Tuesday, December 9, 2008
Developer Withdraws Plan to Build Rite-Aid
http://www.phillyburbs.com/pb-dyn/news/113-12092008-1634824.html
I live in Plumstead Township and I'm glad they aren't going to build a drive throught Rite Aid!
I live in Plumstead Township and I'm glad they aren't going to build a drive throught Rite Aid!
Thursday, December 4, 2008
What to do with a foreclosure home near by...
This article discusses how to handle a home in the neighborhood that is in foreclosure and how it affects other homeowners. http://realestate.msn.com/Buying/Article_USNews.aspx?cp-documentid=14782257>1=35000
Michelle C.
Michelle C.
Tuesday, December 2, 2008
"small house movement"
http://realtytimes.com/rtpages/20081202_smallhouse.htm
I loved this article. It's about the trend in real estate moving away from these big huge mansion-type houses to smaller energy efficient homes with all the style you want, just on a smaller scale. This would be ideal as far as I am concerned. So much wasted energy occurs in these big houses that people have just to keep up with the Joneses. Rooms are closed off and not being used a lot of time or they're being heated and air-conditioned for no one. Also, as people age they can no longer take care of these big houses, funds get lower and they become eyesores. Check it out and think small. It's a wise move for the future.
I loved this article. It's about the trend in real estate moving away from these big huge mansion-type houses to smaller energy efficient homes with all the style you want, just on a smaller scale. This would be ideal as far as I am concerned. So much wasted energy occurs in these big houses that people have just to keep up with the Joneses. Rooms are closed off and not being used a lot of time or they're being heated and air-conditioned for no one. Also, as people age they can no longer take care of these big houses, funds get lower and they become eyesores. Check it out and think small. It's a wise move for the future.
Real Estate Outlook: Sales Jump in Ailing Markets
This is an article about the housing market in Florida as well as other states. It states that the prices have dropped between 24%-30% which makes it affordable for people to buy homes. Due to the decreasing prices, the Florida market is not doing that bad after all.
Please click on the link below to read the article.
http://realtytimes.com/rtpages/20081202_realestateoutlook.htm
Please click on the link below to read the article.
http://realtytimes.com/rtpages/20081202_realestateoutlook.htm
Monday, December 1, 2008
When Foreclosure Is the Unwise Choice
Here is an article that talks about why foreclosures happen so easily and how they can be avoided through modifications to the loan, which are difficult for a borrower to acquire.
Foreclosure
Foreclosure
Real Estate Boon in 2009
http://inman.com/buyers-sellers/columnists/berniceross/get-ready-real-estate-rebound
The above article talks about how things could really work out in 2009 for the real estate market. It doesn't make sense to me that it can bounce back so quickly.
The above article talks about how things could really work out in 2009 for the real estate market. It doesn't make sense to me that it can bounce back so quickly.
Bluegreen: 182 layoffs coming in January
http://www.palmbeachpost.com/localnews/content/business/epaper/2008/11/28/1128bluegreen.html
Bluegreen Corp, a timeshare developer, will be laying off employees due to plunging profits. Since we just read about timeshares and condominiums I thought this article was interesting.
Bluegreen Corp, a timeshare developer, will be laying off employees due to plunging profits. Since we just read about timeshares and condominiums I thought this article was interesting.
Commercial loan "nightmare" projected for 2009-JPMorgan
http://www.reuters.com/article/marketsNews/idUSN0150243220081201?rpc=77&industry=IND_REAL_ESTATE&isub=
Risky terms, will most likely see a significant increase in defaults in 2009 due to lack of credit, falling property values and reduced cash flow, Commercial real estate is will se problems in the near future due to the economy...
Risky terms, will most likely see a significant increase in defaults in 2009 due to lack of credit, falling property values and reduced cash flow, Commercial real estate is will se problems in the near future due to the economy...
Wednesday, November 26, 2008
Real Estate Outlook: Sales Picking Up Tempo
http://realtytimes.com/rtpages/20081125_realestateoutlook.htm
This article is basically about how the market is moving forward, NOT dramically, but it is picking up slowly. And that people are jumping on the opportunity that the market price of homes has dropped!
This article is basically about how the market is moving forward, NOT dramically, but it is picking up slowly. And that people are jumping on the opportunity that the market price of homes has dropped!
Tuesday, November 25, 2008
Taking Risks on Real Estate Projects
http://www.nydailynews.com/ny_local/queens/2008/11/25/2008-11-25_mall_struggles_to_catch_on_owner_says_at.html
This article is about a fancy shopping mall that was built in a blue collar neighbourhood. Unsurprisingly to some, the mall has not become popular with residents. The article discusses how some saw placing upscale shops in a lower to middle class neighbourhood was seen as both enterprising and foolish by different people.
