to give it an authentic quaint feeling.

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Question by robertinark: Expect higher condo association fees be higher in complex with many foreclosures?
If a condo complex has a lot of foreclosures can HOA fees be increased dramatically from what is shown in the MLS listing? I am looking to purchase a condo in Las Vegas, but worried HOA fees will increase alot after closing to make up for fees not paid on other foreclosed condos. Also concerned long term maintenance might have been differed and be hit with special costly assessments. Do I have valid concerns? How do I protect myself? What questions should I ask?

Best answer:

Answer by falsi fiable
You cannot protect yourself very well. The Los Angeles Times Sunday Real Estate Section recently covered this very subject. When units are foreclosed upon, the association is usually stuck with the shortage. It is imperative that you read the very long CC&Rs and financial statements very carefully. They should provide you with a reserve study showing how much money has been set aside for future repairs and how much should be accumulated. Most associations are woefully underfunded. Be very careful.

http://www.latimes.com/business/la-fi-perfin-20101107,0,921835.column

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Question by Jack S: Since there are so many foreclosures, why do you have to pay to get the listings?
Are there any ways to find foreclosures and bank owned homes without signing up for a service that costs you money?

Best answer:

Answer by Nnnnn Ggggg
Ask your realtor

What do you think? Answer below!

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by Real Bread Campaign

Ohio Real Estate – A Changing Market Scenario

The state of Ohio with its vast population has something to please everyone; be it job or outdoor recreation. The big cities like Columbus, Cincinnati and Cleveland are considered as gems in Ohio.  The state is actually redeveloping its big cities with energized economy. Overcoming the evils of recession, this state is an ideal destination for the typical hard working folks. And just like every other industry in Ohio, real estate too is undergoing some major changes.

Since 2006 Ohio real estate market has experienced downfall that has forced many homeowners to sell their properties suffering heavy losses due to foreclosure. However, this economic fall in Ohio was not as drastic as it was experienced in other states of the country. And the only reason behind this was that fact that Ohio never experienced enormous increases in its real estate values during the real estate boom years. It always had steady growth and therefore there was no dramatic freefall in its price decreases.

Presently, the Ohio real estate market is once again changing; and this time it’s for the best. The state bores many evidences of economic turnaround – home sales in its major cities are seeing small increases in property values. The government too is encouraging the first time home buyers to invest in Ohio real estate market by offering money in the form of tax incentives.

Apart from tax credits there are several other reasons why you must consider investing in Ohio real estate. The first is of course its numerous foreclosure listings. In fact, it is a great source for finding suitable properties at affordable prices. And it is needless to say that the prices of foreclosure homes are generally much lower than their real market value. Moreover, Ohio foreclosure listing includes all kinds of homes ranging from Columbus condos to suburban homes to rural farm houses.

Though foreclosure homes are someone else’s misfortune, they are good business opportunities for the real estate investors. In fact, some of the Ohio foreclosure listings come with financial incentives and some local and governmental programs can also assist you in buying foreclosure homes.

Foreclosure or not, once you have decided to invest in Ohio real estate you must have a clear understanding of the present market trends. This will help you to decide whether or not you are getting a good deal on your quest for a property in Ohio.  And a good way to do this is to appraise the neighborhood.  For example, to evaluate Columbus homes for sale check out the value of similar properties in the same neighborhood. While investing in Ohio real estate find out whether or not the property needs renovation. If yes, make an estimate of the total costs and ask the seller for a lower asking price.

Generally, all these procedures are quite complex and involve a large amount of paperwork. And if anything goes wrong while drafting the paper you may even land up with legal hazards, not to mention the waste of your time and money. Therefore, it is recommended to hire an Ohio real estate agent to ensure smooth dealing with your venture. These agents can actually help you in numerous ways from finding a suitable property to generating its background check and from making a reasonable offer to the sellers on his/ her asking price to help you become pre-approved with a lender.

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When trying to get a loan modification done, do not let the bank waste precious time when the foreclosure has started. You may not have the time to get a loan mod approved, and you might need to work a short sale.

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Question by mtgguy: I need help finding a news article stating a “property investor” or aka ” real estate investor” make at least
stating a “property investor” or aka ” real estate investor” make at least 29K per month ($ 348k per year. NY ONLY ARTICLES.

Thanks for your help!
I am a mtg broker. The lender needs proof on a stated loan(se) that a investor can make upwards of $ 29k per month in the NYS market.
I been checking NY times, Newsday, etc for past articles with no luck

Best answer:

Answer by Funding Dreams
Are you looking for a Job to make that much a month? or just the article. I know of a place to direct you where the sky is the limit depending on your ambition and it is in NY. This is with Property Investor and real Estate Investors

Call me if you want…..
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by cafemama

Question by norton2628: How do I learn about buying real estate foreclosures?
All of the websites seem to be fake and want to make me join etc.
I am wondering how to invest in real estate foreclosure listings for real!

