The nation's economic disaster has lasted long enough that a portion of those who lost their homes are asking "how long must I wait before buying again?".
As supply diminished by the demand placed on the rental market the cost to rent has increased significantly. The high prices have left many who are now economically stable asking how long do we have to rent?
There is no easy answer to the question. It will depend on the individual circumstances of what caused the default and the end result. Was your resolution short sale, foreclosure or bankruptcy?
If a short sale was caused by job lost or illness the waiting period to purchase a home again is about 2 years. However, if your past includes a foreclosure the wait is longer. Especially if you do not have an illness or job loss as a reason for the default.
If you find yourself currently going through the process do everything in your power to resolve the situation with a short sale instead of a foreclosure.
6/19/2011
Retirement And The Economy
Whether you are approaching retirement age or find yourself anywhere else within the spectrum of your adult life the economic realities of today are a topic to be conern about.
The economic conditions during the past four years have left the majority of Americans wondering how to survive once we reach retirement. The first step in being able to retire is planning. It is important to include as an everyday item budgeting for retirement. It is equally important to enlist the help of a professional. Everyone's situation and goals are different so you need a plan tailored to maximize your income. The worse the overall economy is, the more planning will be required. Reality is showing us that we may not have social security and medicare as a parachute in our golden years to fall back on. It is important to take personal responsability and not count on the government.
According to most investment firms you will need 75% of your pre-retirement income to live comfortably when you retire. While setting your goals the following are items to be consider:
1. Life expectancy
The state of your health and arranging sufficient insurance will play a key role with this item.
2. Future income needs
If your dwelling is paid off a large portion of expenses will be reduced.
3. Retirement date
How long you plan on working will decide the acceleration of your plan.
4. Inflation rate
Our economy has cycles. How steep we forsee those cycle to be will account for adjustments needed in our planning.
5. Investment rate
This item is greatly influence by the economy. Periodical adjustments will be needed.
6. Withdrawal rate
Calculating our future expenses and setting a realistic vision of our retirement lifestyle will dictate the degree of this item.
It does not matter whether you are beginning or close to retire. Start your planning as soon as possible and you will have a true golden age.
The economic conditions during the past four years have left the majority of Americans wondering how to survive once we reach retirement. The first step in being able to retire is planning. It is important to include as an everyday item budgeting for retirement. It is equally important to enlist the help of a professional. Everyone's situation and goals are different so you need a plan tailored to maximize your income. The worse the overall economy is, the more planning will be required. Reality is showing us that we may not have social security and medicare as a parachute in our golden years to fall back on. It is important to take personal responsability and not count on the government.
According to most investment firms you will need 75% of your pre-retirement income to live comfortably when you retire. While setting your goals the following are items to be consider:
1. Life expectancy
The state of your health and arranging sufficient insurance will play a key role with this item.
2. Future income needs
If your dwelling is paid off a large portion of expenses will be reduced.
3. Retirement date
How long you plan on working will decide the acceleration of your plan.
4. Inflation rate
Our economy has cycles. How steep we forsee those cycle to be will account for adjustments needed in our planning.
5. Investment rate
This item is greatly influence by the economy. Periodical adjustments will be needed.
6. Withdrawal rate
Calculating our future expenses and setting a realistic vision of our retirement lifestyle will dictate the degree of this item.
It does not matter whether you are beginning or close to retire. Start your planning as soon as possible and you will have a true golden age.
6/06/2011
The Housing Market and Property Taxes
The metropolitan areas nationwide with the highest rates of mortgage foreclosures continues to be heavily found in California, Florida, Arizona and Nevada.
The Appraiser's office has been busy tracking sales value while developing this year's property tax assessments.
Prices for the tricounty areas of Palm Beach, Broward and Miami-Dade are down 51 percent from their peak in December 2006 but only an average of 6 percent from the previous year, according to the Standard & Poor"s/Case-Shiller price index just recently release. In both Broward and Miami-Dade Counties, most municipalities are showing decreases in property values. However, the majority are posting single digit instead of the staggering double digit losses. This seems to be signaling a slowdown of the economic down turn.
Whether the economic down turn continues will depend in large part on the outcome of the job growth/job loss and the foreclosure crisis that still exists and is looming in the horizon. More than 91,000 foreclosure cases and growing are currently pending in South Florida courts and 14.4 percent of mortgages are delinquent. The highest impediment to homeowners resolving their financial crisis is the fact that thousands are upside down in their home values making it extremely difficult to resolve their problem. This situation projects that many properties are set to enter the foreclosure process. Until the market has absorved these foreclosures, property values will not stabilize.
This brings us to our future housing demand. The rental market is strong and will continue in that trajectory as people displaced from their homes by the economic crisis find the rental option to be the only one available to them. The increases in fuel prices is also adding to the change in housing demand. More people are looking for smaller housing in urban communities as they choose to rent and live in closer proximity to their jobs.
Our economy has a long way to go before stabilizing. So keep budgeting and capitalize with the good buys that can still be found in the market place. Those with cash available find that great investments are waiting to be made whether on homes or income properties. Let me know how I may assist you with your investments.
The Appraiser's office has been busy tracking sales value while developing this year's property tax assessments.
Prices for the tricounty areas of Palm Beach, Broward and Miami-Dade are down 51 percent from their peak in December 2006 but only an average of 6 percent from the previous year, according to the Standard & Poor"s/Case-Shiller price index just recently release. In both Broward and Miami-Dade Counties, most municipalities are showing decreases in property values. However, the majority are posting single digit instead of the staggering double digit losses. This seems to be signaling a slowdown of the economic down turn.
Whether the economic down turn continues will depend in large part on the outcome of the job growth/job loss and the foreclosure crisis that still exists and is looming in the horizon. More than 91,000 foreclosure cases and growing are currently pending in South Florida courts and 14.4 percent of mortgages are delinquent. The highest impediment to homeowners resolving their financial crisis is the fact that thousands are upside down in their home values making it extremely difficult to resolve their problem. This situation projects that many properties are set to enter the foreclosure process. Until the market has absorved these foreclosures, property values will not stabilize.
This brings us to our future housing demand. The rental market is strong and will continue in that trajectory as people displaced from their homes by the economic crisis find the rental option to be the only one available to them. The increases in fuel prices is also adding to the change in housing demand. More people are looking for smaller housing in urban communities as they choose to rent and live in closer proximity to their jobs.
Our economy has a long way to go before stabilizing. So keep budgeting and capitalize with the good buys that can still be found in the market place. Those with cash available find that great investments are waiting to be made whether on homes or income properties. Let me know how I may assist you with your investments.
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