No one is believing in the “recovery”. This will impact housing sales.
By Alex Kowalski – Aug 23, 2012 6:45 AM PTConsumer Comfort in U.S. Slumps to Lowest Level Since January
Aug. 23 (Bloomberg) — Neil MacKinnon, global macro strategist at VTB Capital, discusses the global economy and investor sentiment. He talks with Guy Johnson on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)
Higher gasoline prices are taking a bigger chunk out of Americans’ paychecks, and an increase in food prices caused by a drought in parts of the country may further hurt finances. In addition, job growth hasn’t proceeded fast enough to bring theunemployment rate below 8 percent, indicating incomes may fail to keep pace with escalating expenses.
“Rising food and gas prices have stoked a bout of discomfort among a broad section of the American public,” saidJoseph Brusuelas, a senior economist at Bloomberg LP in New York. “The pain has been especially evident down the income ladder in households that will bear the disproportionate burden of adjustment to higher prices. The result will likely be a net slowing in discretionary spending.”
Readings below minus 40 put the comfort gauge “in the zone associated with deep economic discontent,” according to Gary Langer, president of New York-based Langer Research Associates, which compiles the index for Bloomberg. The index has lost 16 points since peaking this year in April.
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Proprietary OC Housing News home purchase analysis
$550,000 …….. Asking Price
$550,000 ………. Purchase Price
8/24/2012 ………. Purchase Date
$0 ………. Gross Gain (Loss)
($44,000) ………… Commissions and Costs at 8%
($44,000) ………. Net Gain (Loss)
0.0% ………. Gross Percent Change
-8.0% ………. Net Percent Change
0.0% ………… Annual Appreciation
Cost of Home Ownership
$550,000 …….. Asking Price
$110,000 ………… 20% Down Conventional
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$440,000 …….. Mortgage
$101,211 ………. Income Requirement
$2,000 ………… Monthly Mortgage Payment
$477 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$138 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
$2,615 ………. Monthly Cash Outlays
($314) ………. Tax Savings
($680) ………. Equity Hidden in Payment
$128 ………….. Lost Income to Down Payment
$158 ………….. Maintenance and Replacement Reserves
$1,906 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$7,000 ………… Furnishing and Move In at 1% + $1,500
$7,000 ………… Closing Costs at 1% + $1,500
$4,400 ………… Interest Points
$110,000 ………… Down Payment
$128,400 ………. Total Cash Costs
$29,200 ………. Emergency Cash Reserves
$157,600 ………. Total Savings Needed
The property above is available for sale on the MLS.Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
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