http://www.freerepublic.com/tag/realestate/ en-us Mon, 28 Dec 2009 15:48:54 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2416284/posts Frustration with a dysfunctional California government has spurred a movement to have the people, by initiative, call a state constitutional convention to rewrite the state's basic laws. But not all the laws. Advocates of the constitutional convention initiative hope to reduce opposition to the measure by declaring Proposition 13 off-limits from convention delegates' deliberations. Prop. 13 should not be taken off the table if and when a constitutional convention is called. How can it be, when the groundbreaking property tax reform measure is the central piece of the whole state and local governmental budget discussion? How many times has Prop.... San Francisco Chronicle http://www.freerepublic.com/focus/f-news/2416284/posts#comment Mon, 28 Dec 2009 15:48:54 GMT http://www.freerepublic.com/focus/f-news/2416037/posts Many homeowners who are tens thousands of dollars underwater on their mortgages — meaning they owe more than the value of their homes — have decided it's just not worth it. Some, like Heather Baker, can even afford their payments, but they're walking away anyway. Baker is done with being a homeowner. Last month, she stopped paying her mortgage. "Who says that my American dream has to be a home with a white picket fence and all of that?" says Baker, sitting at her dining room table. But that's not what she was saying three years ago when she bought... NPR http://www.freerepublic.com/focus/f-news/2416037/posts#comment Mon, 28 Dec 2009 02:54:46 GMT http://www.freerepublic.com/focus/f-news/2412990/posts Existing Home Sales Up Strong In November On Tax Credit Henry BlodgetDec. 22, 2009, 10:06 AM Existing home were sales up strong again in November, as buyers squeezed in before the original tax credit expired. Even the NAR is already dampening expectations for December and early next year, however. And mortgage rates have begun to rise. (Graphic from Northern Trust does not include November numbers). National Association of REALTORS: Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National... The Business Insider http://www.freerepublic.com/focus/f-news/2412990/posts#comment Tue, 22 Dec 2009 15:51:19 GMT http://www.freerepublic.com/focus/f-news/2411685/posts China Acts To Calm Its Overheated Real Estate Sector - And Misdiagnoses the Problem by: Patrick Chovanec December 20, 2009 China’s leaders are becoming increasingly alarmed that a bubble may be forming in the country’s booming real estate sector. That’s why, late last week, they announced the reimposition of a nationwide property sales tax in an effort to rein in speculative buying. But while their intentions are sound, the new tax takes China in entirely the wrong direction, and is more likely to make the problem worse rather than better. To understand why, it’s important to realize what the new... Seeking Alpha http://www.freerepublic.com/focus/f-news/2411685/posts#comment Sun, 20 Dec 2009 15:53:15 GMT http://www.freerepublic.com/focus/f-bloggers/2408656/posts HOUSTON — The effects of Hurricane Ike and simultaneous economic downturn affecting Houston’s real estate market in November 2008 continue to distort year-over-year comparisons which reflect yet another month of double-digit increases. However, longer-term analysis aimed at gleaning a more realistic view of market conditions shows November 2009 real estate activity to be comparable to that seen at the cusp of the recession, in the fall of 2007. November marked the third straight month in which property sales volume and pricing recorded gains. According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), November volume of... TheCypressTimes.com http://www.freerepublic.com/focus/f-bloggers/2408656/posts#comment Wed, 16 Dec 2009 13:52:01 GMT http://www.freerepublic.com/focus/f-news/2407355/posts Look out below! The US housing market could be looking at a second steep decline in 2010 after statistics released last week show how poorly the Obama administration's mortgage modification plan is working. The millions of families hoping for a permanent mortgage modification may never get one -- and with their homes worth less than they owe on their loans, they may decide to walk away from the home voluntarily or be foreclosed upon as their trial modifications expire. The snail's pace of permanent mortgage modifications -- just 31,382 out of 3.3 million eligible loans have been cut -- could... NY Post http://www.freerepublic.com/focus/f-news/2407355/posts#comment Mon, 14 Dec 2009 19:36:36 GMT