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Keyword: realestate

Brevity: Headers | « Text »
  • Monument to Fair Housing . . . AKA govt waste on display

    11/01/2011 1:47:41 PM PDT · by marsh-mellow · 3 replies ^ | 11/1/11 | Daily Real Estate News
    A monument to honor the Fair Housing movement and the historic struggles against discrimination in housing has taken a step forward in possibly getting its place in the nation’s capital
  • What the Costumes Reveal (Foreclosure Mill Throws Homeless Theme Party)

    10/30/2011 8:12:16 PM PDT · by Pan_Yan · 12 replies
    New York Times ^ | October 28, 2011 | Joe Nocera
    On Friday, the law firm of Steven J. Baum threw a Halloween party. The firm, which is located near Buffalo, is what is commonly referred to as a “foreclosure mill” firm, meaning it represents banks and mortgage servicers as they attempt to foreclose on homeowners and evict them from their homes. Steven J. Baum is, in fact, the largest such firm in New York; it represents virtually all the giant mortgage lenders, including Citigroup, JPMorgan Chase, Bank of America and Wells Fargo. The party is the firm’s big annual bash. Employees wear Halloween costumes to the office, where they party...
  • Regulator throws lifeline to underwater borrowers (BHO= overlord in chief)

    10/24/2011 11:43:44 AM PDT · by STARWISE · 21 replies
    Reuters ^ | 10-24-11 | Margaret Chadbourn
    U.S. homeowners who owe more than their properties are worth got new help on Monday when a U.S. regulator expanded a government program in a step that could help up to one million borrowers. The Federal Housing Finance Agency, which oversees mortgage finance giants Fannie Mae and Freddie Mac, eased the terms of a refinancing program which helps so-called underwater borrowers who have been on time with payments but are unable to refinance. *snip* FHFA said it was scrapping a cap that prohibited borrowers whose mortgages exceeded 125 percent of their property's value from participating in the Home Affordable Refinance...
  • Banks Not Wanting to Lend Myth / Preventing Foreclosures Hurting Housing Market

    10/23/2011 5:24:00 PM PDT · by Razzz42 · 10 replies ^ | October, 23 2011 | Mark Hanson (Mr. Mortgage)
    Banks Not Wanting to Lend is a myth. It’s a trendy thing to blame the banks for not wanting to lend, but it’s not reality. Don’t get me wrong…most everything else might be able to be blamed on them, but not this. This is what makes the problem in mortgage and housing so fundamentally grave. It’s just not as easy as lowering rates, doing a mass refi event, or pulling Foreclosures off the market. After nearly 5 years, if there was an easy fix (such as printing trillions of dollars in order to try to create inflation) housing would be...
  • Coming Derivatives Crisis That Could Destroy The Entire Global Financial System (Bank of America)

    10/22/2011 4:55:46 PM PDT · by dennisw · 57 replies
    Most people have no idea that Wall Street has become a gigantic financial casino.  The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end.  The word "derivatives" sounds complicated and technical, but understanding them is really not that hard.  A derivative is essentially a fancy way of saying that a bet has been made.  Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever...
  • Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO]

    10/22/2011 4:59:16 PM PDT · by Sub-Driver · 57 replies
    Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO] By Nicholas Ballasy - The Daily Caller 11:43 PM 10/21/2011 Virginia Democratic Rep. Jim Moran told The Daily Caller on Thursday evening that President Obama should “refinance every home mortgage” without congressional approval in order to “reset the economy.” “Absolutely, I think [Obama] should do that but there are not a lot of places where he can act unilaterally,” Moran told TheDC during Conservation International’s Oct. 20 dinner in Washington, D.C. “If he chooses to act unilaterally,” Moran said, “the likelihood is that there will be language in the appropriations bills...
  • Earnings, Europe, China

    10/19/2011 12:57:16 PM PDT · by Kaslin ^ | October 19, 2011 | Jack Bouroudjian
    There are three distinct factors that are driving these markets right now: earnings, Europe and China. Let’s break it down, shall we? Earnings. I’ve talked a lot about the lowering of expectations for corporate earnings and how they might have gotten too low over the course of the last couple of months. I also said that we could see some upside surprises. Financials, which everyone expected to be absolutely horrible, aren’t looking quite as bad as we thought. In addition to Citi, Bank of America, of which I’m a fan, came out ahead. Goldman Sachs missed—and not as closely as...
  • China: Ordos Property Developer Commits Suicide (Ordos: ghost city)