This article is about a fancy shopping mall that was built in a blue collar neighbourhood. Unsurprisingly to some, the mall has not become popular with residents. The article discusses how some saw placing upscale shops in a lower to middle class neighbourhood was seen as both enterprising and foolish by different people.
Monday, November 24, 2008
Reverse Mortgages Receive Higher Lending Limits
The increased lending limit for reversed mortgages will help some seniors to pay off their first loan and decrease their financial burden.
Department of Housing and Urban Development's Reverse Mortgage Lending Increase
Department of Housing and Urban Development's Reverse Mortgage Lending Increase
5 fatal flaws in buying a foreclosure
I am on someone else's computer so I hope this works right. A foreclosure purchase may seem like it would save you money but this article points out key issues when looking at purchasing this kind of property... sub-prime inspection, environmental issues, not that great of a price, maintenance or damage or structural issues, etc. http://realestate.aol.com/article/improve/_a/five-fatal-foreclosure-flaws/20081103164409990001?ncid=AOLCOMMre00DYNLsec0002&icid=100214839x1213446983x1200838073
Michelle C
Michelle C
Sunday, November 23, 2008
Township eyes $40 tax increase
http://www.phillyburbs.com/pb-dyn/news/113-11232008-1626330.html
Due to the slowdown in the sale of real estate, townships are losing money because of the lack of real estate transfer taxes.
Due to the slowdown in the sale of real estate, townships are losing money because of the lack of real estate transfer taxes.
Thursday, November 20, 2008
NYC transit system and the ripple effect
http://news.yahoo.com/s/ap/20081120/ap_on_re_us/nyc_transit_woes;_ylt=AvACABFMrfJCArjZfm6dy6VvzwcF
This article is actually about the proposed rate hike in the NYC transit system. I got to thinking, however, when I read this article about whether it would have an impact on housing in NYC and its surrounding areas. The truth of the matter is that even if in a small way, everything that happens in a town does have a ripple effect. In this case, service cuts were also proposed which included the "elimination of bus and subway lines in areas where there is either low ridership or a duplication of services." There are people who live and work on these lines. This could cause them to change residences and/or jobs. It could change the character of the particular neighborhood involved. The article also states that, "While none of the changes would cut off neighborhoods entirely, they would mean longer travel times, more waiting around on the platform and stuffing more people into subways that are already crowded." This too could cause changes in affected neighborhoods lifestyles, even if it is in a small way. Our communites are built and formed by other things or the lack of things in the vicinity and sometimes they wither away because of the lack of certain things as well.
This article is actually about the proposed rate hike in the NYC transit system. I got to thinking, however, when I read this article about whether it would have an impact on housing in NYC and its surrounding areas. The truth of the matter is that even if in a small way, everything that happens in a town does have a ripple effect. In this case, service cuts were also proposed which included the "elimination of bus and subway lines in areas where there is either low ridership or a duplication of services." There are people who live and work on these lines. This could cause them to change residences and/or jobs. It could change the character of the particular neighborhood involved. The article also states that, "While none of the changes would cut off neighborhoods entirely, they would mean longer travel times, more waiting around on the platform and stuffing more people into subways that are already crowded." This too could cause changes in affected neighborhoods lifestyles, even if it is in a small way. Our communites are built and formed by other things or the lack of things in the vicinity and sometimes they wither away because of the lack of certain things as well.
Issue of Artificial vs. Real Grass on the west coast
http://news.yahoo.com/s/ap/20081120/ap_on_re_us/turf_battle;_ylt=ApzdnuD6BPhG7rRyc7CSO_hvzwcF
Here's an interesting one. It goes something like this, "...the dilemma confronting Californians: Water supplies are dwindling, but some cities still require homeowners to maintain lush, green lawns. Other communities forbid artificial turf. People are actually getting fined for putting down artificial grass because it violates city ordinances. Lush green lawns in areas of California are somewhat of a status symbol. Yet, "Some water districts are offering customers $1 rebates for each square foot of lawn they remove and 30 cents per square foot of fake grass they install."
Here's an interesting one. It goes something like this, "...the dilemma confronting Californians: Water supplies are dwindling, but some cities still require homeowners to maintain lush, green lawns. Other communities forbid artificial turf. People are actually getting fined for putting down artificial grass because it violates city ordinances. Lush green lawns in areas of California are somewhat of a status symbol. Yet, "Some water districts are offering customers $1 rebates for each square foot of lawn they remove and 30 cents per square foot of fake grass they install."