http://www.freerepublic.com/focus/f-news/2406722/posts In an interview with Bloomberg Friday morning Bob Toll, CEO of Toll Brothers, says the housing market is “coming back”. He sees the pressures in real estate alleviating as consumers rebound and government programs help boost up the market. Toll says we’re on the verge of a “serious good time”: I don’t see prices going down any longer. I think you’re gonna see them start to go up. As they accelerate we’ll get closer to a serious good time again, but we’re not there yet. Despite this, the Toll Brothers CEO has dumped hundreds of millions in stock and company... Seeking Alpha http://www.freerepublic.com/focus/f-news/2406722/posts#comment Sun, 13 Dec 2009 20:00:30 GMT http://www.freerepublic.com/focus/f-news/2399456/posts Toll Brothers Inc. lost $111.4 million in the fiscal fourth quarter, but the luxury homebuilder is seeing signs of a turnaround in the housing market. Toll Brothers Inc. lost $111.4 million in the fiscal fourth quarter, but the luxury homebuilder is seeing signs of a turnaround in the housing market. The company's loss of 68 cents a share was largely due to continued write downs on the value of its land holdings and staff reductions. Excluding those charges, the builder almost broke even. In the year-ago quarter, which included a larger amount of write downs, Toll lost $78.8 million, or... one news now http://www.freerepublic.com/focus/f-news/2399456/posts#comment Thu, 3 Dec 2009 17:29:10 GMT http://www.freerepublic.com/focus/f-news/2399403/posts General Growth Properties Inc. said Wednesday that it has filed its reorganization plan, and its lenders have agreed to restructure about $9.7 billion in shopping mall mortgage loans, more than previously planned. Last month the mall operator, which earlier this year filed the largest U.S. real estate bankruptcy case in history... The company had about $27 billion in debt piled up at the time. General Growth, based in Chicago, is the second-largest U.S. mall operator. Associated Press http://www.freerepublic.com/focus/f-news/2399403/posts#comment Thu, 3 Dec 2009 16:24:10 GMT http://www.freerepublic.com/focus/f-news/2397656/posts There's a vital lesson for New York in the travails of Dubai, the little Persian Gulf emirate with big buildings and bigger debts -- if only our politicians and taxpayers would understand. Last week, Dubai's state-owned investment arm, Dubai World, told its banks (mostly British) that it needs a freeze on debt repayments. It also needs to cut $60 billion that it borrowed to speculate on office towers, hotels, luxury retailers and like. Global bankers were shocked. The Dubai government doesn't legally back Dubai World's debts -- but investors had thought that two levels of bailout would protect them if... New York Post http://www.freerepublic.com/focus/f-news/2397656/posts#comment Tue, 1 Dec 2009 16:26:36 GMT http://www.freerepublic.com/focus/f-news/2397119/posts Underwater? Maybe You Should Walk Away From Your Mortgage? By Ilyce Glink | Nov 30, 2009 | 7 Comments According to the latest figures, some 23 percent of Americans are underwater with their mortgage. That means their home is worth less than the amount they owe to their lender.If you have a job, and can afford your payments, being underwater may not cause anything other than a really bad headache. But if you’ve lost your job, you’re probably running through all of your available cash plus anything you can beg, borrow and perhaps steal in order to keep making your... MoneyWatch.com http://www.freerepublic.com/focus/f-news/2397119/posts#comment Mon, 30 Nov 2009 21:13:38 GMT http://www.freerepublic.com/focus/f-news/2396468/posts NyPo reports: Just when New Yorkers thought housing prices here might have finally hit bottom, there's fresh evidence of a nasty double dip recession for Gotham's residential real estate -- which some feel can drag down already shredded housing prices by another 10 percent-to-15 percent... After showing slight improvement beginning in the spring, housing prices in New York dipped in September, according to research from S&P/Case-Shiller, which reported last week that its housing price index for the city slipped to 174.38 from 174.89 in August, after posting four straight months of improved prices. In addition, Stan Humphries, chief economist at... Economic Policy Journal http://www.freerepublic.com/focus/f-news/2396468/posts#comment Sun, 29 Nov 2009 21:13:27 GMT http://www.freerepublic.com/focus/f-news/2396165/posts Like many home owners, hotels are starting to drown in debt. They have been enticing travelers all year with sweet deals: credits for in-house spas and