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...program they believe could breathe new life and buyer confidence into the decimated sector. It's called Sirius Value Protection - and works like a 'put option,' where buyers of new homes get the right to exercise a put that would require Sirius buy back the home at the original price after an eight-year period...
Jittery home shoppers have watched home prices plunge 30% on average from their mid-2006 peak, according to the Standard & Poor's/Case-Shiller Home Price Index, with some markets suffering price drops as deep as 70%. Many potential buyers are further frightened by economists and analysts who predict prices could fall another 5% to 10% before the sector bottoms out - and possibly worse if the country experiences a double-dip recession...
Still, Herzberg's Sirius Value program is far from a slam-dunk fix for the housing slump. Under the program, which received a provisional patent from the U.S. Patent and Trademark Office last month, the developer or homebuilder must give 20% of the purchase price to Herzberg's group as a fee for the put option - a payment that many developers may be reluctant to cough up. "20% is astronomically high!," says one analyst, who did not wish to be named. "What builder would give away 20% when they're doing 5% or 10% [pretax] margins? If they gave away...
...remains mired in a grinding war with Islamic extremists. "The truth is that we are at war with a formidable enemy and that nations like Russia and China are intent on neutralizing our military lead," Romney writes in support of maintaining healthy defense budgets. "We must pay a large price to maintain our freedoms, and if we do not pay enough in dollars, we may be forced to pay the price in blood." He also charges - somewhat incongruously - that "it is long past time for America to strengthen and effectively deploy our soft power," which is, of course, partly what...
...They look at their pockets and find nothing positive there," says the Iranian journalist. "They cannot believe all those optimistic figures given by the government. The government says that inflation was less than 30%, but they go to the grocery store and find everything is double and triple the price that it was four years...