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Fannie Mae must have been listening. It’s all good now: “The government-chartered company will handle refinancings of non-delinquent mortgages for as much as 120 percent of property values when it owns the existing loans, the Washington-based company said today in a statement. Fannie Mae also said it will buy “jumbo’’ mortgages, or those bigger than $417,000, for the same prices as smaller loans.”

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Fannie Mae must have been listening. It’s all good now: “The government-chartered company will handle refinancings of non-delinquent mortgages for as much as 120 percent of property values when it owns the existing loans, the Washington-based company said today in a statement. Fannie Mae also said it will buy “jumbo’’ mortgages, or those bigger than $417,000, for the same prices as smaller loans.”

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Fannie Mae must have been listening. It’s all good now: “The government-chartered company will handle refinancings of non-delinquent mortgages for as much as 120 percent of property values when it owns the existing loans, the Washington-based company said today in a statement. Fannie Mae also said it will buy “jumbo’’ mortgages, or those bigger than $417,000, for the same prices as smaller loans.”

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Fannie Mae must have been listening. It’s all good now: “The government-chartered company will handle refinancings of non-delinquent mortgages for as much as 120 percent of property values when it owns the existing loans, the Washington-based company said today in a statement. Fannie Mae also said it will buy “jumbo’’ mortgages, or those bigger than $417,000, for the same prices as smaller loans.”

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Fannie Mae must have been listening. It’s all good now: “The government-chartered company will handle refinancings of non-delinquent mortgages for as much as 120 percent of property values when it owns the existing loans, the Washington-based company said today in a statement. Fannie Mae also said it will buy “jumbo’’ mortgages, or those bigger than $417,000, for the same prices as smaller loans.”

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bsrsharma. I think we’re in the midst of stagflation in the housing market. High inflation in prices for homes vs. low wage growth.

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bsrsharma. I think we’re in the midst of stagflation in the housing market. High inflation in prices for homes vs. low wage growth.

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bsrsharma. I think we’re in the midst of stagflation in the housing market. High inflation in prices for homes vs. low wage growth.

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Am I more risk averse now? You bet I am. I own no stocks — haven’t since 2001. I have cash, and soon will be getting a bundle more due to a legal settlement. And I have NO IDEA what to do with that pile of money to come. I just know I want to preserve what I have. I have two years to retirement. CDs don’t seem a good way to go — have to pay tax on what you earn and I don’t think the rates are beating inflation. I feel like I’m hunkered down in the foxhole.

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Am I more risk averse now? You bet I am. I own no stocks — haven’t since 2001. I have cash, and soon will be getting a bundle more due to a legal settlement. And I have NO IDEA what to do with that pile of money to come. I just know I want to preserve what I have. I have two years to retirement. CDs don’t seem a good way to go — have to pay tax on what you earn and I don’t think the rates are beating inflation. I feel like I’m hunkered down in the foxhole.

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Here in my Colorado neighborhood there was someone trying to sell his house this way, for $298,000. Never sold. Bank foreclosed. Bank listed it for $279,000. Still didn’t sell. Now listed at $259,000. Bank is still waiting for a buyer.

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One property in Laguna Beach caught my attention because it was marketed at a private auction, starting bid at $795,000. SFR, 1200 sq. ft. with fantastic ocean view. Seller got no bids that were acceptable to him. Now it’s listed on the MLS for $1,199,000.

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Spiegel online has an article entitled, “Bye, Bye, Deutschland” about how productive working people are leaving Germany in droves because of very poor career and job prospects. At the same time, poor Muslim immigrants keep streaming in. Germany is a sclerotic, state that is collapsing in on itself. It is also virulently anti-American, even though we rescued them from the Nazis last century.

And along those lines, why should we listen to anything Germany has to say about our leaders? They have shown very, very poor judgment in picking their leaders. And the Germans have proven far more dangerous than the U.S. in world affairs. Thanks to them, we had wholesale manslaughter, bloodshed, death camps and genocide during two World Wars that they were responsible for. After their sorry history, they get to make fun of us? What a joke!

In the next ten years, when decadent Germany comes running to the U.S. to save them from the civil war they’ll have with the Muslims, the U.S. will turn its back on them — finally. And I’ll say, “Good Riddance.”

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Yesterday, I read somewhere, that some Democrats were whispering about intervening to prop up housing prices if housing prices continue to decline. But now I can’t find that story! And how would they do this anyway?
Robert Rubin is the Democrat who’s talking about raising taxes. But he’s not elected to anything. Besides, he’s filthy rich, so why would he care if the Democrats raised income taxes? On the other hand, I don’t see how the Democrats could raise income taxes on the middle class, since so much of the middle class is drowning in debt. It would be a really mean thing do to. No, the Dems will wait until 2008 when they have a Democrat president to really get their agenda going.

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PerryChase’s post brings home the fact how much housing prices have to come down for most people earning the average income to be able to afford to buy. The Fed can reduce interest rates all it wants, but until that $700K house comes down to $350-400K, the costs associated with buying, due to property taxes, is just too high.

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