restaurants, up to 50 percent off five-star rooms, even free nights. But all that discounting hasn't stopped occupancy from dropping an average of 10 percent. The result? Hotel loans have begun falling into delinquency faster than any other kind of commercial real estate debt. The rising defaults paint a grim picture... The oversupply means room rates should stay low for at least another year, good news for consumers but not so great for hotel... Associated Press http://www.freerepublic.com/focus/f-news/2396165/posts#comment Sun, 29 Nov 2009 05:06:27 GMT http://www.freerepublic.com/focus/f-news/2396132/posts In the United States, Dubai World's portfolio includes several well-known properties, and the fallout could have a larger impact on the entire real estate market. The company is a partner with casino operator MGM Mirage (MGM.N) in the $8.5 billion CityCenter project, which would add 6,000 rooms to a Las Vegas Strip gambling corridor already saturated with unoccupied hotel rooms. Nakheel, perhaps best known as the developer of Dubai's palm-shaped islands, also carries the Mandarin Oriental and W hotels in New York in its portfolio, and has a 50 percent stake in the Fontainebleau Miami Beach resort. And, through its... Reuters http://www.freerepublic.com/focus/f-news/2396132/posts#comment Sun, 29 Nov 2009 03:12:09 GMT http://www.freerepublic.com/focus/f-news/2395662/posts World financial markets are quaking in the wake of a request by Dubai World, a principal investment vehicle for the Emirate of Dubai, to suspend debt service amounting to billions of dollars in the next 6 months. The company owes a total of $59 billion. Islam, of course, opposes interest payments on borrowed money, so much of the debt is so-called Islamic debt, in which different labels are applied, but the concept of paying for the use of money remains. Dubai's fabulous skyline has been built on a vast pool of debt, and property there was often pre-sold and re-sold... American Thinker http://www.freerepublic.com/focus/f-news/2395662/posts#comment Sat, 28 Nov 2009 01:29:06 GMT http://www.freerepublic.com/focus/f-news/2392339/posts The San Francisco Chronicle's Kenneth Harney is speculating on what the Federal Housing Authority may have to do to shore up its balance sheet. A few things should be kept in mind about such a move: 1. The FHA has been a main spigot through which the government has been propping up the real estate market (See: Real Time Madness: Watching the FHA Prop Up the Housing Market) 2. The FHA is in real bad shape. John Carney points out: The FHA has expanded from guaranteeing just 2% of mortgages to over 20% in just a couple of years, dramatically... Economic Policy Journal http://www.freerepublic.com/focus/f-news/2392339/posts#comment Mon, 23 Nov 2009 01:55:52 GMT http://www.freerepublic.com/focus/f-news/2390709/posts Fresh court rulings will make lending community "absolutely paranoid," says top lawyer. Stuart Saft, a partner at Dewey & LeBoef, argues over at Forbes (via SquareFeet)that judges are exacerbating the pain in commercial real estate. In the last few weeks there have been a series of court decisions that will have repercussions in the credit markets for years to come making an already cautious lending community absolutely paranoid, and restricting credit even if available. In Syracuse, N.Y., a state court refused to allow Citigroup to foreclose a mortgage on what was to be the second largest mall in the country... The Business Insider http://www.freerepublic.com/focus/f-news/2390709/posts#comment Fri, 20 Nov 2009 15:01:56 GMT http://www.freerepublic.com/focus/f-news/2390575/posts The long-feared financial disaster is still looming. Bad court decisions could set it off. The commercial real estate market is on its last legs and unless drastic actions are taken, the effects on the broader economy will be catastrophic. The obvious problem is the excessive amount of debt placed on the properties and the amount of debt that has to be refinanced during a relatively short period of time. Between now and 2013, at least $1.3 trillion of financing comes due, of which $160 billion was the result of securitizations. Unfortunately, as a result of the virtual disappearance of the... Forbes http://www.freerepublic.com/focus/f-news/2390575/posts#comment Fri, 20 Nov 2009 09:40:22 GMT http://www.freerepublic.com/focus/f-news/2389272/posts If you already took advantage of the government’s tax credit for first-time homebuyers—or are planning to do it anytime soon—you’ll probably agree with this prediction: Sales of existing homes will peak in the final quarter of 2009, then begin a