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The sad truth of why retirement
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S.F. real estate looks like it did before dot-com crash
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127.74MDow Volume:
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/quotes/zigman/627449/realtime 16,014 -13 0.08%
Nasdaq
/quotes/zigman/12633936/realtime 4,269 -15 0.35%
S&P 500
/quotes/zigman/3870025/realtime 1,852 -1 0.07%
GlobalDow
/quotes/zigman/629063/realtime 2,077 -7 0.35%
Gold
/quotes/zigman/33772884/delayed 1,189 -10 0.81%
Oil
/quotes/zigman/2260836/delayed 28.55 +0.61 2.18%
FTSE 100
/quotes/zigman/3173262/delayed 5,632 -57 1.00%
DAX
/quotes/zigman/2380246/delayed 8,879 -100 1.11%
CAC 40
/quotes/zigman/3173214/delayed 3,998 -69 1.69%
FTSE MIB
/quotes/zigman/1482176/delayed 15,913 -528 3.21%
IBEX 35
/quotes/zigman/2759620/delayed 7,928 -195 2.39%
Stoxx 600
/quotes/zigman/2380150/delayed 309 -5 1.58%
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/quotes/zigman/6959860/realtime 2,451 -20 0.79%
Nikkei 225
/quotes/zigman/5986735/delayed 15,713 -372 2.31%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 23,807 -214 0.89%
Singapore
/quotes/zigman/1709939/delayed 2,581 -42 1.60%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.10%
Yen
/quotes/zigman/16008150/realtime/sampled 114.94 -0.18 0.16%
Pound
/quotes/zigman/16008140/realtime/sampled 1.45 0.00 0.05%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.21%
DXY Index
/quotes/zigman/1652083/delayed 96.10 +0.05 0.05%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.23 -0.05 0.06%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.73 +0.00 0.14%
German 10y
/quotes/zigman/15866409/realtime 0.25 +0.01 4.15%
Italy 10yr
/quotes/zigman/15866497/realtime 1.61 -0.08 4.46%
Spain 10yr
/quotes/zigman/15866444/realtime 1.68 -0.10 5.81%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.42 0.00 0.00%
Japan 10yr
/quotes/zigman/15866525/realtime 0.01 +0.04 160.79%
Crude Oil
/quotes/zigman/2260836/delayed 29 +1 2.18%
Gold
/quotes/zigman/33772884/delayed 1,189 -10 0.81%
Corn
/quotes/zigman/25518691/delayed 361 -1 0.14%
DJIA F
/quotes/zigman/48241424/delayed 15,983 +24 0.15%
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/quotes/zigman/43106711/delayed 1,853 +4 0.23%
Silver
/quotes/zigman/32655632/delayed 15 0 1.35%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 99.54 -0.21 -0.21%
AAPL /quotes/zigman/68270/composite 94.99 -0.02 -0.02%
GOOG /quotes/zigman/59527964/composite 678.11 -4.63 -0.68%
BAC /quotes/zigman/190927/composite 12.20 -0.07 -0.57%
C /quotes/zigman/5065548/composite 37.51 -0.30 -0.79%
F /quotes/zigman/264304/composite 11.35 -0.24 -2.07%
T /quotes/zigman/398198/composite 36.65 -0.46 -1.24%
BP /quotes/zigman/247026/composite 28.95 -0.97 -3.24%
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5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.96% 11.62%
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.35% 14.12%
Airline 15.17% 15.17% 15.10%
Cash Back 15.26% 15.26% 15.27%
Reward 15.28% 15.28% 15.14%
Instant Approval 18.21% 18.21% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

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Will Short Sales Hit Home Prices?

Could a new government program to help distressed homeowners wipe out recent gains in home prices?

Laura Gangi Pond / Shutterstock.com

On Tuesday, the Federal Housing Finance Agency announced new guidelines that are supposed to make it easier for homeowners to sell their home in a short sale. In a short sale, a home sells for less than the borrower owes on the mortgage. In addition, the new guidelines, which kick in on Nov. 1, allow homeowners with a Fannie Mae or Freddie Mac mortgage to pursue a short sale even if they haven’t fallen behind on their mortgage payments but have a hardship, such as a job loss or divorce.

Consumer advocates say change will help some of the borrowers who’ve been unable to sell the estimated 11 million American  homes worth less than the value of their mortgage, according to CoreLogic. However, not all homes would qualify in this new program.

And while the changes provide new hope to distressed homeowners, experts say they could negatively impact home prices in neighborhoods that get an influx of new short sales. A rise in short sales will result in “downward pressure on home prices until we clear out the majority of these distressed properties,” says Jack McCabe, an independent housing analyst in Deerfield Beach, Fla.

Home prices had been rising in recent months, a trend experts say is due to the limited inventory and the smaller number of distressed properties on the market. In July, median home prices were up 9.4% from a year prior, according to the National Association of Realtors. That marked the fifth back-to-back month of year-over-year increases in home prices — the longest streak since 2006. Inventory was down 24% from a year prior. And distressed sales—including short sales and foreclosures—accounted for 24% of July sales, down from 29% a year prior.