    10/15/2011 7:32:57 AM PDT · by TigerLikesRooster · 12 replies
    Caixin ^ | 10/14/11 | Yu Zhixiang
    By staff reporter Yu Zhixiang 10.14.2011 18:39 Ordos Property Developer Commits Suicide Wang Fujin of Zhongfu Real Estate Development Co. took his life and another co-owner of the property development firm Hao Xiaojian is now on the run (Beijing) – The owner of a property firm in the affluent Inner Mongolian city Ordos reportedly committed suicide after defaulting on private loans from individual lenders. In late September, Wang Fujin of Zhongfu Real Estate Development Co. took his life and another co-owner of the property development firm Hao Xiaojun is now on the run, China Business News reported on October 13,...
  • China: Cash Crash for Wenzhou's Private Loan Network

    10/15/2011 7:29:24 AM PDT · by TigerLikesRooster · 3 replies
    Caixin ^ | 10/11/11 | Zhang Bing, Zheng Fei and Zhao Jingting
    By staff reporters Zhang Bing, Zheng Fei and Zhao Jingting 10.11.2011 14:36 Cash Crash for Wenzhou's Private Loan Network Everyone can win and everyone can lose in a Chinese city that plays a risky game of high-interest rate, private lending Dubbed the nation's capital of private financing, the city of Wenzhou offers a textbook example of how non-bank lending has fueled private sector prosperity – and risk-taking – in China. A recent central bank survey said about 60 percent of all local businesses and the vast majority of households are interconnected through the city's private lending system. a It's a...
  • Watchdog Rejects Pelosi Explanation of Late Disclosure

    10/13/2011 10:34:46 AM PDT · by jazusamo · 5 replies
    National Legal & Policy Center ^ | October 13, 2011 | NLPC Staff
    Paul Pelosi, husband of House Minority Leader Nancy Pelosi, will reportedly make millions of dollars from a previously undisclosed real estate venture in Mrs. Pelosi's home state of California. Mr. Pelosi is a real estate developer and an investment banker and entered into this project with the father of the current Ambassador to Hungary, as reported by The Washington Times earlier this week. Mrs. Pelosi helped the ambassador secure her the post. Angelo Tsakopoulos, a longtime associate of Mr. Pelosi put together the deal that involves Russell Ranch, a residential real estate project. Mr. Pelosi's investment has been reported...
  • Home ownership: Biggest drop since Great Depression

    10/07/2011 9:40:36 AM PDT · by Signalman · 6 replies
    CNNMoney ^ | 10/7/2011 | Les Christie
    NEW YORK (CNNMoney) -- The percentage of Americans who owned their homes has seen its biggest decline since the Great Depression, according to the U.S. Census Bureau. The rate of home ownership fell to 65.1% in April 2010, 1.1 percentage points lower than it was in 2000. The decline was the biggest drop since the 1930s, when home ownership plunged 4.2%. The most recent decade-over-decade drop, however, only tells half the story. Home ownership during the 2000s "was really high in the middle of the decade, up to almost 70% at one point around 2004," said Ellen Wilson, a survey...
  • The Folly of Central Planning

    10/06/2011 9:49:11 AM PDT · by Reaganite Republican · 5 replies
    Reaganite Republican ^ | October 6, 2011 | Reaganite Republican
    Over 65 M completed new homes sit unused in China,  along with public buildings/accompanying infrastructure... If the Chinese property bubble pops... what then? The massive public projects under way in communist China today include sprawling housing developments, retail shopping districts, and 'forests' of skyscrapers. Since they were built to support the country's ongoing economic boom and real-estate rush, all these tower block condos, economic centers, and recently-built neighborhoods should be bustling with hard-working Chinese newcomers from the countryside... or so you'd think.But satellite pictures taken earlier this year revealed that China's odd unused-housing stock glut has only gotten worse, if anything: they indeed...
  • Some Anecdotes About Chinese Real Estate, As Told By Deutsche Bank (Sellers getting Desperate)

