China…what is going on in view of the US Recession?
Well, first of all, things are not the same as they were a few years ago in China. Yes, the Olympics were very impressive, and yes, most of what we bought during this Christmas season was still made in China, but the world economic condition is having some significant effects on the overall Chinese economy.
China’s rapid growth and burgeoning economic problems are also highlighting the close links between the American and Chinese economies. In the 1980’s and 90’s, China’s manufacturing prowess drove down the cost of most products and spurred demand in the United States for everything from toys to computers, according to Professor Merle Goldman at Boston University.
Buoyed by ample credit for American consumers, the total value of Chinese exports to the US grew nine fold between 1995 and 2007, when it reached $233 billion. But China’s rapid growth as disproportionately benefited its wealthiest people, leaving many Chinese unable to afford the products its factories export and making China particularly vulnerable to the US recession. And, last month the World Bank cut its 2009 growth forecast for China from 9.2% to 7.5%.
Since the beginning of this year, declining demand in the US and Europe, as well as a string of safety recalls of Chinese-made products, have pushed more than 1000 factories in one area of Dongguan, China into bankruptcy with some 2 million people out of jobs. Not a good picture.
All of this is to say that when we read about our national economy and the recession that is now part of the daily media, we realize that we are indeed in a World Economy. What happens in California and Connecticut has a rippling effect in Beijing and Bangladesh. Such is the nature of the flat world of 2009.
Most of the above was my interpretation of an article on the economy in the Atlanta Journal Constitution, which I read on a recent flight in and out of Atlanta, GA. Credits for the research can be given to Professor Goldman of Boston, along with Professor Deng Yupeng at the Dongguan Technological University in China.
Wednesday, December 31, 2008
Waqlkaways...what are they?
Walkaways…what are they?
Mortgage law experts say the incentive to walk away from a home loan is highest in states that have anti-deficiency statutes, which prohibit lenders from suing borrowers for additional funds after foreclosure. California is one of those states.
These anti-deficiency laws make a huge impact on foreclosure rates because they are basically “get out of jail” cards, said Professor Zywicki of George Mason University in the Washington D.C. area.
The handful of non-recourse mortgages states includes, in addition to California, the high foreclosure states of Arizona, Florida, Texas, and even Washington. The statutes generally prohibit or limit a lenders’ ability to go after the borrowers’ assets to satisfy the unpaid mortgage debt.
In Redding, CA, and in our office, we have one of the largest inventories of foreclosed homes in the North State. From Los Molinos and Corning, north to the California border, including Red Bluff, Cottonwood, Anderson, Redding, and Shasta Lake City, we have a choice of REPOs from the $100,000 range up to the $600,000 category. Price is largely based on square footage of the home, the location, and the overall condition.
For additional information, lists of foreclosures, photos, etc….e-mail ronlargent@kw.com or go to www.ronlargent.com
Mortgage law experts say the incentive to walk away from a home loan is highest in states that have anti-deficiency statutes, which prohibit lenders from suing borrowers for additional funds after foreclosure. California is one of those states.
These anti-deficiency laws make a huge impact on foreclosure rates because they are basically “get out of jail” cards, said Professor Zywicki of George Mason University in the Washington D.C. area.
The handful of non-recourse mortgages states includes, in addition to California, the high foreclosure states of Arizona, Florida, Texas, and even Washington. The statutes generally prohibit or limit a lenders’ ability to go after the borrowers’ assets to satisfy the unpaid mortgage debt.
In Redding, CA, and in our office, we have one of the largest inventories of foreclosed homes in the North State. From Los Molinos and Corning, north to the California border, including Red Bluff, Cottonwood, Anderson, Redding, and Shasta Lake City, we have a choice of REPOs from the $100,000 range up to the $600,000 category. Price is largely based on square footage of the home, the location, and the overall condition.
For additional information, lists of foreclosures, photos, etc….e-mail ronlargent@kw.com or go to www.ronlargent.com
Monday, December 8, 2008
Mobile Home Park in North Redding, $1,200,000
33 space mobile home park in great location near Lake Shasta. 90% occupied with upside, this is a great business opportunity with the real estate included. If you have been thinking about buying an investment, this could be the one. Financials, photos, details, and other info through e-mail ronlargent@kw.com www.ronlargent.com
Mobile Home Park for Sale in Redding, CA Area
This older mobile home park offered at $1,300,000 just makes money. Gross of $12,000 a month, it is not a "pretty park", but just makes about $10,000 NOI a month. 26 spaces plus a house, an apartment, and 20 plus acres left to either build a storage complex on or develop for residential 5 acre parcels, this is a good deal for the creative person that wants a good income property and an investment property along with a tremendous growth opportunity. To say upside is an understatement. E-mail for details, financials, photos, etc. to ronlargent@kw.com or go to www.ronlargent.com
Wednesday, December 3, 2008
Lou Dobbs on CNN
America belongs to each of us, uncluttered and untainted by advertising images, media bias, and corporate greed. It is an America that is full of choices and one in which we take an active role in our community and in our nation. Unfortunately, I'm no longer sure that this is the America in which we live.
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