My goal with this story is to open your eyes to Alternative Investment Arenas. By Arena, I am talking about other countries. However, in order to do that, you need some way to measure and compare major metrics so that we are comparing Apples to Apples and not to Bananas or Cashews.
Talking about Cashews is apropos as some of what I am going to talk about is just plain nuts in more ways than one.
In researching this story, I have discovered a somewhat startling theme here in that almost every bit of the Stupidity that we need to avoid and Smartness we need to go after for your portfolio is Political in nature.
Here are some metrics that are commonly used to look at different countries for investment potential. A good source to help you with them is The Heritage Foundation which has compiled a top 10 List, as well as a list of 160 countries for Economic Freedom.
U.S. Senate Plans to Consider “Foreclosure Rescue Scam“
Legislation
·Legislation Expected to be Introduced Soon.
·Measure Likely to be Modeled After Minnesota Law,
·But May Contain Additional Restrictions Harmful to Investors Nationwide
February 22, 2008 (U. S. Senate)
Wisconsin Senator Herb Kohl (D) has announced plans to introduce legislation aimed at curbing the rise of ‘foreclosure rescue scams’ - using a model which may include restrictions that could be harmful to all real estate investors. The measure is likely to contain some or all of the following provisions:
·Ban on leasebacks-to-owners
·Ban on upfront foreclosure consultant fees
·Ban on all “subject to” transactions
·Limitations on an investor’s ability to purchase or take an equity interest in a home in default
·Ban on all advertising related to “Saving Homes from Foreclosure”
·Restrictions on real estate seminars, which could even apply to Real Estate Investor Association meetings
The measure is likely to be modeled after a 2004 Minnesota law that governs real estate investors. The National Association of Realtors (NAR) has proposed the Minnesota law as an acceptable model for the entire United States. However, it should be noted, the members of NAR are exempt from this law. (Also noteworthy - in the Minneapolis / HennepinCounty area alone, foreclosures have increased more than five-fold since the 2004 passage of the Minnesota statute.)
On behalf of real estate investors at the national level, the National Association of Responsible Home Rebuilders & Investors (NARHRI) is already tracking this legislation. NARHRI Executive Director John Grant says that NARHRI will offer alternative legislation from the Commonwealth of Virginia, which has the support of the local realtors, lenders, consumer groups, and which recently passed the House unanimously.
NARHRI expects to see intense political pressure for passage of the legislation before members of Congress leave in the fall. NARHRI indicates it will be providing updates on this effort as circumstances warrant.
This is yet another case of political socialism (in this case) mostly by Democrats and special interests (National Association of Realtors) getting ready to really hurt the consumers and the economy on a massive scale if passed.
The National Association of Realtors is miffed because they are fast losing market share as people bypass paying 6% for someone to put a sign in their front yard.
As noted in my previous stories, nearly 75% of all properties are first noticed by the eventual buyer by the sign in the front yard and it does not matter if it is a For Sale By Owner or an Agent’s sign.
As noted by the 500% increase in foreclosures since the bill was passed in Minnesota, this bill if passed could make the current issue with foreclosures look like a light drizzle compared to a Hurricane.(more…)