    10/04/2011 8:11:48 AM PDT · by SeekAndFind · 8 replies
    Business Insider ^ | 10/04/2011 | Also Sprach Analyst
    Yesterday, Deutsche Bank Economist Jim Ma and his team came up with a report, turning somewhat more bearish on China after the Hong Kong/Chinese markets got really killed. They are now expecting GDP growth to slow to or below 7%, and are worried about the exports picture (and among other things). On the real estate market, Jun Ma and associates told an interesting story on the latest development. In recent weeks, the number of phone calls received by an author of this report from China-based property agents has increased several fold, indicating a significant rise in the urgency for developers...
  • The Truth About China: An Economy On The Verge Of A Nervous Breakdown

    10/03/2011 4:59:07 AM PDT · by TigerLikesRooster · 5 replies
    TBI ^ | 10/03/11 | Patrick Chovanec
    The Truth About China: An Economy On The Verge Of A Nervous Breakdown Patrick Chovanec, An American Perspective From China | Oct. 3, 2011, 7:29 AM I just returned from a trip to New York, where earlier last week I gave a talk at the Council on Foreign Relations. The topic was the question on everyone’s mind these days: the outlook for China’s economy. Over the past several weeks, a number of news reports and market figures have caught my attention, which appear to indicate that China’s economy may be approaching a crisis. I use the word “crisis” in the...
  • No Rise in Home Prices Until 2020: Bankers

    09/30/2011 11:24:02 PM PDT · by 2ndDivisionVet · 23 replies
    CNBC ^ | September 30, 2011 | Karina Frayter, CNBC Markets Producer
    Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday. The survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another nine years. Only 21 percent of respondents said they would. The findings, which authors called “a decidedly pessimistic outlook”, are a sharp reversal from cautious optimism the survey respondents expressed late last year and in early 2011. In addition, 73 percent of surveyed bankers say...
  • Obama and Insiders Honcho Private-Government Real Estate Sales

    09/27/2011 9:10:41 AM PDT · by Kaslin · 7 replies ^ | September 26, 2011 | Kathy Fettke
    Who’s the largest owner of REO (bank-owned) inventory in the country? The taxpayers! That’s right. You and me. Mortgage giants Fannie Mae and Freddie Mac, along with the Federal Housing Administration (FHA), are currently holding approximately 250,000 foreclosed homes. That’s roughly half of all unsold, repossessed properties. Plus, these government-backed agencies may soon be forced to repossess 830,000 more homes currently in some stage of foreclosure. What’s a government to do with so many distressed properties? Unloading them into the market would only further depress values, while damaging the fragile U.S. economy that depends on real estate stability. Holding the...
  • Existing Home Sales SMASH Expectations With 7.7% Spike

    09/21/2011 7:23:13 AM PDT · by blam · 34 replies
    TBI ^ | 9-21-2011 | Joe Weisenthal
    Existing Home Sales SMASH Expectations With 7.7% Spike Joe Weisenthal Sep. 21, 2011, 10:01 AM Strong numbers. Still historically anemic, but a 7.7% uptick in home sales is well above the 1.7% gain that was expected. On an annualized basis, there were 5.03 million sales vs. 4.75 million expected. The full announcement from the NAR is here. Original post: Besides the FOMC party at 2:15, this is the one big economic datapoint of the day in the US. Analysts expect annualized 4.75 million existing home sales vs. 4.67 million last month. We'll have the number here live at 8:30. (Whoops,...
  • Squatters aren't criminals and can be GOOD for society: Judge orders.. (UK)

    09/05/2011 3:01:33 PM PDT · by ruralvoter · 20 replies · 1+ views
    The Daily Mail (UK) ^ | 9/5/11 | Kerry Mcqueeney
    A list of empty homes in a sought-after London borough is to be made public after a 'squatting supremo' won the right to have the information released in a landmark victory. Camden Council has been told it must disclose the list of vacant properties in its area by a judge who said squatters were good for society and should not be regarded as criminals. The ruling was made despite backing from the police, who agreed with the local authority's fears that disclosing the list could attract criminal damage, arson, drug-related crime and the organised 'stripping' of vacant properties.
  • How Rick Perry Became A Millionaire