Best answer:

Answer by Ed Atun
There is no secret to buying foreclosures. You can buy them at the foreclosure auction itself. You bid. If you win, you must pay cash; no loans. That is why no one bids at them.
After the auction, a For Sale sign goes up in the front yard. That is the time when it is easy to buy them. You make an offer and get an answer in 4 days. The purchase is easy if you pay cash. If you get a loan, there can be problems. Most lenders will not loan on a house with missing faucets, missing stoves, empty swimming pools (typical repo’s). But the seller (a bank) will not do any repairs to the house. So you have to make sure that the lender you choose will not demand any repairs. Then you can buy the house …. just like any other house for sale. Once you own it, you can fix it up quickly or slowly. But it is yours..

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by Office of Governor Patrick

Stop Foreclosure Today

Here is a list of 10 things that might help you stop foreclosure, before you even get a foreclosure warning or a ‘late payment’ letter.  It’s not a ‘to do’ list, it’s actually a ‘NOT to do’ list…but follow this like it’s the 10 commandments, because each and every one of these offenses has the potential to send you hurtling over the edge of financial despair.

1. Do NOT fail to accrue savings for an emergency.
Many wants and needs face each of us each day. Every dollar we earn seems to have its path determined before it comes to our hand. This often results in people putting aside little or no savings for a rainy day. Yet, rainy days do happen, that fact we know. I would love to see homeowners with six months of mortgage payments in savings. As a minimum people should have one to three months of mortgage payments as a reserve to help stop a foreclosure.

2. Do NOT get caught without a Home Equity Line of Credit in place.
If something comes up forcing you to stop a foreclosure you will need money fast but the options may be gone by then. At least 90% of foreclosures could be prevented or delayed if home equity lines of credit were previously activated. Setting up an equity credit line can often be done for no cost and can lock in rates as low as 4%. In most cases you pay nothing each month if you do not access the line. No one ever expects sudden health problems, loss of a job or emergency requiring funds fast. By definition, these unforeseen events might prevent obtaining a loan once they occur. By setting up a home equity credit line before you ever miss a mortgage payment, you will have money when you really need it. No reason to fill out an application again, just write yourself a check. When things get back in order, pay back the line and then use it again the next time. Just be careful not to use the line for frivolous purposes and you will love your home equity credit line – especially if you never have to use it.

3. Do NOT miss a mortgage payment.
This may seem like a “no-brainer”, but every foreclosure traces its origin to missing one mortgage payment. Keep these things in mind here:

1. Skipping a mortgage payment ranks as a far more serious issue than missing a utility or credit card payment. Consider not spending on non-essentials, ignoring a different bill or using savings before letting a mortgage obligation pass.
2. Once you have missed a mortgage payment you have started down a slippery slope and missing a second, third or forth payment becomes easier from a psychological point of view.
3. Once you have missed a mortgage payment, your credit suffers an immediate blow, which may stop you from getting the loan you need to save your house. While some foreclosure prevention loans remain options deep into the foreclosure process, how much you can borrow decreases with each corresponding decrease in your credit score. Often the difference between what you could have taken as proceeds from a foreclosure prevention loan or refinance before you miss your first mortgage payment and the loan available after missing several payments means the difference between keeping or losing your home.

4. Do NOT fail to ask for help.
Some say, “A friend in need is a friend indeed” but when it comes to trying to stop a foreclosure, pride must take a back seat. Fear, shame and embarrassment just touch the edge of the deep emotions that affect someone losing their home to foreclosure. The last thing someone in foreclosure wants to do is admit to a parent or sibling that they have gotten into such trouble. Yet no one other than a parent, sibling or close friend would stand by your side and help you through an experience as difficult as a foreclosure. Remember these items:

1. People will learn of your situation when it hits the papers or when you have to move out of the house, wouldn’t you rather they heard the news from you first?
2. Most people whom you care about will be more understanding than you expect and will not try to make you feel like a failure.
3. You may be surprised at what kind of help will be offered and the difference it can make in saving your home from foreclosure and making you feel better about the whole situation.

5. Do NOT ignore the lender.
Somehow getting behind on a mortgage comes with a built in belief that phoning your lender constitutes a sin or that a call to a lender will result in their ripping your head off right through the chord. In truth, most lenders appreciate knowing why you are having trouble and like updates on how things are going, especially when your problems have justified reasons like health issues or the loss of a job. Treat letters from your lender as wake up call from a concerned neighbor rather than a threat from a bully. Remember – banks want to help get you back on track, they want their payments not your house. If you do not think you can talk to them yourself about a plan there are professional foreclosure negotiators who can help if you have fallen behind.

