This top 10 list was compiled by CNN. For all of my Midwestern readers, pay attention to this list! Out of the 10 cities on this list, only1 is not in the midwest! That's right, only 1 city! What does that mean? It means that now is a great time to buy if you or someone you know is wanting to buy a home in the midwest. Northern Indiana and Southern Michigan is surrounded by these cities, meaning we are right in the mix as well.
10 Most Affordable Cities to Buy a Home
Indianapolis, IN $103,000
Warren, MI $125,000
Youngstown, OH $73,000
Detroit, MI $90,000
Grand Rapids, MI $102,000
Syracuse, NY $88,000
Dayton, OH $90,000
Akron, OH $90,000
Cleveland, OH $100,000
Scranton, PA $85,000
Thursday, February 26, 2009
Best and Worst Housing Markets
This is a list compliled by Forbes that shows, in their opinion, the 10 best and 10 worst housing markets. What I found interesting, since we are in the midwest, is where the midwest housing is. I will post another list here shortly about the 10 most affordable markets to buy in, done by CNN, that in a way-mirrors this list. The midwest is in the worst markets, but also in the most affordable on the other post. Check out how many are in the midwest in the worst markets.
10 Best Housing Markets
New York City
Washington D.C.
Charolette, N.C.
Portland, Ore.
San Diego
Denver
Boston
Dallas
Los Angeles
Seattle
10 Worst Housing Markets
Las Vegas
Phoenix
Detroit
Minneapolis
San Francisco
Chicago
Cleveland
Atlanta
Tampa
Miami
10 Best Housing Markets
New York City
Washington D.C.
Charolette, N.C.
Portland, Ore.
San Diego
Denver
Boston
Dallas
Los Angeles
Seattle
10 Worst Housing Markets
Las Vegas
Phoenix
Detroit
Minneapolis
San Francisco
Chicago
Cleveland
Atlanta
Tampa
Miami
Wednesday, February 25, 2009
Produce The Note!
Here is an interesting tactic to use to delay foreclosure on a home, and it appears to work. Ask the mortgage company to produce the note that you signed when you got your mortgage to prove that you owe them the money they say you owe. It is only a stall tactic to stay in the house awhile longer, but it is very interesting. Here is a news clip that was done by ABC News in Florida:
Thursday, February 19, 2009
Obama's Foreclosure Plan
Yesterday, President Obama introduced his $75Billion, three part plan in an attempt to halt the soaring rate of foreclosures. It seeks to encourage refinancing of home that are worth less than what is currently owed on them and gives incentives to lenders to do so as well.
Called the "Homeowner Affordability and Stability Plan", it seeks to provide low-cost refinancing for as many as 5 million homeowners. If it works as planned, it would help delinquent or at-risk borrowers get their mortgages modified so that no more than 31% of their income is tied up in their mortgage. It also provides financial incentives to lenders and even a new insurance program to promote more mortgage modifications.
Banks joined 2 voluntary efforts during the Bush administration, Hope for Homeowners and the Federal Housing Administration's FHA Secure, but these efforts resulted in very few homeowners actually being helped. Hope for Homeowners helped less than 1,000 people. If banks do not comply with this new program, they may be forced into it by new legislation that would give bankruptcy judges the right to modify loan terms of mortgages, which is currently forbidden. Banks are against this legislation warning that it will bring uncertainty for lenders, who will respond by restricting already tight mortgage lending.
Under the new plan, borrowers who have stayed current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year fixed rate loan. Eligible loans would now include those where the new first mortgage (including refi costs) would not exceed 105% of the current market value of the property. Complete eligibility details will be announced on March 4th when the program starts.
This plan is not designed to lower the amount of debt owed on a home, only to make the payments more affordable by lowering interest rates for those that are in higher interest loans. It is also going to be available only to owner occupants, not 2nd or 3rd vacation homes or rental homes etc.
