Want to sell your home? Owner Financing may be your only way to sell in this down market. Check out this video in which former Federal Reserve Chairman Alan Greenspan likens adjustable rate mortgages (i.e. ’Egregious subprime lending bordering on criminal fraud’) to demons on the horizon. The video is 5:43 minutes long.
Andy Serwer of Fortune asks questions of former Fed Chairman Alan Greenspan about the subprime mortgage credit meltdown and what it means for the housing market at large. Alan Greenspan thinks that the presence of approximately a quarter million vacant, (unoccupied) new home starts in the United States are very corrosive to the overall market economy as well as the reserves of home owner equity that have built up in every other residence in America.
http://money.cnn.com/video/#/video/fortune/2007/09/17/fortune.greenspan.housing.fortune
Of course it is very telling when Michael Oldfield’s Tubular Bells theme song from “The Exorcist” is playing in the background. Does anyone else think this market has demons….?
It is never too late to Owner Finance!
September 17, 2007
Thinking of moving? Is your house not garnering the foot traffic you had hoped for in spite of the fact it has been on the market for 90 days? Perhaps it is the ideal time to put a sign in front of the house that says “Owner Will Finance”. Let me explain my thinking.
We are only hours away from a crucial if not historic announcement from the Federal Reserve as it announces which direction interest rates will take. The stock market has already factored in a rate cut from the Fed (of at least .25) and frankly would like to see more.
Although third-quarter results are due in later this week from the major brokerage houses such as Goldman Sachs, Morgan Stanley, Lehman, and Bear Stearns, these major investment banks suffered stock price drops anywhere from $.88 to $2.98 in their respective shares today.
The price of crude oil and gold are up while the Dow Jones industrials closed moderately down 39.10 (to 13,403.42) with declining issues outnumbering advancers by a rate of more than 2-to-1 on the New York Stock Exchange.
Couple that somber investment information with former Federal Reserve Chairman Alan Greenspan talking in an NBC interview on Monday in which he posits that the likelihood of an economy wide recession is now slightly larger than at the beginning of the year.
Surprisingly, the economy posted 4,000 jobs lost in the month of August. If you had moving on your mind, it’s far better to sell ahead of the credit crunch…. than anything else.
I think it’s time to carry back a second mortgage to get your house sold. What do you think?
Best in Success,
Maria Fee
REMI KNOX, LLC
Trading Financial Futures TM
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