Wednesday, November 19, 2008
Housing in Recovery
http://realtytimes.com/rtpages/20081118_realestateoutlook.htm
This article is basically talking about the Housing market not being the Stock Market. The Housing Market is in recovery and the %s are on the rise lately. Its a positive outlook instead of all the negative in the economy.
This article is basically talking about the Housing market not being the Stock Market. The Housing Market is in recovery and the %s are on the rise lately. Its a positive outlook instead of all the negative in the economy.
Tuesday, November 18, 2008
http://money.cnn.com/2008/11/13/real_estate/foreclosures_october/index.htm?postversion=2008111315
It just keeps getting scarier by the minute. There have been over 9 million homes foreclosed since August of 2007. I thought it was particularly interesting that many people just stopped paying because of the crisis and not due to financial hardship...it is just easier to walk away. And we blame the banks, right?
It just keeps getting scarier by the minute. There have been over 9 million homes foreclosed since August of 2007. I thought it was particularly interesting that many people just stopped paying because of the crisis and not due to financial hardship...it is just easier to walk away. And we blame the banks, right?
Monday, November 17, 2008
Getting Relief From Tax Man
"Some residents in newer homes have argued their taxes subsidize the owners of older homes, whose property taxes are based on values set during the last countywide reassessment - in 1972. "
http://www.phillyburbs.com/pb-dyn/news/113-11162008-1622380.html
http://www.phillyburbs.com/pb-dyn/news/113-11162008-1622380.html
Sunday, November 16, 2008
Changing Real Estate Market Prompts Creative Ways to Buy and Sell
Now that lenders are more selective with who they loan money to, many people are being turned down for mortgages because of deficient assets. However, lending rules for certain government backed mortgages allow a "non-occupant co-borrower" to co-sign for the mortgage. There are also other ways that real estate transactions are happening now such as buyers and sellers cooperating to help each other attain their goals.
Creative Ways To Buy and Sell
Creative Ways To Buy and Sell
Attorney Questions Zoning Board's Objectivity
http://www.phillyburbs.com/pb-dyn/news/113-11162008-1622307.html
This article relates to both of the service learning presentations we heard. It is about a zoning board hearing about mineral rights in Nockamixon.
This article relates to both of the service learning presentations we heard. It is about a zoning board hearing about mineral rights in Nockamixon.
Friday, November 14, 2008
Where do people go when they lose their houses? Why do we keep building new ones? Do we have too many already?
This article touches on 5 "dumb" questions of our housing mess...
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomebuyingGuideDyn.aspx?cp-documentid=12323364>1=33007
I am posting this early for next week because I am outta town 9 days for the holiday and will have limited access to a computer. Happy Thanksgiving! Michelle C.
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomebuyingGuideDyn.aspx?cp-documentid=12323364>1=33007
I am posting this early for next week because I am outta town 9 days for the holiday and will have limited access to a computer. Happy Thanksgiving! Michelle C.
Thursday, November 13, 2008
Fireplaces, chimneys and homeowners assocs.
http://realtytimes.com/rtpages/20081112_fireplace.htm
This is an article about homeowners associations' responsibilities to make sure that fireplaces all meet fire safety codes. It goes on to say that having fireplaces/chimneys cleaned even if they are not used very often is especially "important in common wall communities like condominiums and townhomes where a chimney fire can spread to neighboring units." It is a timely reminder for anyone who has a fireplace.
This is an article about homeowners associations' responsibilities to make sure that fireplaces all meet fire safety codes. It goes on to say that having fireplaces/chimneys cleaned even if they are not used very often is especially "important in common wall communities like condominiums and townhomes where a chimney fire can spread to neighboring units." It is a timely reminder for anyone who has a fireplace.
Wednesday, November 12, 2008
Zoning and "billboards vs. signs"
http://www.pittsburghlive.com/x/pittsburghtrib/news/east/s_392563.html
Here's an article on zoning and billboards from the Pittsburg Tribune-Review about how converting from conventional to digital billboards has caused problems for one advertising company. The company made application for a sign permit, but the zoning officer says it is actually a billboard which requires planning commission approval. This is happening in Monroeville, PA where the municipality's sign regulations are "more permissive than its billboard regulations".
Here's an article on zoning and billboards from the Pittsburg Tribune-Review about how converting from conventional to digital billboards has caused problems for one advertising company. The company made application for a sign permit, but the zoning officer says it is actually a billboard which requires planning commission approval. This is happening in Monroeville, PA where the municipality's sign regulations are "more permissive than its billboard regulations".
