You Are Rich, You Share With Me….Ooppps “us”. Ventura County Real Estate Doing’s for Week Ending October 25, 2008
October 26th, 2008 Categories: Weekly Real Estate Activity In Ventura County
Strange talk amongst the Democrats in Washington.
For example being discussed is the transfer of all 401K savings into the Social Security system.
It is said that Government will guarantee a 3% annual return on your 401K type money.
The Government will then issue you Social Security monies when you retire plus the standard monies one would receive based on your age, etc., from your 401K money.
But when you die 50% of what remains in your 401K account goes to the government and the rest goes to the surviving spouse (although someone indicated it should be surviving heirs).
Whatever, the funds received will be taxable to the spouse and or heirs at a significant tax bracket (over 50%) regardless of amount (no cap). Now that is distribution of wealth.
No mention had been made of an individual being able to borrow monies from his 401K to buy a house. This could impact 1st time home buyers.
Banks are now limiting the number of properties an individual may purchase. The number is 4 in total. Obtaining funds for properties over that number will be extremely difficult to non-existing.
This wealth distribution talk appears to be political euphemism words to penalize individual accomplishments. There is the dumbing down of education and now steps are being suggested to dumb down individual achievements. Our fore fathers will be turning over in their graves.
It appears that we are on the horizon of Government treating everyone as equal with Government determining what individuals should or should not have. To be sure the political forces will make sure they are excluded from this scenerio.
Hmmmmm……sounds like socialism at work or worse, communism.
Ventura County Real Estate.
Listings continue to decrease; property sales continue at a slower pace; the variance between list price and actual sales price has stablized.
Prevailing in the market now is to “STAY PUT”. People do not know what is going to happen and the changes that are occurring. They want time to sort things out.
Credit appears to available but individuals need to have a strong financial positions to obtain monies for mortgages. 20% down; high end debt ratio appears now to have settle in the range of 38 to 42% (all debt including mortgage when compared to income should fall into the range of 38 to 42%).
This was the general standard in the very early 1990’s but was relaxed significantly when Congress changed the rules and now we have the current problem.
Overall Ventura County is still doing well and other parts of the Country appear to have stablized. Florida, Arizona, and parts of California still have problems but these appear to be bottoming out.
Your comments are welcomed.
