Watch also Wyatt Cenac’s Survivalist Investment Tips where he describes discovering the stock market’s volatility as “finding out Santa Claus is real because you catch him robbing your house.” Also – Fed Leads Unprecedented Push by Central Banks to Flood Market With Dollars No Time to Waste …
Date Archives October 2008
Yes, Virginia, You CAN Get a Loan in Charlottesville
With that preface, I asked Matt Hodges with Compass Home Loans, Carl Heimlich with C & F Mortgage and a third person who was not permitted to comment on the record. (that’s what you get for asking permission).
…Due to the volatility of the mortgage bond market and the stock market rates can adjust up or down several times a day by as much as .50% however if you are in the market for a conventional 30 year or a FHA loan rates hare about the same as they have been for the past two years.
Pat’s Take on the Crash
I think this is the general perception now… loss of confidence in our economic and political leaders to be able to do anything at all. … There is no trust in those “in charge;” without trust there is no foundation and thus – no functional markets.
“Official” Market Report Released
Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale…if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed.†… I wrote a story at AgentGenius the other day describing the breakdown we’ve seen in our economic system, and this picture says at least one thousand words – 
No Crime Data for You! What are Charlottesville and Albemarle Afraid of?
From the HooK : (bolding mine) Drane, an economics/philosophy major who graduated from the University of Virginia in 1992, now lives in Baltimore, which he says has the second-highest per capita crime rate of any city in the United States. … “The logic was, you have ads on your site and we’re not going to share,†relates Drane, who notes that the Hook, which receives the daily report, has ads on its website.
Updated Market Report for Charlottesville Region
In anticipation of the soon-to-be-released “official” market report, here is some localization: When searching the entire MLS, there are currently* – 3,521 active residential properties – 557 under contract – 2,423 sold since 1 January 2008 For the purposes of this post, the charts and graphs show Albemarle, Charlottesville, Fluvanna, Greene and Nelson Counties. – 2,236 active residential properties – 347 properties under contract – 1821 properties have sold since 1 January 2008 – Nearly 15 months of inventory . … 
Inventory/Absorption Rate 
Year to Date Average: 
Realtor Update : Selfishly, I’d like to see a dramatic reduction in the Realtor ranks – it would help professionalism, competence and public perception.
The Biggest Builder Foreclosure (so far) In Charlottesville
From today’s Daily Progress : A respected Charlottesville regional homebuilder is facing foreclosure on more than 20 properties worth a total of at least $3.5 million. … When the real estate bubble burst, however, Church Hill found itself saddled with many properties that had declined in value and were simply not selling.