One in Eight Americans Facing Foreclosure

Foreclosures are now at an all time high. 616,000 Americans are in danger of losing their homes and 50% of these homeowners, reside in four states- California, Florida, Nevada and Arizona.

One in eight Americans are behind in their mortgage payments. Many of them have lost their jobs and unable to find employment. “If people don’t have a paycheck they can’t support a mortgage,”said Jay Brickman, the MBA’s chief economist.

Yesterday, rates rose for the first time in while on the higher yields on treasury notes.

Even with this new data, economists and housing industry analysts are more optimistic that the bottom may be in sight. (See yesterday's post)

The Bottom???

Phil Izzo of the WSJ online collected opinions from several economists about their view of current market conditions. In his post the general sentiment from those he interviewed was that we probably have hit bottom as for the resale of homes (April resales rose 2.9%), but inventory continues to rise and prices my still be falling in some markets. Some good news is that housing affordability is at all time highs and interest rates are at all time lows.

Sign of the Times

If you haven't read Jeff Jarvis' new book, What Would Google Do? You may want to think about picking it up to read this weekend. It is so necessary for all industries to understand how the Internet is changing everything ... FAST!!!! All of us must reinvent ourselves if we want t0 survive. A wonderful company here in NYC is closing it's doors because of the challenges this new market presents.

Another book I would suggest is Seth Godin's book, Survival is not Enough. We are responsible for our destinies and must create our own future.

MONEY IS "ON SALE"!!!!!

In my April 16 post, "To Refinance or Not to Refinance", I wrote about what people need to consider before refinancing. While rates are at all time lows, it still might make sense for some homeowners to sit tight with their current mortgage.

Today, I ran across a great article in the Wall Street Journal, A Battle Plan for Refinancing Your Home, by KAREN BLUMENTHAL .

The author points out several items one should consider before refinancing their home. Ms. Blumenthal also discusses and explains the rigorous requirements now in place with most lenders, as well as some the pitfall and difficulties.

As with any big decision, one should seek the advice of a professional before making any decisions.

THE PERFECT STORM

If you read my May 14th post, you know that 71% of Americans feel that now is a great time to buy a home (Gallup 4/09). As my good buddy, Jeff Appel has said, "We are at a unique point in time which we will probably NEVER see again. Right now MONEY IS ON SALE AND SO ARE HOUSES."

Even the Homebuilder's Association is feeling confident about the current state of the market. NAHB Chairman Joe Robson said recently, "Builders are responding to what they perceive to be some of the best home-buying conditions of a lifetime." He also echoed Jeff Appel's opinion that mortgage rates are at an artificial low which we may never see again.

Right now homes are more affordable than they have been in 18 years. As a result, first time home buyers are seizing the opportunity and entering the market. In conjunction with low prices, cheap money and government incentives, now really is the time to buy!

YOU TUBE of Publishing?

Have you ever dreamed of being published? Now your dream can come true!!! In yesterday's New York Times, Brad Stone wrote an article about a cool new website, SCRIBD. This document sharing site gives authors the ability to upload their work, set a price they wish to charge the readers and keep 80% of the revenue.
Readers will be able to read the documents on the site, download to their KINDLE, and very soon be able to download to their Iphones.
"Kemble Scott, who has released a novel through a conventional publisher, said he would post his topical new political comedy, “The Sower,” to Scribd and charge $2 for it, partly because standard publishing is so slow. “If this is a book that is going to be interesting to people, now is the time that it fits into the national mood,” he said."
Do you have a book or article swimming in your head? Check out SCRIBD and and change your name to Edgar Allen Poe.

Short and Sweet Post

Yes... Here I am... Hanging in the Hamptons... Getting ready for my open house, but had to share this link with you!!!!
Great post from Mashable.com... What We Can Learn from Celebrities ... Highlights the 5 lessons we can learn from celebrities when it comes to building our social media brand.  Cool stuff from a VERY COOL site.

Let me know what you think... About the post, not my mink... ;-)