Las Vegas Real Estate Blog

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Forclosures... on hold! Fannie and Freddie halting evictions...

Fannie Mae and Freddie Mac just announced that will put on hold eviction proceedings - between Nov. 26 2008 and Jan. 9, 2009 - just in time for the Holidays... For some will be a sweeter Christmas!... but not for all!

The foreclosure suspension affects only a small percentage of homeowners facing foreclosure. Although Fannie and Freddiemortgages account for more than half of all mortgages, they have relatively few of the most risky sub-prime loans. As Freddie Mac spokesman Brad German said "The vast majority of what's going into foreclosure are not Fannie Freddie loans,"

Fannie Mae and Freddie Mac has strict rules for qualifying the eligibility: 

  • Homeowners must be 90 days or more late in their mortgage payments,
  • Owe at least 90% of their home's current value,
  • Live in the home on which the mortgage is delinquent
  • Did not filed for bankruptcy.

Still is a step in the right direction, the opportunity to let the rescue plan work for some borowers to qualify for a modification under Streamlined Modification Program... Although borrowers facing eviction between Nov. 20 and Nov. 26 were not expected to get relief. 

It was about time!

5 comments • Arina S. Hanciulescu • November 21 2008 12:52PM

One Candle Casts Out The Darkness

This is a wonderful post that should be featured. Great source of inspiration: "Darkness cannot withstand the light of love."

Via Gary Woltal - REALTOR® Dallas Ft. Worth :

One CandleI overheard more than once many people with slowing and challenging economic times saying they were going to cut back on their decorations for the holiday season. While on the surface this seems practical I would relate to them from a past severe financial difficulty I went through, that lighting one candle provided me great hope for the future.

Why? Because

One Candle Casts Out The Darkness.

Darkness, and being downtrodden can not fight the power, the LIGHT of even one candle. Your candle is your spirt, your hope, your promise for a better tomorrow. The year that I went through this enormous struggle I decked out my front yard with lights. The heck wiith the electric bill. It felt so good.

I was on a mission of hope.

Heart of MenAnd you know what?

Things got better eventually. I knew they would. I not only lit up the world with my candle. I kept that candle inside of me burning brightly.

I have seen lives transformed by giving your light to others. It warms the heart of man.

So this holiday season, think twice before severely cutting back on decorations, especially anything involving light. It is the season of light, and we need all the light in our lives we can get.

Darkness cannot withstand the light of love.

7 comments • Arina S. Hanciulescu • November 18 2008 12:48PM

NAR has NO SHAME! (Et tu, Brute?)

This is an excelent post and I decided to re-posted for my friends and clients to read it again!...

Via Matthew Ferrara:

In my featured blog entry a couple of days ago - Ten Take Aways from the NAR 2008 Annual Convention - a number of commenters blasted me for this entry:

6. Every REALTOR owes Bank of America a big apology. In fact, we owe it to every bank and mortgage vendor who underwrote the bulk of the events, including the Bank of America night out at Universal Studios. We should be ashamed of ourselves for accepting their money after we just spent the better half of the last decade demonizing banks as “trying to put us out of business.” .......... Still, someone should have stood up at the opening session and did an honest “mea culpa.” It’s easy to argue for protectionism when the market is lining your pocket with easy pickings; but REALTORS have some gall showing up with their hats out when it’s the other end of the market.

I was told in "no uncertain terms" by some readers that the banks "needed" the REALTORS, and that all of the current housing crisis was "the banks fault." Nobody bothered to mention the FACTS - like how Bank of America didn't get into subprime lending - it's CEO Jamie Dimon was and is way too smart for that. And nobody mentioned the Community Reinvestment Act or the cheap Fed money (through artificially low inflation) or even how FANNIE AND FREDDIE were politically motivated, UNREGULATED lenders who "strong armed" banks into lending to "sub" prime or marginal borrowers or "else" not get a bank branch in certain neighborhoods. It's clear in everybody - BUT REALTORS?? - that Fannie and Freddie poured fuel on the fire- backed up by taxpayer money to the tune of what will be more than a trillion bailout dollars, most likely.

Last week, at their Convention, NAR TOOK BANK OF AMERICA'S MONEY - and that of Wells Fargo and plenty of other banks and mortgage companies. LOTS OF IT. Can you imagine what their HUGE booths cost? Can you guess at what it cost to underwrite the Universal Studios night out? No problem with banks being "in" real estate there, was there?