6. Do NOT deny you have a problem.
The technique most commonly employed to deal with a foreclosure or financial crisis remains the “ostrich” method of ignoring the problem. A related option involves reacting to the issues by losing hope and giving up. Following these paths will surely lead to never stopping the house foreclosure. From the time one evens thinks a payment will be late only a limited amount of time exists until the foreclosure auction and with each passing day more options become unavailable. Face the problems, deal with them, and find solutions.

7. Do NOT think you have no options, Do NOT fail to take advantage of them.
You may believe, or your lender may lead you to believe, that you must pay them in full or lose your home to foreclosure. In fact, many options exist which will allow you to keep your house and stop the foreclosure proceeding without paying all of your arrearage at once. Some choices may even reduce what you owe on your property by tens of thousands of dollars. Almost everyone has some options and the sooner you act the more options you have. As the foreclosure date gets closer, options continue to become unavailable until by the foreclosure date only payment in full or a bankruptcy filing remain. Read more about what foreclosure prevention options you have and take action as fast as you can.

8. Do NOT spend what money you have on other bills.
After missing mortgage payments for 3 or 4 months a mortgage company may “call” or “accelerate” the home loan. Once this happens they no longer take a single monthly payment, instead insisting all back payments be made at once. While other options short of paying all arrearage may be negotiated, the biggest mistake people make at this time involves allocation of what little cash they do have. It almost seems natural since the mortgage company says they do not want your money, and the second mortgage company, credit cards and others call everyday demanding money, the proper thing to do it pay the others. If there are ten people calling, making nine happy means fewer calls for you and less headaches in the short run. In the bigger picture this represents a critical mistake. At some point you will need those funds to save the house. Many methods exist to stop a foreclosure but they will all require money. Ask yourself this, “Would you rather lose your credit cards or loose your house?” If you want to keep the house and you cannot pay what they want just save what you can, you will likely need it for whatever steps you might take to save your home. For much more on this subject read “Who to pay when you can pay everyone”.

9. Do NOT stop making payments.
You’ve missed a mortgage payment. Now comes the second month and you get a bill for two payments. Part way thought the month you have the money for one payment, but the bill says you owe two so you do nothing. Think carefully before you fall into this trap. There will come a time when the bank will demand you pay all you owe them and they will take no less. Until the bank refuses to take your money consider making what payments you can. This will show the bank you intend to pay them and show them efforts are being made. More importantly if over four months you made only two payments you may be only 60 days behind, while that may not make the bank happy, it may not meet their criteria to start a foreclosure. Keeping in touch with the bank and making some payments can delay the start of foreclosure many months. Hopefully during that extra time you can solve the underlying problems and avoid ever having a foreclosure. On the other hand, if you have no hope of ever keeping the house anything you pay to stay longer should be viewed more like rent, which may or may not make sense depending on your personal circumstances.

10. Do NOT miss bankruptcy filing deadlines.
Proper filing of a Chapter 13 Bankruptcy always stops a foreclosure in its tracks. When a Chapter 13 plan to pay back creditors meets approval from the court and the debtor pays all the payments under the plan the foreclosure never starts up again. Failure to make payments gives the creditor the option of restarting the foreclosure when it left off before the Chapter 13.

1. Points to remember: You must file on time; failure to meet a filing deadline could result in losing your home.
2. You must make all payments required under the plan; otherwise creditor can start the foreclosure back up.

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by Rev. Xanatos Satanicos Bombasticos (ClintJCL)

Question by xxthrash: Is there a free way to find listings of home foreclosures in my area?
I live in the Metro DC area (Suburban Maryland) and I want to find homes that are in foreclosure. I know there are alot of home owners with subprime loans that purchased more home than they can really afford. Many of those loans are resetting at rates these people can’t afford. Is there a list of home that are about to be or are currenlt in foreclosure? Is there a free database with this info?

Best answer:

Answer by Ace
http://www.williamsauction.com

There are 2 on my street, and one has a sign in the front yard with this website, so I went to it and it has listings all over the country.

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Question by Ryan T: What percentage of the purchase price do Foreclosures typically sell or auction for?
I’m trying to figure out how much property tax income would go down in a given area, based on the amount of homes that are going into foreclosure.

Best answer:

Answer by Mike
That varies widely.

In very active sellers markets I have seen the prices at trustee’s sales of foreclosed properties go as high as 85% of what the property would have sold for in good condition and marketed properly.

In a buyer’s market where there is a glut of property on the market and a glut of foreclosure properties it is not uncommon for the purchase price at trustee’s sales to drop below 70% of what the property would sell for in good condition and marketed properly.

As a practical matter most people in foreclosure continue to refinance the home often with hard money lenders until the hard money lenders will not finance the property any more.

Generally that limit if 64 to 70% of the fair market value of the property.

Often there are no bidders willing to go that high at the trustee sale. the lender bids the loan amount plus accrued past due amounts plus penalties plus fees and gets the property back at the trustee sale.

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