    09/04/2011 8:08:05 AM PDT · by BarnacleCenturion · 133 replies
    Business Insider ^ | Aug. 29, 2011 | Grace Wyler
    On the campaign trail, 2012 presidential hopeful Rick Perry plays up his humble roots as a dryland cotton farmer from rural Texas. He rarely, if ever, mentions that he has become a pretty savvy real estate investor during his more than 25 years in office. The Fort Worth Star Telegram reports that Perry's income has soared as he has climbed the political ladder in Austin, thanks largely to a handful of lucrative real estate deals that have made him a millionaire. When Perry was first elected to office in 1985, as a state representative from Haskell, he and his wife...
  • Critics Spin Energy Realities to Oppose Development

    09/02/2011 10:11:48 AM PDT · by Kaslin · 8 replies ^ | September1, 2011 | David Holt
    With our economy continuing to falter, the discussion of leveraging our nation’s vast energy resources to create jobs is taking on renewed importance. Despite a well-established link between energy production and job creation – just observe the unemployment rates of North Dakota (3.3%) and Oklahoma (5.5%) and you’ll see it – some have sought to downplay the economic opportunities provided by the development of our abundant offshore and onshore resources, while others strangely claim that the opportunities for offshore production have actually increased. For example, Duke University’s Bill Chameides recently wrote that “drilling activity in the [Gulf of Mexico’s] deepwaters...
  • Mortgage servicers still lying in court

    09/01/2011 9:54:25 PM PDT · by Kartographer · 9 replies
    Reuters ^ | 9/1/11 | Felix Salmon
    American Banker’s Kate Berry has a fantastic piece of reporting today, under the headline “Robo-Signing Redux: Servicers Still Fabricating Foreclosure Documents”. Among her discoveries is this document, dated August 3, 2011, wherein Tonya Hopkins signed over a mortgage in her capacity as Assistant Secretary of Sand Canyon Corporation. The problem with this? Sand Canyon hasn’t been in the mortgage business since 2009, and Tonya Hopkins doesn’t work for Sand Canyon: she works for American Home Mortgage Servicing Inc.
  • (DC Metro) Region's housing market slows while country gains steam

    08/31/2011 11:38:14 AM PDT · by markomalley · 3 replies
    Washington Examiner ^ | 08/30/11 | Liz Farmer
    The region's housing market slowed in June, showing signs that Washington's booming home prices are now exposed to the same economic strains the rest of the country has weathered.In addition, new data shows that the slowdown began earlier this summer than originally thought, according to a new S&P/Case-Shiller Home Price Indices report.Home prices in June fell 1.2 percent from a year earlier, the report said. Prices for May were also adjusted to show a 1.7 percent decrease in area home values after more sales were reported. May home sales originally showed a 1.3 percent uptick. Summer slowdown in housing market...
  • The American working man slowly fades away

    08/28/2011 11:15:43 PM PDT · by Borough Park · 118 replies · 1+ views
    MSNBC ^ | Mike Dorning
  • Economic Woes Prompt Buyers to Back Out of Deals

    08/22/2011 9:33:58 AM PDT · by illiac · 3 replies
    RealtorMag ^ | 8/22/11 | RealtorMag
    Recent falls in the stock market and growing concerns over the cloud hanging over the U.S. economy has prompted more home buyers to cancel real estate deals or continue to sit on the sidelines, analysts say. The National Association of REALTORS® said in a recent report that home buyer cancellations in the last two months increased about 10 percent from a year earlier. Lawrence Yun, NAR’s chief economist, says the increase is due to low appraisals that do not match the mortgage amount, “overly stringent” lending standards, as well as waning buyer confidence. “The typical home buyer gets rattled when...
  • America, the Needy-ful

    08/18/2011 7:53:12 AM PDT · by Kaslin · 11 replies ^ | August 18, 2011 | Kathy Fettke
    “How can the government help me?” This seems to be a growing sentiment among the American middle class. “The land of opportunity” is quickly becoming the “nation of the needy.” Here’s a question I received from a reader just last week: “I am not happy with how things are going since the Bush Administration allowed tax cuts for businesses and the wealthy. These cuts were supposed to end for those who just keep earning more off the middle class. My question is: I am told that investors can invest as little as $1000.00 in real estate, and make a living...
  • Creating Paper Trail of Charges for Tax and Real Estate Fraud Against Barack H Obama