year-long slide, which is likely to be a sharp one, according to some estimates. Until the unemployment rate falls, the housing market won't recover. “Most of it [the tax credit] is simply shifting sales from one period to another,” says Global Insight economist Patrick Newport. “It doesn’t get rid of the fundamental problem; there's still a glut of houses.” Newport,... CNBC http://www.freerepublic.com/focus/f-news/2389272/posts#comment Wed, 18 Nov 2009 20:26:09 GMT http://www.freerepublic.com/focus/f-news/2388866/posts We've seen this over and over again.While Americans seem to recognize that there's been this thing called the housing crash, they don't believe it's happened to them, or at least a lot don't. [snip]Nationwide, when asked about their own home’s value over the past year:• 25% think their home’s value has increased • 26% think their home’s value has stayed the same • 49% think their home’s value has decreasedIn reality, 72 percent of U.S. homes lost value over the past year, and 22 percent of homes increased in value. That’s fewer homes declining versus Q2(83%), and a smaller Misperception Index of 10 (vs.... Business Insider http://www.freerepublic.com/focus/f-news/2388866/posts#comment Wed, 18 Nov 2009 11:33:48 GMT http://www.freerepublic.com/focus/f-news/2388467/posts ATLANTA -- In the waning days of the Great Recession, the federal government is still jumpstarting the economy and propping up financial markets. It is also trying to sell Dresden Heights, a failed condo development on a noisy freeway ramp next to a Motel 6, a Waffle House and a Do-It-Yourself Pest Control. For more than a year, the Federal Deposit Insurance Corp. has been seeking a buyer for 36 partially built condos it inherited from a high-flying, short-lived Atlanta bank. The agency has been fending off vandals, haggling with architects and uncovering the developer's blunders, all in a bid... WSJ http://www.freerepublic.com/focus/f-news/2388467/posts#comment Tue, 17 Nov 2009 21:09:02 GMT http://www.freerepublic.com/focus/f-news/2388240/posts According to Thomas Bouchard, a US psychologist famous for his research on twins raised apart,[1] even scientists with good reason to believe that the majority are wrong can be silenced. The reason is... CMI http://www.freerepublic.com/focus/f-news/2388240/posts#comment Tue, 17 Nov 2009 16:03:18 GMT http://www.freerepublic.com/focus/f-news/2387880/posts The good news: National Association of Realtors chief economist Lawrence Yun is predicting that home prices will rise 4% in 2010. The bad news: Lawrence Yun has never been right about anything in his entire life, ever. Yun predicted that sales volume will also rise about 14%. I'm definitely not smart enough to try to make short-term predictions about what will happen with home prices or sales volume. But the track record suggests that Lawrence Yun isn't smart enough either. In July of 2008, Yun opined that "I think we are very near to the end of the housing downturn.... Wallet Pop http://www.freerepublic.com/focus/f-news/2387880/posts#comment Tue, 17 Nov 2009 02:06:06 GMT http://www.freerepublic.com/focus/f-news/2385079/posts The property market in Shanghai seems to be revving up again stoking fears of an impending price rise, going by the record sales price of an apartment in the expensive but much sought after Tomson Riviera. According to data from Shanghai Real Estate Trading Center (SRETC), the 600-sq-m luxury apartment has been sold for a whopping 96.09 million yuan ($13.3 million) – at 160,848 yuan per sq m – a new record for luxury homes. It also represents a 13-percent increase over the February 2007 sale of a similar apartment. Confirming the development, Li Qing, a manager at Tomson... AsiaLynx.com http://www.freerepublic.com/focus/f-news/2385079/posts#comment Thu, 12 Nov 2009 23:00:05 GMT http://www.freerepublic.com/focus/f-news/2384710/posts NEW YORK (CNNMoney.com) -- Could the foreclosure plague be ending? Foreclosure filings were down 3% in October, the third consecutive month-over-month dip, according to RealtyTrac, the online seller of foreclosed homes. To be sure, foreclosure rates are still elevated from a year ago: They're up 18% compared with October 2008. But the month-over-month decrease followed a 4% drop in filings during September and a 1% fall in August. "Three consecutive monthly declines is unprecedented for our report, and, on first blush, an indication that the foreclosure tide may be turning," said James Saccacio, RealtyTrac's CEO, in a prepared statement. He... CNN Money http://www.freerepublic.com/focus/f-news/2384710/posts#comment Thu, 12 Nov 2009 15:43:42 GMT