Comments on: Tucson When A Bad Omen Isn’t So Bad

By: Dave Smith

Dave Smith — Sat, 03 May 2008 00:54:46 +0000

Jim,

That’s a great example of the media making an epidemic out of a pimple.

And during an election year that pimple could me the ruin of the country or extinction for all man/woman kind.

Have a great weekend. Take some pictures, skip the broken liquor bottles.

By: JL Morris

JL Morris — Sat, 03 May 2008 00:51:31 +0000

I live in California and if we have a small earthquake the conservative media always shows the interior of a liquor store because there is more apparent damage, the broken bottles all over the floor. The 99.9999% of the people that did not have any damage goes unreported. They do not make good headlines or video. The worse you can make out the situation to be the better ratings you get, the more people that will read your paper. With this story they say housing pricing is falling so it must be falling for all properties right? And we all own liquor stores that were damaged during the last shaker.

By: Dave Smith

Dave Smith — Fri, 02 May 2008 17:14:39 +0000

LuAnn,

Yes, you mis-read, which means I should have made it clearer. I stated that PMI only covers the investor not the borrower.

"If you defaulted on your mortgage then the investor who holds the mortgage would be paid. You were purchasing this insurance for the investor."

As you state they still loose their home.

Too many people think the PMI is covering them, it isn't. It only covers the guy you borrowed the money from.

Thanks for your comment it clarifies this even better.

Once again PMI only covers the investor, not the borrower.

By: LuAnn Barr

LuAnn Barr — Fri, 02 May 2008 17:07:10 +0000

Perhaps I misread your article but it seems as though you are saying that if a person has PMI then their house will not be taken away in event of an foreclosure? I just called my mortage company….they beg to differ. If we failed to make 3 payments (not a worry at the moment fortunately) they would begin foreclosure. They said PMI pays off the investor but does not secure the house for the borrower.

By: Dennis Pease

Dennis Pease — Fri, 02 May 2008 06:51:37 +0000

You are correct about the inaccuracy in reporting the number of foreclosures. I also believe that until the elections are over you will not hear any positive news on the economy. In fact the liberal media wants you to think you are going to starve to death if you don’t stockpile food now. You don’t see them reporting anything positive like the low mortgage rates that are encouraging more buyers to jump in the market now to take advantage of low housing prices and low interest rates. I think the next few months will be the best time to purchase a home for years to come. My prediction is after the election is over the next president will immediately take on the recession, which will cause inflation to start and interest rates will climb. Don’t expect mortgage rates to remain so low. Now is the time to buy, while the majority of the public watch the nightly news and are afraid to make a move. By the time they realize 2008 was the best year to buy it will be too late. You never know where the bottom of the real estate market is until it has past.