The shocking news of Congress’s failure last week to past the
1st “Bail-Out Bill” caused the DOW to drop 777 points and
erased over 1 trillion dollars in paper wealth.
As a REALTOR, I know the origin of this chaos started within
the housing industry and with the right formula of government
intervention and free market capitalism, it’s going to be the
housing industry that pulls us out of this mess.
We REALTORS are going to be battling the front lines of this
mess and need all the support we can get!
So with my healthy Rolodex of smart and influential advisers
and consultants, I felt the “call to action” to create something
to help my fellow agents sleep better at night.
So this week I’m hosting an economic mastermind call
feautring past NAR Chief Economist, John Tuccillo!
You’ll Learn:
-How did we get here?
-When are we getting out?
-Where will the $700B go?
-How will this impact foreclosures?
-Is the bailout good for REALTORS?
-How does the credit ecosystem work?
-Are all banks bad? Whose our Allies/Enemies?
-Are foreign buyers affected by oil/US dollar?
-Is there a way I can ‘recession-proof’ my business?
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Economic Mastermind Call INFORMATION
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Day: Thursday
When: October 9, 2008
Time: 8PM EST | 5PM PST
Duration: 70min
To ask John your questions, post a comment on this blog post!
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October 6th, 2008 at 6:18 pm
Why are foreclosures and short sales included in CMA? This practice is unfair, causing homeowners equity to disappear and getting turned upside down on their mortgages. If distressed properties were not categorized as comparables the drop in home values would not have been as sharp and in some markets there may have been no drop in prices possible motivating buyers to buy! Has there been any talk or plans to create rules for appraisers to not include distressed properties in CMA’s?
October 6th, 2008 at 7:40 pm
How can real people deal with this very real issue?
In trying to negotiate with a lender (GreenPoint/bought out by another institution), it is next to impossible to get to a “decision maker”. Months go by, NOD’s are posted, and the mortgagee marches down the road to foreclosure. There is no option to negotiate the interest rate, payment schedule, buying out the second mortgage, nothing. Paperwork passes back and forth by FAX; telephones are not answered or, hours later, someone answers who can do nothing but ask, “Can you make a payment?” There are so many homes lost that could have been saved. The bail out will do nothing for the people losing their homes.
October 7th, 2008 at 3:19 am
Are we going to change to the “new dollar”soon? (Combination Canada, US and Mexico?) Thank you
October 7th, 2008 at 7:09 pm
Is it true that the Federal Reserve is a privately owned organization that prints money out of thin air, controls our economy and is owned by the Elite of the world? Do they plan to destroy America by continuing to create wars, patent seeds, create terror and world wide debt. Do they plan on destroying Americas economy by expanding the debt balloon till it ultimately explodes destroying the worlds economy? Do you think that they are doing this on purpose, and then having plans to present the solutions to war/terror/debt/food shortage…ect. with their ultimate goal as power and control? Why are there video cameras on every street corner in America? Why do we have NAFTA & the Patriot Act, that voids the Constitution and Bill of Rights? Have you ever read “How the World Really Works” by Alan B. Jones? Why did the Senators vote against the 700Billion dollar bill in the first place? Is it odd that it was the Chairman of the Federal Reserve & the Secretary of Treasury that made this need for a Bail out known? What happened to the America that was run by the people for the people?
October 8th, 2008 at 5:13 am
If we are going to infuse foreign capital into our markets at unprecedented amounts, who then are our Armed Forces defending? Surely not the sovereignty of the United States and its current system of private ownership of real estate.
October 9th, 2008 at 7:10 pm
NAR membership dropping - belts tightening, what NAR membership benefits do you see minimized or disappearing?
October 10th, 2008 at 12:04 am
1. Will any part of the bill impact the upscale real estate market?
2. Any chance that the loan limits will be extended beyond 12/31/08?
October 10th, 2008 at 12:17 am
What does John think our industry will look like in 5 years?
October 10th, 2008 at 12:19 am
How does the economic stabilization act affect the banks willingness to work with short sales?
October 10th, 2008 at 12:39 am
Do you see the financial (mortgage) industry coming back to support RE growth in the future other than having only FHA products and programs as where we’re at today?
October 10th, 2008 at 12:44 am
1. Is there anything in the bail-out that will help buyers in the luxury market (markets for example where many home owners derive their income from jobs in the finanial markets, like lower fairfield county CT)
2. Any chance the increased conventional loan limits will be extended beyond 12/31/08?
3 how about the inreased loan limt as a reason to buy now.
Cheryl Scott-Daniels
Westport, CT
203-226-9680
October 10th, 2008 at 12:44 am
You mentioned Capital Gains — please comment on various tax proposals and tax increases anticipated with a new Congress and whoever the new President becomes?
October 10th, 2008 at 12:48 am
John, thanks for the call tonight
Can you talk about investors getting loans within the current environment to purchase investment properties. Ready, willing, and once able investors are finding banks unwilling to lend on investments.
October 10th, 2008 at 1:04 am
A few years ago, there was a push from the Banking industry to get into real estate. NAR was very adamant that the banks not get into the Real Estate industry. Could you speculate on where we would be today, if the banking industry were in Real estate as well.
Dale Pilon
Redmond, OR
541-923-2493
October 10th, 2008 at 1:26 am
Excellent Seminar!! Great tell-it-like-it-is information.
I really appreciated this opporturnity to hear from an expert who wasn’t “hyping” for ratings and could really explain what is going on in our economy. John also gave some really good pointers and suggestions. And perhaps even more important to me, is he gave me a ray of hope!
Thank you,
Betty
October 10th, 2008 at 3:19 pm
Justin, Thank you for putting this together. John was fabulously informative and painted a rosier picture than the current gloom and doom the media is pushing!
What a great resource you are!!!