The home sales improvement is largely attributed to lower prices and a favorable tax credit for home buyers. Single family homes were 3.6% higher in June 2009. It is an early indication that the housing market is ready to see a turn around.
http://www.bizjournals.com/milwaukee/stories/2009/07/06/daily85.html
High priced home over seven figures – $1 million or more are struggling to be sold. San Joaquin County has seen these million dollar homes fall 50% in price since the real estate bubble, and first time buyers are not ready for the high end real estate market. Also, jumbo loans are much more expensive and harder to secure.
Zillow.com prices these homes too low, thus creating an unusual dilemma where the buyers expect a much lower price and the sellers expecting a price according to the actual worth. The conditions create an illiquid market for the high end homes.
http://www.recordnet.com/apps/pbcs.dll/article?AID=/20090711/A_NEWS/907110323
Santa Cruz’s median real estate prices has risen to $483,000 from $425,000 in May. Buyers are coming back and becoming homeowners. The only worry that has yet to come is the pending commercial real estate meltdown.
Government insured mortgage loan applications higher than private mortgage applications as borrowers see easier access to loans that have less down payment requirements. Generally if you qualify for a government loan, it is always the better deal as private lenders are looking to make the extra buck.
http://www.bloomberg.com/apps/news?pid=20601103&sid=auNBuE3UfkQ4
Fund managers put in $500 million, and can instantly double their money interest free to $1 billion to play the treasury market. Really amazing game to play if you can raise that kind of cash. It is a win win situation for the fund managers who will be taking managing fee right off the top from taxpayer money just for matching the funds.
Unfortunately, if you are working class, you will not be able to participate in this game where the rich gets richer.
http://www.bloomberg.com/apps/news?pid=20601087&sid=agt0DDxEov6g
Government page with full details pertaining to the PPIP program.
http://www.financialstability.gov/roadtostability/publicprivatefund.html
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