Now, today, NAR's "CALL TO ACTION" email arrives in my Inbox. It encourages me to send my "support" of the Four Point Stimulous Plan to my Congressman and Senator. Here are the four points, right from their site:

NAR has urged Congress to include the following provisions in any future legislation:

  • Make the $7500 tax credit available to all purchasers and eliminate the repayment requirement.  The credit’s limited availability and required repayment terms have severely limited the credit’s appeal to potential homebuyers.  As a result, the credit has not been widely used or proven effective at stimulating sales. 
  • Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent.  New rules for 2009 would significantly reduce the FHA, Fannie Mae and Freddie Mac loan limit from their 2008 levels. Now is not the time to limit the availability of affordable mortgages. 
  • Get the Emergency Treasury bank relief program back on track by targeting more funds to mortgage relief efforts and increasing efforts to mitigate foreclosures.  Don't just give the banks unrestricted cash. Make the program work to improve mortgage and housing markets as it was originally intended.
  • Permanently bar banks and banking conglomerates from engaging in real estate brokerage and management.  The banks have proven they have enough to do to simply properly manage their current lines of business.  Do we really want them to manage on the home buying process?  Imagine what could have been the situation now if they already had the added ability to engage in real estate sales.

 

So, let's see if I can interpret:

1. NAR wants to give MORE TAXPAYER MONEY to MORE UNQUALIFIED BUYERS. This means the neighbors who saved their pennies to put down their $7500 or more will simply have their tax money given - WITH NO PAYBACK - to their new neighbors who really can't afford the home. Why is this a good idea? Why are SOME PEOPLE supposed to play by the rules and others NOT? Why is it ok to send SOME people's tax money to OTHERS who have not earned it?

2. NAR wants to RE-INFLATE the bubble by letting Fannie and Freddie now cover EVEN HIGHER LIMITS. As if the limits they already screwed up on were not enough to plunge the finance markets into disarray. NAR says "now is not the time to limit the availability of affordable mortgages" but what it's really saying is "Now is not the time to push more people into HIGHER LEVELS of debt."

Does NAR READ THE NEWS? Like this story from the Wall Street Journal yesterday:

Freddie Mac said it will need a $13.8 billion cash infusion from the U.S. Treasury as losses stemming from home-mortgage defaults surge and its future role in the housing market becomes cloudier.

3. NAR is against foreclosures??? How can an industry that is supposed to value home ownership, property rights and contracts be AGAINST foreclosures? Do only "buyers" get rights? Apparently the rights of the banks who own the homes - and have the right to be repaid - do not count. Foreclosures are the necessary and full-justice method of a market to reset itself. Putting the day of reckoning off isn't going to help anyone - not even NAR's members. And encouraging Congress to take any steps that abrogate contracts - between borrowers and banks - is very reckless.

4. NOW THIS ONE REALLLY MAKES ME MAD! As a businessman in general. How can NAR have JUST TAKEN HUNDREDS OF THOUSANDS (millions?) of dollars from Banks at our trade show and then walked right up to Capital Hill and said, "These guys are our enemies! Don't let them into our industry!" The call for proptectionist laws is made solely on rumor and supposition. There is NO EVIDENCE - only innuendo - that the banks "can barely manage their own current lines of business." It's more shocking because such an approach to the "competition" violates NAR's own Code of Ethics?

Article 15
REALTORS® shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices.

Guess that is only an "ethics for other REALTORS"?

Maybe the CONSUMER would prefer to have the bank manage the home buying process - and we can't really control that, can we?  Not unless we use the POWER of the government to BAR (by force, let's just be clear) our competitors from offering consumers what might be a BETTER DEAL?

How can we walk around the convention saying, "Real estate provides choices to REALTORS - to affilliate with different companies, to use different clever ideas and technologies to compete - but that all stops at the FRONT DOOR? Is NAR a trade association - or a UNION? I couldn't even carry in my own BOX into the trade show without some Friedman bullies coming up and saying that had to be "done by the union guys!" Now we're doing the very same thing to our "partners"?