    08/14/2011 7:39:44 PM PDT · by bitt · 40 replies
    The Obama Hustle blog ^ | 08/13/2011 | ?
    Today 08/13/2011 I started the process of documenting accusations against Barack H and Michelle L Obama for real estate and tax fraud committed in 02/2006 which are still ongoing as of 2011 on the “buffer zone” parcel of land that was deeded by Rezko to the Trust, Trust # 10209 of The Northern Trust Co. that owns 5046 S Greenwood Ave., Chicago, IL 60615. Firstly I filed a Tax Fraud Report with the IL Revenue Office in IL.. ..Step two will be done on Monday 08/15/2011 when I request all records from the Cook County Treasurer’s Office concerning 5046 S...
  • Obama prepares for career as landlord (Uncle Sam in the Property Rental Business)

    08/11/2011 11:11:15 AM PDT · by SeekAndFind · 25 replies
    Hotair ^ | 08/11/2011 | Jazz Shaw
    It’s an idea so beautiful in its simplicity and so perfectly targeted to cure one of our biggest national headaches that many readers will be slapping their foreheads in one of those, “I could have had a V-8″ moments. The housing market is still in the tank and the government has been forced to foreclose on countless properties which now sit vacant, generating no tax revenue. The nation’s coffers are running dry and we have to tackle our debt problem. But nobody wants to raise taxes. What to do?Why, you kill two birds with one stone, of course! We’ll let...
  • Attention Developers: Buy an Entire South Dakota Town for Less Than $1 Million

    07/29/2011 10:10:25 AM PDT · by SeekAndFind · 22 replies
    Christian Post ^ | 07/27/2011 | R. Leigh Coleman
    If you don’t mind an old saloon and two empty jails then this historic ghost town in South Dakota is for you. For sale: The majority of the land within the Township of Scenic, South Dakota, totaling about 46 acres. Over the years, since 1906, it has been a thriving town mostly of visitors for the convenience of fuel, groceries, hunting, fossil hunting and the world famous Longhorn Saloon. And the price? $799,000. Population: 9. The nearest town might be 50-miles away, but reporters, television crews, and millionaires are making plans to visit this small town located on the edge...
  • No more owner financing for real estate.

    07/28/2011 9:52:58 AM PDT · by Bill W was a conservative · 51 replies
    Federal Reserve ^ | 4/19/2011 | The Bolsheviks at the Federal Reserve
    The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal would apply to ALL CONSUMER MORTGAGES(except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans).
  • Foreclosures for rent? (New Obama scheme)

    07/25/2011 1:43:59 PM PDT · by 2ndDivisionVet · 18 replies
    WTVA-TV ^ | July 22, 2011 | Susan Parker
    Senior officials with President Obama's administration are looking at the possibility of renting out homes in foreclosure. According to published reports, taking foreclosures off the market and renting them is seen by some as one way to stabilize the housing market. This issue comes up for consideration at a time when monthly rental rates are soaring. They find home prices falling which they attribute to high foreclosure levels. Tupelo Realtor Brenda Estes says there are more than one hundred homes in foreclosure in a six county area of North Mississippi. She says renting them out is not the solution. "I...
  • Buy Real Estate- Here's the Math. The Long Term Cost of Owning vs Renting.

    07/12/2011 9:43:48 AM PDT · by SeekAndFind · 24 replies
    Townhall ^ | 07/12/2011 | Kathy Fettke
    Real estate professionals often get bashed when they suggest that “now” is a good time to buy property. While critics can have many subjective opinions based on their unique experiences, math always tells the truth. What do the numbers say about buying property today versus renting? Let’s take a look at a typical property for sale, located right at the center of the nation in Kansas City, Missouri. It’s a 3 bedroom, 2 bathroom home in the upscale suburb on NE Howard Street in Lees Summit. It is fully renovated with a new kitchen, new bathrooms, updated plumbing, electrical and...
  • Hawaii Adopts Obama Style Tax Hike On Rich

