Beltran Properties

January 2010

I cannot get used to the fact that it is a new year. We have survived more than two and one half years of the most crazy real estate industry. Did you know Obama has enacted more legislation to stall foreclosures? There are more incentivies and demands for the banks to modify their non performing loans. Yes! That will be the only way to stop the freefall of housing prices. Once the banks foreclose, they place an unrealistic value on the property. When it sells at such a discount, it becomes the "value" for future sales. The appraisal industry needs to address the fact that the value is a "bank" value.

Did you know that the banks have insurance on your loans? When Obama bailed out AIG, it just gave the banks more money. They had a policy with AIG, put in claims for the non performing , and foreclosure, and got paid a "value".

Keep up the good work and follow through with any and all modifications, credit cards ,too. (they are also required to work with you.) And remember "every day is a good day, just some are better."

HAPPY HOLIDAYS AND ALL THE BEST FOR OUR NEW YEAR!