We should all hang our heads in shame. If you want to be "against" banks, that's great. But don't eat their food, don't take their gifts, and don't take their sponsorship money. Sure, I wish banks would wake up and stop shooting themselves with their own sponsorships. But are we really so bold - so unethical - as to act like this as an industry?

Why is it that the Code of Ethics asks us to conduct ourselves at the highest levels of standards and performance - but we then advocate the complete opposite: Consumers don't have to repay other taxpayers' money; Consumers aren't responsible for the loans they take; Govnerment agencies without regulation, causing consumers HARM by encouraging borrowing beyond their means; and pure protectionism, using the force of law to bar competitors from entering real estate.

Why does NAR want to CAUSE another IRRESPONSIBLE HOUSING BUBBLE - and alienate its banker friends at the same time? Is this the BEST answer they can come up with? Or, is it just that the $7500 tax credit is "oddly" similar to the average commission to most of its members.....?

One of these days, what goes around is going to come around. Imagine how awful the convention will be next year when the only people who show up at the trade show floor are the jewelry and back massage booths. Once banks and mortgage companies start to figure out that they are paying their own attackers, they're going to get smart. All it takes is one CEO like Bank of America's Jamie Dimon to say - Hey! We have a few friends in Congress, too. Maybe it's time to call in a few favors.

How Sad.

 

 

 

2 comments • Arina S. Hanciulescu • November 17 2008 03:26PM

Stage your home for success with Feng Shui!

Not all sellers are aware or understand the importance of staging the home before showing the property. First impression is very important in selling a home. Can brake or make the deal.... in many cases.

Think about it. The buyer, or potential buyer, is looking for the home that matches his interests, dreams and practical needs. The minute he stops on your driveway his mind starts recording every detail that may surprise him presently or unpleasantly. There are many factors that come into his perception and builds up his interests in buying. Some are tangible like: price, location, curb apparel, house exterior apparel, landscape, plan layout... others are less tangible and more as a general feeling of calm, happiness or good energy. I here some clients saying: This feels like a happy house... feels so good and inviting.

 

As much as a seller can do to stage the home to its best potential there is something else that pushes the presentation further. Feng Shui practices can add perceived value to your home in a buyer's mind. It is the work of an artist and specialist Feng Shui stage decorator who can make the big difference in selling a home.

In case you're not familiar with the concept of Feng Shui, here are some tips for incorporating it into your house.

 

  • Employ the sense of sight. Try to maximize the space get read of unnecessary clutters, make sure your home offers lots of horizontal space. Let as much natural light to come in as possible. Keep it clean, turn on front porch lights if the viewing will be after dark, place a nice doormat in the entry, and have flowers or lush plants on either side of the entryway.
  • Employ the sense of smell. Use cinnamon or pine scents... or just bake a apple pie before the open house (it gives a real sense of welcome).
  • Employ the sense of sound. Soft music or sound of a pleasantly gurgling fountain...
  • Employ the new energy into the house, by mentaly getting ready to move out of the house - your own stuff - to make room for the new owner's stuff. That sets in a motion of powerful energy, and also gives you a head start on your own moving out.

Throughout the Home: 

  • De-clutter - When you clear the clutter you are actually allowing stagnant energy to be displaced and fresh, positive energy to take hold. 
  • De-personalize - Help the prospective buyers to visualize themselves in your home,remove personal collections or family photos.

The kitchen should be inviting, friendly and exudes a feeling of health and prosperity. Keep counters immaculately clean, organize your pantry, and keep all wastebaskets out of sight.

Bathrooms represent yin, or unhealthy, energy. Keep the bathroom door shut, out of the sight and immaculate, fresh and clean.  When they do inspect the bathroom, it's also critical to make sure the toilet lid is down. It's also important that potential buyers never see a toilet until they actually open the door and expect to see one.

Every single room in the house is important in getting a general impression about your home. You may not ever know what was that "click" that triggered buyer decision to do ahead. 

Let the home introduce itself to its new owner... it is an interaction (a conversation) at deep level of comfort and trust... Let that process come easy. Let the home reveal it's qualities.

I used to ask my clients what was the main reason they picked that particular home to buy. I get unexpected comments and reactions. Besides the practical reasons; Price, Schools, Neighborhoods, distance to work place... I get personal reaction to what that home gave them the feeling of relaxation, comfort, joyful prosperity. 

If you can't afford to hire a Feng Shui specialist, in staging your home for sale, just follow the simple rules here above and you can't go wrong.