For its part, the NAR says it’s called for an expedited short sales process to help boost inventory. The FHFA says it expects short sales to settle at market prices and that they’ll help avoid foreclosures and long vacancy periods that result in declines in home values.

Still, data suggests that the impact on homeowners who aren’t in distress could be lower home values in the near term. Even if short sales fly off the market, they’ll likely go at a discounted price. According to the NAR, short sales sell at prices that are 15% lower than regular home listings on average.

Instead, the benefits for homeowners could be bigger in the long term. “It’s a better idea to clear out the backlog of distressed homes rather than delay the process in the name of supporting [home] values,” says Brad Hunter, chief economist at Metrostudy, a housing market research and consulting firm.

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    • By WebOsPublisher

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    • Shadow inventory…. bring it on because we need it here in Orange county California and Southern Calif or that matter. We need more supply especially when everything has multiple offer on it!!!!
      I showed an REO about a month ago that had 50 offers on it by the deadline to submit offers!

    • Will short sales hurt home values??? Hahahahaha! Who writes these articles!!!
      Short sales have been around in large numbers for the last 5 years! They’re not the reason homes values have declined!

      The article states that short sales
      sell for about 15% less than non-short sale homes and that’s probably correct! The question that they’re not asking is. why!

      WHY?
      It’s because the banks haven’t figured out how to streamline and speed up the process after 5 years of dealing with short sales! Everyone hates dealing with them, thereby making them less desirable! Which means less demand!
      This is economics 1a, day one stuff! If demand goes down and supply goes up, then price will fall!

      What’s the answer?
      If the banks get their head unstuck, and make the short sale process faster, then short sales will be more desirable. Demand for them will increase and they won’t sell for 15% less than non-short sale homes!

      Come on people, banks had to deal with short sales in the early-mid 1990′s and they didn’t get it right then. Now, they still can’t get it right???? Hello, it’s not rocket science!

    • Why is there a Shadow Inventory? In last quarter of 2008, U.S. banks and their lobbyists pushed the U.S. Congress to force the Financial Accounting Standards Board (FASB) to postpone the implementation of mark-to-market accounting (FAS #157). The FASB eventually acquiesced. So, after the acquiescence, banks and other collateralized mortgage obligation [CMO] investors can continue to carry these investments at origination value, rather than at the investment’s current market value.

      But, if a bank or other (CMO) investor forecloses, renegotiates the mortgage, or sells the home (the collateral) the new ‘book value’ of the investment is based upon the new selling price (or mortgage) – as determined by the terms of the new deal (auction, renegotiation, or sale).

      By not foreclosing, renegotiating, or formally taking back properties (REO) banks and other mortgage investors can, to some extent, manage what appears to be their losses, and hopefully offset the losses – they recognize – against other revenue, over time.

      Key-words-search: “Congress Helped Banks Defang Key Rule” By Susan Pulliam & Tom McGinty WSJ 6/3/2009 | Professor Adam Levitin Congressional testimony “Federal Regulators Don’t Want to Know” YouTube | Zombie Banks | Japan Lost Decade (Please note that, at the beginning of Japan’s lost decade our current Treasury Secretary, Timothy Geithner was living and working in Japan as a Treasury Department attaché in the U.S. Embassy.

    • I’ve been a real estate investor since 1974. The market goes up and it goes down. People have been making and losing money in the real estate market for…well, since the real estate market has existed.
      My own experience is the same. I’ve won some and lost some. Now, the government comes up with this hair-brained idea that taxpayers should subside losses. Terrible idea. The market will find it’s own equilibrium. It’s not healthy to prop up the losers. It will actually delay the recovery. Just as a homeowner does not pay the mortgage owner additional money when that homeowners makes a profit on selling his home the owner should bear the loss.

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MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

London Markets Open in:

need to know
IRS says identity thieves breached its systems
Pope Francis to stand with Mexican migrants
Disney's ESPN woes undercut 'Star Wars' gain
U.S. stocks end flat as oil continues to slide
SolarCity shares drop on soft forecast
Apple CEO Cook’s deleted Super Bowl tweet
What to expect from Whole Foods earnings

Japan stocks fall to lowest level since 2014
Abe defends Bank of Japan chief

The sad truth of why retirement
is a myth

Burberry sues, says J.C. Penney copied its designs

Is it wise to hold onto cash reserves?