Called the "Homeowner Affordability and Stability Plan", it seeks to provide low-cost refinancing for as many as 5 million homeowners. If it works as planned, it would help delinquent or at-risk borrowers get their mortgages modified so that no more than 31% of their income is tied up in their mortgage. It also provides financial incentives to lenders and even a new insurance program to promote more mortgage modifications.
Banks joined 2 voluntary efforts during the Bush administration, Hope for Homeowners and the Federal Housing Administration's FHA Secure, but these efforts resulted in very few homeowners actually being helped. Hope for Homeowners helped less than 1,000 people. If banks do not comply with this new program, they may be forced into it by new legislation that would give bankruptcy judges the right to modify loan terms of mortgages, which is currently forbidden. Banks are against this legislation warning that it will bring uncertainty for lenders, who will respond by restricting already tight mortgage lending.
Under the new plan, borrowers who have stayed current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year fixed rate loan. Eligible loans would now include those where the new first mortgage (including refi costs) would not exceed 105% of the current market value of the property. Complete eligibility details will be announced on March 4th when the program starts.
This plan is not designed to lower the amount of debt owed on a home, only to make the payments more affordable by lowering interest rates for those that are in higher interest loans. It is also going to be available only to owner occupants, not 2nd or 3rd vacation homes or rental homes etc.
Wednesday, February 18, 2009
St. Joseph County Foreclosures 2/19/09
There are 37 homes scheduled for foreclosure in St. Joseph county Indiana for 2/19/09. Of those 37, 28 of them are in South Bend, 7 in Mishawaka, 1 in Osceola and 1 in Granger. There is one property in South Bend that is owed $890,000 which I believe is a commercial property of some sort as it is on Lincoln Way in an area where there is no high end housing. That was the only property over $200,000 this week.
There were 3 properties, all of them in South Bend, that were under $50,000 owed.
There were 3 properties, all of them in South Bend, that were under $50,000 owed.
Saturday, February 14, 2009
Housing Meltdown Hurts Minorities the Most
According to a study by an advocacy organization called United for a Fair Economy, minority Americans have been the biggest losers in the subprime mortgage crisis. The study concludes that African-Americans and Hispanics have lost as much as $213 billion in wealth over the last 8 years because of predatory lending practices. The study also pointed to data from the Home Mortgage Disclosure Ace, which suggests that 40% of African-Americans given subprime housing loans could have qualified for cheaper mainstreem mortgages.
Thursday, February 12, 2009
Valentines Day
I co-lead a men's bible study group that meets every friday morning at 6:00 a.m. Tomorrow is my morning to lead on a topic of my choice and I thought that I would share this study with everyone about the history of Valentines day with some follow up questions:
Saint Valentine is probably not just one man, but rather any of a number of martyred saints named Valentine or Valentinus, derived from the Latin word for valor. According to Christian tradition, all of these Saint Valentines are believed to have been martyred on February 14.
The first Valentinus, Valentine of Rome, was a priest and doctor, who treated even those patients who could not afford to pay him. The second Saint Valentine was beheaded for protecting Christians from the Romans. And the third is Valentine of Terni, a bishop believed killed during the persecution of Emperor Aurelian.
While these saints likely bestowed upon Valentines Day its name, they still do not explain the holiday’s love connection. To understand that, one has to go back even further in history-to the Romans.
Historians believe that the holiday of love derives it origins from the ancient Roman feast of Lupercalla. On February 15, the Romans celebrated the Feast of Lupercus, to honor and thank the wolf god who watched over the Roman shepherds and their flocks.
While Lupercus doesn’t seem to have much to do with romance, there was a number of fertility customs associated with this feast. In one of the rituals, women would put their names on slips of paper in a box to be drawn by men. The two would then be coupled up for the duration of the festival-or the rest of the year in some cases. This fertility-friendly feast gives some clue as to the romantic-or at least procreative- nature of the holiday. But we don’t celebrate Saint Lupercus Day on February 14. So, how did the Valentine saints become associated with the Roman god?