    07/09/2011 1:19:44 PM PDT · by Clairity · 66 replies
    Forbes ^ | July 9, 2011 | Janet Novack
    Despite all the talk about curbing tax breaks for corporate jets and big oil companies like Exxon Mobil and Chevron, the largest dollars in President Barack Obama's proposed deficit-reducing tax hikes ($293 billion over ten years) come from limiting the value of itemized tax deductions claimed by the better off. While it's gotten little notice on the mainland, Obama's birth state has just raised its taxes on the well off in much the same way. Last month, Democratic Governor Neil Abercrombie signed S.B. 570, making Hawaii the first state in the nation to place a dollar cap on the itemized...
  • Minimum 20% Down to be Required? (Let's Reinflate the Bubble!!)

    06/30/2011 7:25:03 AM PDT · by Notary Sojac · 77 replies
    Main Street Business Journal ^ | 29 June 2011 | A.N.Onymous
    A bipartisan group of U.S. senators and representatives last week joined with NAHB and other business and consumer groups in calling on federal regulators to revise a pending proposal that would require a minimum 20% downpayment for “qualified residential mortgages." They argued that such a plan goes against the intent of Congress, would keep homeownership out of reach of most first-time home buyers and many middle-class households, and would deal a devastating body blow to the already fragile housing market. “This rule is an overreach. If left as is, it would make recovery in the housing market almost impossible,” said...
  • Subsidized Housing Tenants Live Large On Your Dime (from the "YOU GOTTA BE KIDDING" file)

    06/30/2011 5:32:34 AM PDT · by Liz · 36 replies
    WMAL News ^ | 6/29/11 | Mark Weaver, WMAL News
    FAIRFAX, Va. -- Resort-style swimming pools with fountains and heated spas, billiards rooms, granite counter tops, ceramic tile, indoor basketball courts, stainless steel appliances -- many Fairfax County taxpayers cannot afford such luxuries. But they are paying for these amenities for use by low-income residents who live in subsidized housing in affluent neighborhoods. "They're a part of our rental program where we subsidize the rents for the individuals in the units, and we end up having to pick up the condo fees," supervisor Pat Herrity told 630 WMAL News. Herrity does not advocate putting low-income residents in "ghetto-style" housing but...
  • U.S. home prices up for first time in eight months

    06/28/2011 8:03:06 AM PDT · by Free Vulcan · 7 replies
    Marketwatch ^ | 6.28.11 | Steve Goldstein
    WASHINGTON (MarketWatch) — U.S. home prices in April rose for the first time in eight months, according to data released Tuesday that may reflect more of the beginning of buying season than a new sign in the troubled sector of the economy. Home prices rose 0.7% in April, trimming the year-on-year decline to 4%, according to the S&P/Case-Shiller 20-city home price index, which is one of the most closely followed gauges. The data was roughly in line was consensus estimates.
  • Canadians play big role in real estate rush

    06/23/2011 9:21:31 AM PDT · by 49parallel · 13 replies
    Yahoo Finance ^ | June 21, 2010
    "Canadians flocking to California, where high loonie can yield big returns in low real estate market"
  • Web won't replace real estate agents

    06/17/2011 4:33:21 PM PDT · by WilliamIII · 24 replies
    Orange County Register ^ | June 17, 2011 | Jeff Collins
    Now, online real estate data is so abundant, buyers and sellers can do most of the research themselves, according to speakers at the 45th annual conference of the National Association of Real Estate Editors. Nonetheless, speakers maintained, the Internet won't replace the real estate agent the way it did the travel agent.
  • Foreclosure limbo: Staying without paying.

