Mortgage guy Lou Barnes sees much to like and dislike in the US economy. And, much to like and dislike in the press and financial markets.
Stop the panic; hold the sugar
Commentary: All now hangs on the real economy
By Lou Barnes, Inman News
Long-term mortgage rates this week stayed about where they were last week, close [...]

Worst part of credit crunch far from over
Commentary: Not enough capital exists to support current, new loans
By Lou Barnes, Inman News
Psychology on Wall Street changed completely this week, to economic optimism and concern for inflation, and assumption that the Fed is done with rate cuts or will be shortly. Low-fee fixed mortgages are 6.375 percent, [...]

I couldn’t have put it better, myself.
Lou Barnes lists the problems facing the US economy and offers some suggestions on how to fix it.
Well, more so that he lays out the problems.
What he seems to be suggesting is one sure way NOT to fix it: Congressional plans that help homeowners put off the inevitable [...]

I have never had a buyer ask a seller to pay some or all of the closing costs on a loan. Doesn’t mean it can’t happen, especially in a slower market.
It can’t hurt to ask, right?
——————————————————————-
Top concern: Will excess funds be returned or used elsewhere?
– By Jack Guttentag, Inman News
QUESTION: "The market [...]

Lou Barnes basically says, get the government involved to stop the credit problem. Also, inflation is not a problem. (Perhaps, true – beyond gas prices, what else has gone up?)
——————————————————————
Commentary: Low point a signal that it’s time to recover
By Lou Barnes, Inman News
Mortgage rates spiked to 6.75 percent on Wednesday, only today sliding [...]

Pull up a chair and enjoy the latest comments from Lou Barnes.
My favorite part: where he criticizes “golden boy” Robert Shiller.
He also seems to really dislike the job being done by Mssrs. Bernanke and Paulson.
His cure for what ails us? Easy credit.
Wait, isn’t that what caused this mess?
Okay, easy credit … with new lending [...]

You have got to be careful when buying a home. There are two things you have to do, regardless of whatever else you do.
* Have a home inspection;
* Be specific when listing items included in the sale.
In the story below, a buyer was not specific about what was included in the sale, and was [...]

Selling a home “as is” can mean a lot of different things to a lot of different people.
If you’re buying a FSBO, you might see it. If you do, I’m going to guess that the seller is looking to sell his/her home without a home inspection, without warranty, without anything.
Those can be warning signs.
Regardless [...]

Lou Barnes seems to be suggesting that we need to cut our losses and move on, when it comes to those behind in their home loans. The best way to keep our country on track, he says? Restore the flow of credit.
I should probably write a nice long post about what I think [...]

If there’s one thing you should know about real estate, it’s this: your parents should never gift you their primary residence. To do so means a huge tax liability for you and your siblings. Almost always, it is better to have them keep the home until they die, after which you will [...]