According to the 2013 National Association of Realtors (NAR) annual Investment and Vacation Home Buyers Survey (narsurvey), last year the share of investment home buyers was at its second highest level since 2005 at 24 percent.  The share of buyers who purchased a primary residence rose from 61 percent to 65 percent. The share of vacation home buyers rose slightly, to an overall share of 11 percent.

          The average national sales price for investment houses rose for the second straight year to $115,000.  24 percent of the properties were in foreclosure and another 23 percent were short sales. 47 percent of investors plan to purchase another house.

     Twenty percent of vacation buyers purchased a home in foreclosure, while 15 percentpurchased a short sale. Vacation buyers expect to own their vacation home for 10 years.

     Seventy-eight percent of vacation buyers and investment buyers reported that now is a good time to purchase real estate.   Among primary
residence buyers, 22 percent are likely to buy an investment property and 21 percent are likely to buy a vacation property in the next two years.

     Of particular interest to note investors and brokers is that 49 percent of investors paid cash (no change from the previous year), as did 46 percent of vacation home buyers (a rise of 4 percent) and 25 percent of primary home buyers (no change).

         The NAR survey makes interesting reading:  narsurvey

2013 NAR Investment And Vacation Home Buyers Survey:

narsurvey

Click on the links:

http://www.ftc.gov/opa/2013/07/dalbey.shtm

http://www.coloradoattorneygeneral.gov/press/news/2013/07/31/infomercial_celebrity_russ_dalbey_must_surrender_assets_330_million_settlement

http://www.law360.com/articles/458289/ftc-reaches-330m-deal-with-broker-education-telemarketer

dalbey final court order

By Franklin Sanders, www.the-moneychanger.com

In the Lunatic Asylum called the United States, here’s an example of what passes for sanity. One Senator Kay Hagan, a North Carolina Democrat, has sponsored legislation that would dissolve Fannie Mae & Freddie Mac, the government sponsored entities that cornered the market on making mortgages and added jet fuel to the real estate bubble. If it just stopped there, who would complain? But that would be sound reasoning & sanity, which have no place in America & certainly not in the US congress. Her bill would also found a new “Federal Mortgage Insurance Corporation” like the Federal Deposit Insurance Corporation, only to insure banks against their losses in mortgages.

The reasoning runs something like this: government entities have been SOOO successful in the mortgage field, that we need another, even bigger one to bail out the banks in case of another mortgage bubble.

Is there not even a single pea-brain in Washington who can see that the CAUSE of bubbles is government meddling in the economy?

Never mind, that’s not the real point of this legislation. The real point is the “Garbage Can.” You can count on a natural born fool from Tennessee not to church up & sugar coat what’s really going on. It’s simple: follow the money. Cui bono? Who benefits? Whose palm is greased?

Remember the Savings & Loan Crisis back in the early 1990s? The government applied the “Garbage Can” solution: create a garbage can where you can dump all the worthless securities, let them ferment & fester a while, & maybe some of ‘em will make good. Meanwhile, you’ve gotten them off the banks’ balance sheet & charged up the banks for the next bubble.

What’s most incredible is that Bernanke has turned the Fed into the Garbage Can for the mortgage bubble. Think — what’s he buying? Mortgage Backed Securities. What was rotting fastest in the mortgage bubble’s wake? Mortgage Backed Securities. Hagan’s plan to scrap Freddie & Fannie & create a federal mortgage insurer no doubt belongs to a plan to bail the Fed out of all that bad paper, creating a new Garbage Can.

Shucks! I left out the best part: the point of the garbage can is always to dump all the losses where they belong, on the taxpayers’ backs.

Finally, for folks who don’t even have as much sense as a natural born Tennessee fool, what evidence CLINCHES my conspiracy theory? Who’s backing Hagan’s plan? Why, the NC banking, credit union, & realtor associations, as well as the National Assn. of Home Builders. Folks, where that many hogs are gathered, there’s bound to be a trough somewhere.

There’s more. 5 Republicans & 3 other democrats on the banking committee favor this. “Bipartisan” is virtually a synonym for “the banks want it.”

How long are y’all gonna stand for this?