    MODERATOR, I OPENED THIS UNDER CHIT CHAT AND WANT MY TITLE, THIS IS NOT A NEWS STORY POSTING Charles and Jill Segal have not made a mortgage payment in nearly five years -- but they continue to live in their five-bedroom West Palm Beach, Fla. home. Lynn, from St. Petersburg, Fla., has been living without paying for three years. In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost his home. They're not alone. Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure...
  • Americans' equity in their homes near a record low (worst since WWII)

    06/09/2011 10:12:16 AM PDT · by nhwingut · 12 replies
    AP ^ | 06/09/11 | Derek Kravitz
    WASHINGTON (AP) -- Falling home prices have shrunk equity so much that the proportion of their homes that Americans actually own is near its lowest point since World War II. The Federal Reserve says average home equity plunged from more than 61 percent at the start of 2001 to 38 percent in the January-March quarter this year. That drop comes as home prices in big metro areas have reached their lowest level since 2002.
  • HOLY COW: Robert Shiller Could Easily See Another 25% Drop In Home Prices

    06/09/2011 10:01:27 AM PDT · by blam · 17 replies
    TBI ^ | 6-9-2011 | Gregory White
    HOLY COW: Robert Shiller Could Easily See Another 25% Drop In Home Prices Gregory White Jun. 9, 2011, 12:24 PM If home prices fall another 10 to 25%, that "wouldn't surprise me at all," Robert Shiller told Reuters Insider today. Shiller says that the recovery is at risk right now, and a further rise in unemployment would hint that another recession was imminent. Today, initial jobless claims rose again, coming in higher than analyst expectations. Shiller says he doesn't see "any evidence" that real estate is coming out of its bearish cycle, that began in 2006. The latest Case-Shiller data...
  • The Australian home that no one will buy

    06/07/2011 9:44:46 PM PDT · by DeaconBenjamin · 37 replies
    Sydney Morning Herald ^ | June 5, 2011 | Ellen Lutton
    1350 Wynnum Road, Tingalpa .. on the market for 200 days, now with a 43 per cent mark down. This modest post-war home in Brisbane's eastern suburbs has been on the market for 200 days, having dropped its asking price by 43 per cent. When it was first listed in November 2010, the deceased estate was advertised at $700,000. That has been steadily reduced to $400,000. The scenario is Australia's worst but, says property expert Louis Christopher of SQM Research, it won't be the exception. Two other south-east Queensland homes are in the top 10 discounted properties, having slashed their...
  • The World's Number One Real Estate Agent Just Filed For Bankruptcy

    06/06/2011 10:06:38 AM PDT · by SeekAndFind · 62 replies
    Business Insider ^ | 06/06/2011 | Robert Johnson
    John McMonigle claims to be the world's number one real estate agent. With $2.5 billion in residential sales over the past six years, this 46-year-old realtor may well have been. And now he's declaring bankruptcy. According to the Orange County Register, McMonigle has amassed $50 million in debt, even after selling his luxurious Newport Beach condo, his car and personal effects. The Oklahoma native started small, arriving in California with only $73 in his pocket in 1989. But within four years he was grossing $100,000 a year. McMonigle's ascension through the ranks of top realtors reached dizzying heights during the...
  • China's Real Estate Bubble Is Making Your Cell Phone Obsolete--And Valuable

    06/02/2011 8:10:38 AM PDT · by TigerLikesRooster · 12 replies · 1+ views
    Fast Company ^ | 05/31/11 | Greg Lindsay
    China's Real Estate Bubble Is Making Your Cell Phone Obsolete--And Valuable BY Greg Lindsay Today In the latest installment of Butterfly Effect, we follow the impact of China's bulging real estate market on commodities such as copper, the latest tech innovations those commodities enable, the scrap they create, and the subsequent recycling opportunities--in China. 1. China's Ghost Cities /snip 2. What Goes Up… Must Come Down? /snip 3. Warehouses Full of Copper /snip It worked like this: They would buy copper on foreign exchanges, receive letters of credit from government banks or some other form of financing, and pledge the...
  • The Death of the McMansion-When housing market returns, we'll want smaller homes closer together

    05/30/2011 9:29:40 PM PDT · by 2ndDivisionVet · 172 replies
    Slate ^ | May 11, 2011 | Witold Rybczynski
    The U.S. housing market is going through an adjustment of historic proportions. Before 2006, when the housing slump commenced, American home builders regularly built as many as 2 million new houses annually, rarely less than a million. This amount was needed to keep up with new household formation, immigration, homeowners moving up, and replacement due to obsolescence. Since then the number of new houses built has dropped drastically—the seasonally adjusted annual figure announced by the federal government in February 2011 was about 400,000! What's going on? The recession, obviously. High unemployment and unease about the economy have made potential first-time...
  • Economist Andy Xie: Chinese Real Estate Prices Will Drop By 50% In 3 Years