3 comments • Arina S. Hanciulescu • November 17 2008 02:18PM

The Third JESUS... The Collective Consciousness to change the world!

Deepak Chopra has an unique approach to spirituality as a man of science, a medical doctor with knowledge in the physical world and as a spiritual leader, with deep insides into spiritual realm in all its manifestations... I am sure we all agree how fascinating and life changing his writing is. The simple fact that science and technology have dismantled our traditional beliefs made our road to spiritual discovery so much difficult. I feel comfortable with his unique approach to spirituality as he blends in one single concept the physical and spiritual world. It makes so much sense to our practical, modern minds to embrace the spirituality that doesn't alter or refute our values or believe system.

Born and raised as a Buddhist, Deepak Chopra transcended his traditional believes and embraced the universal spirituality where there are no boundaries, separatism or antagonist believe systems. In a recent interview he said:  "Christ wasn't a Christian, Mohammed wasn't a Mohammedan and Buddha wasn't a Buddhist. These are dogmas and ideologies. The fight is about semantics..." If we are aware what science has shown us, we can no longer think of GOD the same way we did centuries ago... We can no longer squeeze God into the volume of a body and the span of a lifetime. That limits GOD... and GOD is limitless!

His bestseller book: "The Third JESUS: The Christ We Cannot Ignore", is one of the latest book written on the subject of divinity and Christianity, as he explains the transformation of teachings and theology.

 

It is in fact what we as humans understood, preached and followed in our core believe system about Jesus Christ.

1. In the beginning was the historical Jesus, who lived more than two thousand years ago and whose teachings are the foundation of Christian theology and thought. That is a historical fact... and we know next to nothing about him.

2. Than was Jesus the Son of God, who has come to embody an institutional religion with specific dogma, a priesthood, and devout believers... That is the Christian Church...

3. Now there is the third Jesus, the cosmic Christ, the spiritual guide whose teaching embraces all humanity, not just the church built in his name.  

 

His approach to The Third JESUS... the cosmic Christ is the most fascinating... In his unique way of unveiling the history of Christianity he brings up conbtroversional facts by saying that his teachings have been hijacked by people who "hate" in the name of "love"... "He has served to divide peoples and nations. He has led to destructive wars in the name of religious fantasies. The legacy of love found in the New Testament has been tainted with the worst sort of intolerance and prejudice that would have appalled Jesus in life."

Therefore the cosmic Christ is the healer of this troubled planet...in an interview at FOX-NEWS Deepak Chopra told 'HANNITY & COLMES' about his belief that the Collective Consciousness has the power to re-balance the forces between the good and evil of the world. Watch the interview

If a "hundred million" people take a pledge to practice and promote nonviolence, peace, harmony and love for each others, family, friends, neighbors... that itself would generate a spontaneous shift in the Collective Consciousness. Consciousness is the collective phenomena with great transformation potential... We created the world we live in, as the world around is the reflection of our Collective Consciousness (look around in our violent world...) We have to change that through changing the way we see, live and understand the world around us.

As for the most expected return of Jesus on the earth is probably our redemption, rebirth and raise from ashes... the promise of a new better life and return to heaven of God.  

 ~~~~~~~~~~~~~~~~~ooooo~~~~~~~~~~~~~~~~~

FOOT NOTE:

I believe that humanity struggled with faith and spirituality since the beginning of life. Has been decades of religious crusade and endless struggle for belief systems domination...  even today in this troubled world.

If we read the history of religions over the century we have to accept that the faith is something deeply personal rooted in people's cultural, ethnic and historic-geographic background... Faith unite us and divides us in the same time.

I like to read Deepak Chopra's books because he doesn't dismiss nor judge anyone faith, (nor he advocate for conversion to a new one...) but invites us to find an answer, to the eternal question of divinity, in the context of philosophical-scientific reality. He is not a New Age Guru... he is an eminent Doctor physician who opens a door to a broader reality: humans are a speak of the universe energy therefore governed by the same laws of manifestation... we are limitless and divine. Within that scientific context he draws interesting philosophical (and religious) theories... not a revision or a new faith, just a provoking thought of how we can positively improve our life through living in harmony with the universe laws.

 

 

17 comments • Arina S. Hanciulescu • November 12 2008 08:03PM