Legend has it that in the 3rd century, the Roman emperor Claudious II banned marriages to prevent draft dodgers. Only single men had to go into the army- and too many young men were getting married.
A Christian priest named Valentinus of Rome ignored the ban, continuing to officiate marriages in secret. Valentinus was caught and sentenced to death- an order carried out on February 14. Valentinus fell for his jailer’s daughter and sent her love notes signed “from your Valentine”.
In the late 5th century, Emperor Gelasius declared February 14 a holy day in honor of Valentinus, allowing Christianity to adopt some of the love day customs previously associated with paganism.
The traditions were reworked, however, to honor the Christian martyrs. For example, instead of boys pulling girls names from boxes, both boys and girls chose names of martyred saints to emulate for the year. It took nearly 9 centuries, until the advent of the renaissance, for Valentines Day to return to its earlier love-based roots.
Did you know this history of Valentines Day? Does it change your opinion of Valentines Day?
Do you have any special plans or traditions that you use to celebrate Valentines Day?
How do you think God views this holiday?
At one time, this holiday was to celebrate Christian Martyrs, how much are you willing to sacrifice for your faith? Would you be willing to die for your faith and what are you willing to die for?
(John 13:38, 18:15-17, 18:25-27) How do you think you would have reacted if you had been Peter?
Saint Valentine is probably not just one man, but rather any of a number of martyred saints named Valentine or Valentinus, derived from the Latin word for valor. According to Christian tradition, all of these Saint Valentines are believed to have been martyred on February 14.
The first Valentinus, Valentine of Rome, was a priest and doctor, who treated even those patients who could not afford to pay him. The second Saint Valentine was beheaded for protecting Christians from the Romans. And the third is Valentine of Terni, a bishop believed killed during the persecution of Emperor Aurelian.
While these saints likely bestowed upon Valentines Day its name, they still do not explain the holiday’s love connection. To understand that, one has to go back even further in history-to the Romans.
Historians believe that the holiday of love derives it origins from the ancient Roman feast of Lupercalla. On February 15, the Romans celebrated the Feast of Lupercus, to honor and thank the wolf god who watched over the Roman shepherds and their flocks.
While Lupercus doesn’t seem to have much to do with romance, there was a number of fertility customs associated with this feast. In one of the rituals, women would put their names on slips of paper in a box to be drawn by men. The two would then be coupled up for the duration of the festival-or the rest of the year in some cases. This fertility-friendly feast gives some clue as to the romantic-or at least procreative- nature of the holiday. But we don’t celebrate Saint Lupercus Day on February 14. So, how did the Valentine saints become associated with the Roman god?
Legend has it that in the 3rd century, the Roman emperor Claudious II banned marriages to prevent draft dodgers. Only single men had to go into the army- and too many young men were getting married.
A Christian priest named Valentinus of Rome ignored the ban, continuing to officiate marriages in secret. Valentinus was caught and sentenced to death- an order carried out on February 14. Valentinus fell for his jailer’s daughter and sent her love notes signed “from your Valentine”.
In the late 5th century, Emperor Gelasius declared February 14 a holy day in honor of Valentinus, allowing Christianity to adopt some of the love day customs previously associated with paganism.
The traditions were reworked, however, to honor the Christian martyrs. For example, instead of boys pulling girls names from boxes, both boys and girls chose names of martyred saints to emulate for the year. It took nearly 9 centuries, until the advent of the renaissance, for Valentines Day to return to its earlier love-based roots.
Did you know this history of Valentines Day? Does it change your opinion of Valentines Day?
Do you have any special plans or traditions that you use to celebrate Valentines Day?
How do you think God views this holiday?
At one time, this holiday was to celebrate Christian Martyrs, how much are you willing to sacrifice for your faith? Would you be willing to die for your faith and what are you willing to die for?
(John 13:38, 18:15-17, 18:25-27) How do you think you would have reacted if you had been Peter?
Subscribe to:
Posts (Atom)
Posts