    05/20/2011 7:46:10 AM PDT · by SeekAndFind · 8 replies
    Business Insider ^ | 05/20/2011
    Independent Economist Andy Xie has been a China bear for some years now, so long that as if there is no one who wants to listen to him again. Well, at least I will still first read about what he said before dismissing him. In the Lujiazui forum, he told Sina finance that real estate prices will drop by 25% by the end of this year, and 40-50% in three years. Yet he thinks the banking sector will not be hurt much even with 50% of drop. This now echoes the view by Guo Shiping, a professor in Shenzhen University,...
  • If You Are Unemployed, Should You Move Somewhere Else In Order To Find A Job?

    05/13/2011 3:26:35 PM PDT · by SeekAndFind · 18 replies
    The Economic Collapse ^ | 05/11/2011 | Michael Snyder
    It has been said that the definition of insanity is doing the same thing over and over and expecting different results. Unfortunately, millions of Americans find themselves slowly going insane as they apply for hundreds upon hundreds of jobs and yet never get hired. It is incredibly difficult to get a good job in most areas of the United States today. So if you are unemployed, and there are no jobs in your area, should you move somewhere else in an attempt to find work? That is a very hard question. Of course if what you are currently doing...
  • Foreclosure rate slows as repossession timeline lengthens (housing "frog" slowly being cooked)

    05/12/2011 3:09:46 AM PDT · by Cincinatus' Wife · 69 replies
    Los Angeles Times ^ | May 12, 2011 | Alejandro Lazo
    Increased scrutiny of how lenders foreclose on Americans has dragged the repossession process out to unprecedented lengths... ...economists said...delays could hold back a national housing rebound if foreclosures remain a significant part of the market for years to come. ....Nationally, foreclosures completed in the first quarter of 2011 took an average of 400 days,.... ...."[Lenders] are under increased pressure and encouragement to make every effort to do a loan modification, or a short sale, and that has been a dramatic change," [Houston] Smith said... ....In states where a court order is needed to repossess a home, foreclosures are taking even...
  • Home price double dip now official, study contends

    05/06/2011 12:13:56 PM PDT · by UniqueViews · 19 replies
    Boston Globe ^ | may 6, 2011 | Scott Van Voorhis
    Nationally, home prices have sunk below their previous low, set back during the recession in 2009, Clear Capital reports. April home prices were .7 percent below levels last reached in March, 2009, the latest milestone in a now months-long slide in real estate values, the research firm notes. Of course, the last time prices were headed south, in the aftermath of the global financial crisis in the fall of 2008, we saw a panicked Congress and real estate industry rush through the home buyer tax credit, which artificially buoyed sales and prices. This time around, there's no home buyer tax...
  • Should You Walk Away from Your Underwater Mortgage?

    05/02/2011 12:32:17 PM PDT · by Notary Sojac · 106 replies · 1+ views
    CBS Sacramento ^ | 28 April 2011 | Call Kurtis
    More than half of homeowners in Sacramento,San Joaquin and Stanislaus counties are upside down on their mortgages, owing more than their homes are worth. You can bet the conversation whether people should keep making the payments or walk away from a bad investment is happening in every single neighborhood in our area. “I don’t know what we’re going to do at all. I don’t have a clue,” Amilia Blackwell said. Married with a toddler and a baby on the way, she and her husband Jakob are feeling the pressure of living in an underwater home. They owe $40-thousand more than...
  • States With the Healthiest Housing Markets

    04/20/2011 10:21:30 PM PDT · by 2ndDivisionVet · 8 replies
    Yahoo! Real Estate / CNBC ^ | April 17, 2011 | Cindy Perman
    No doubt, some housing markets were hit harder than others during the recession. As a result, the markets less banged up are poised to be the first to bounce back when the housing recovery takes off. “You have some markets where so many things have gone wrong; it’s very difficult for those markets to make a recovery,” said Cameron Findlay, the chief economist at LendingTree. “Then, there are other markets, where only a couple things have gone wrong. For those markets, there’s still hope of a recovery.” LendingTree crunched the numbers for all 50 states and the District of Columbia...