Right now FHA is what is saving the housing market.  The government is wanting to revamp FHA.  So watch out FHA. 

FHA has said they have plenty of Reserves.  HUD is to audit FHA and now FHA is delaying the audit, hopefully it is not because they don't have the reserves they have been saying the have. 

Credit card companies are raising rates as high as 30% prior to Holiday shopping. Credit card laws protecting the consumer do not go into effect until February of 2010.  The credit card companies are taking advantage of the consumer until then. When you get the letter from the credit card company letting you know they are raising your rates, call and tell them you are opting out, they can change you to a card with a lower rate, if not don't use the card and pay off your balance or pay 30% interest on your card.  This includes people who have never been late.

I have had two short deals fall apart today, one because the bank took too long, over five months and the other the bank countered at a price 20K higher than the loan amount.  Crazy stuff.  Good luck to those realtors that are focusing on short sales and foreclosures.

The misery index was started by economist Arthur Okun, an adviser to President Lyndon Johnson in the 1960's. It is simply the unemployment rate added to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation both create economic and social costs for a country. A combination of rising inflation and more people out of work implies a deterioration in economic performance and a rise in the misery index.

The Misery Index in 1953 was at a low at 2.97%
The Misery Index in 1980 was at a high at 21.98%
The Misery Index in September of 2009 was at 8.51%

Based on this number things are looking up. 

Pending home sales have risen the past 8 months.  The economy has improved over the past 3 quarters signaling the recession is over. 

The unemployment rate in the US in September was at 9.5, the unemployment rate in Citrus and Levy counties were 12.1%.   

We are seeing a rise in real estate deals in the area, which is great.  Now we just need jobs for people in our area.  Many people are holding on to the hope of the Inglis plant when it starts up in several years. 

Senators Johnny Isakson R-Ga and Christopher Dodd, D-Conn, have proposed a bill, their proposal would extend the tax credit to June 2010, It would also remove the first time homebuyer requirement, making it available to anyone and also raise the eligibility income limits to $150,000 or $300,000 for a couple.  That is double the current limits.  The Senators have suggested that their measure be attached to another pending bill aimed at throwing a life line to people hit by the recession, an extension of federal asistance to the millions in danger of exhausting unemployment insurance benefits. 

They better hurry up and get it passed, time is running out.  Congress has been focused on the health care bill which supposedly 40% of the population approves of.  I would like to see who those 40% are.

Ready for the rain to stop and the weather to cool down.  Great time to get some long over due reading time done. 

Just read, 80% of all economists say the GREAT RECESSION IS OVER.  Growth is expected to increase at a rate of 3% from now and into 2010.  This is good news. 

Per Adrian Van Eck, banking and real estate forecaster,

American Real Estate in the next decade will involve making over of the soon to be available real estate in cities near oceans and all coasts including the Gulf of Mexico.  This space will be valuable to exporters as the weakening dollar brings huge orders to America. 

80% of economist say that the recession is over and that inflation will stay low due to the weak labor market.  A lot of people have been concerned over inflation going way up so this is positive news.

Some additional interesting information,

For every home that is sold, it pumps $63,000 into the economy, which is equivalent to one new job.

David Stephens with FHA say that they have 4.4 % in reserves with equals enough to cover 30 years in losses.  He said that people are looking for a problem where there isn't a problem.