Election year could be painful on Wall Street

S.F. real estate looks like it did before dot-com crash
Every major city in the world, in one map

Americans quitting their jobs hit a nine-year high
NFIB survey hints wage gains are fleeting
Job openings are second highest on record

Recipe for less boring Oscar speeches

What to know before buying Beyoncé tickets

How to get mortgage approved: hope for sunny day

99 Cent Gas May Be on Its Way
99-cents-a-gallon gas may be on its way: 24/7 Wall St.

Is the gold rally the real deal or ‘fool’s gold’?
Teen can keep $20,000 gold bar found in lake
Gold one of Wall Street’s best bets early in 2016
Gold futures stretch win streak to five sessions

Why is everyone freaking out about ‘CoCos’?
Convertible bonds are alluring as stocks fall
 
Deutsche Bank co-CEO says bank is ‘rock solid’
Deutsche may buy back billions in debt: FT
Why the selloff in European banks is ominous

This stock market has been Europe’s best in 2016

Strategists are arguing that stocks need a true purge

A strand of Lennon’s hair is selling for $12,000

White House forecasts best growth in years
Obama proposes $4.1 trillion federal budget

Five questions that Janet Yellen must answer
Yellen may say goal is not to slow the economy
Fed: Too white, too male, too many bankers?
Expansion won’t die of old age: S.F. Fed study

Facebook, Amazon are the keys to tapping this market
French regulator threatens to fine Facebook
India bans Facebook’s free Internet service


Europe’s battles: migrants, ‘Brexit’ and ECB
German output, exports drop in December
Roubini: Welcome to the New Abnormal


This has been the No. 1 car in America for decades
How far can you get on $50 in gas?
/conga/frontpage.html 367536

Markets »

127.74MDow Volume:
Avg Vol: 130.29M
Unchanged
156
Decliners
4273
Advancers
2073
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,014 -13 0.08%
Nasdaq
/quotes/zigman/12633936/realtime 4,269 -15 0.35%
S&P 500
/quotes/zigman/3870025/realtime 1,852 -1 0.07%
GlobalDow
/quotes/zigman/629063/realtime 2,077 -7 0.35%
Gold
/quotes/zigman/33772884/delayed 1,189 -10 0.81%
Oil
/quotes/zigman/2260836/delayed 28.55 +0.61 2.18%
FTSE 100
/quotes/zigman/3173262/delayed 5,632 -57 1.00%
DAX
/quotes/zigman/2380246/delayed 8,879 -100 1.11%
CAC 40
/quotes/zigman/3173214/delayed 3,998 -69 1.69%
FTSE MIB
/quotes/zigman/1482176/delayed 15,913 -528 3.21%
IBEX 35
/quotes/zigman/2759620/delayed 7,928 -195 2.39%
Stoxx 600
/quotes/zigman/2380150/delayed 309 -5 1.58%
Asia Dow
/quotes/zigman/6959860/realtime 2,451 -20 0.80%
Nikkei 225
/quotes/zigman/5986735/delayed 15,713 -372 2.31%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 23,807 -214 0.89%
Singapore
/quotes/zigman/1709939/delayed 2,581 -43 1.62%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.09%
Yen
/quotes/zigman/16008150/realtime/sampled 114.94 -0.18 0.16%
Pound
/quotes/zigman/16008140/realtime/sampled 1.45 0.00 0.05%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.18%
DXY Index
/quotes/zigman/1652083/delayed 96.09 +0.04 0.04%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.23 -0.05 0.06%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.73 +0.00 0.14%
German 10y
/quotes/zigman/15866409/realtime 0.25 +0.01 4.15%
Italy 10yr
/quotes/zigman/15866497/realtime 1.61 -0.08 4.46%
Spain 10yr
/quotes/zigman/15866444/realtime 1.68 -0.10 5.81%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.42 0.00 0.00%
Japan 10yr
/quotes/zigman/15866525/realtime 0.01 +0.04 160.79%
Crude Oil
/quotes/zigman/2260836/delayed 29 +1 2.18%
Gold
/quotes/zigman/33772884/delayed 1,189 -10 0.81%
Corn
/quotes/zigman/25518691/delayed 361 -1 0.14%
DJIA F
/quotes/zigman/48241424/delayed 15,983 +24 0.15%
S&P F
/quotes/zigman/43106711/delayed 1,853 +4 0.23%
Silver
/quotes/zigman/32655632/delayed 15 0 1.35%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 99.54 -0.21 -0.21%
AAPL /quotes/zigman/68270/composite 94.99 -0.02 -0.02%
GOOG /quotes/zigman/59527964/composite 678.11 -4.63 -0.68%
BAC /quotes/zigman/190927/composite 12.20 -0.07 -0.57%
C /quotes/zigman/5065548/composite 37.51 -0.30 -0.79%
F /quotes/zigman/264304/composite 11.35 -0.24 -2.07%
T /quotes/zigman/398198/composite 36.65 -0.46 -1.24%
BP /quotes/zigman/247026/composite 28.95 -0.97 -3.24%
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5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.96% 11.62%
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.35% 14.12%
Airline 15.17% 15.17% 15.10%
Cash Back 15.26% 15.26% 15.27%
Reward 15.28% 15.28% 15.14%
Instant Approval 18.21% 18.21% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

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