Economic Crisis
http://www.philly.com/philly/news/20081111_Parade_to_celebrate_World_Series_win_cost_city_more_than__1_million.html i think that even though our cities team won the world series, why is it the responsibility of the tax payers to pay for the parade. The million dollars or so that it cost i think could be put to alot of better things. for example helping families out who have lost their homes due to our current economic crisis.
Tuesday, November 11, 2008
FHA
This article is about the FHA to guarantee and Fannie and Freddie to purchase loans of up to 115 percent of the median home price for a given area after Jan. 1, as determined by the Federal Housing Finance Agency (FHFA). As of Jan. 1, the ceiling for both FHA loan guarantees and Fannie and Freddie will be reduced to 150 percent of the $417,000 conforming loan limit, which is also set by FHFA.
http://www.inman.com/news/2008/11/11/loan-limits-coming-down
http://www.inman.com/news/2008/11/11/loan-limits-coming-down
Real Estate Firm in Bankruptcy
I thought that this article shows how fast things can go sour in the real estate world. The company had huge growth in six years and now has collapsed due to the real estate market. http://www.idahostatesman.com/business/story/566911.html
Monday, November 10, 2008
http://realtytimes.com/rtpages/20081110_condotrends.htm
Since our discussion this week was in regard to condos v. cooperatives, I thought this article was especially relevent. Basically, it tells us that baby boomers will be driving the condo market because of their reluctance to do maintenence and that condos will get bigger for those who want office space and guest quarters.
Since our discussion this week was in regard to condos v. cooperatives, I thought this article was especially relevent. Basically, it tells us that baby boomers will be driving the condo market because of their reluctance to do maintenence and that condos will get bigger for those who want office space and guest quarters.
Washington Report: What Obama means for Housing
http://realtytimes.com/rtpages/20081110_washingtonreport.htm
Looks like there might be some changes in the mortgage and banking industries in the near future. This article suggest some of the things Obama might do to help the mortgage industry.
Looks like there might be some changes in the mortgage and banking industries in the near future. This article suggest some of the things Obama might do to help the mortgage industry.
Some Small Banks Are a Refuge From Credit Crunch
http://www.foxbusiness.com/story/markets/industries/finance/small-banks-refuge-credit-crunch/
This article is basically, how small bankers are pissed, because they played by the rules, by not giving loans to people who could'nt afford them. And that the large banks did exactly the opposite by lending to people who could not afford the mortgages, just to make a quick buck. So now the small banks pay the price for playing by the rules, because the big banks are getting bailed out by the stimulouse package.
This article is basically, how small bankers are pissed, because they played by the rules, by not giving loans to people who could'nt afford them. And that the large banks did exactly the opposite by lending to people who could not afford the mortgages, just to make a quick buck. So now the small banks pay the price for playing by the rules, because the big banks are getting bailed out by the stimulouse package.
Friday, November 7, 2008
Top 10 States for Foreclosure
Here was a brief article/photo clip of the top ten states with foreclosures. Nevada being the top one... http://realestate.aol.com/pictures/finance/underwater-mortgage-states?icid=100214839x1212217797x1200784728
Michelle C
Michelle C
interest rates
realtytimes.com/rtpages/20081107_rates.htm here is an interesting article i found about our current economic market which is causing mortgage interest rates to drop!!
Thursday, November 6, 2008
Economic Crisis Hit the City of Philadelphiahttp://www.myfoxphilly.com/myfox/pages/Home/Detail?contentID=7803472&version=12
http://www.myfoxphilly.com/myfox/pages/Home/Detail?contectID=7803472&version=12
Mayor Nutter announced today the layoffs of 200 city workers and another 600 vacant positions will not be filled. City pools will not reopen and 11 libraries will also be closed. The mayor has even reduced his own salary by 10% as will the salaries be reduced for many high executive city employees. Fox News reported that the Mayor announced the cutbacks were a result of the national and international crisis.
Mayor Nutter announced today the layoffs of 200 city workers and another 600 vacant positions will not be filled. City pools will not reopen and 11 libraries will also be closed. The mayor has even reduced his own salary by 10% as will the salaries be reduced for many high executive city employees. Fox News reported that the Mayor announced the cutbacks were a result of the national and international crisis.
Wednesday, November 5, 2008
Land Use Planning in Oregon
http://media.barometer.orst.edu/media/storage/paper854/news/2008/10/16/News/Students.Pitch.In.On.Oregon.Land.Use.Planning-3490280-page2.shtml
Above is a link to a short article about land use planning in Oregon involving students in the Oregon University System. I liked it because it discussed how a certain report indicated that citizen participation needed to increase relating to land use goals in their own communites, and how targeted goals apply to the objective of "having more compact living and the idea of people not spreading out so far into broader rural lands."
Above is a link to a short article about land use planning in Oregon involving students in the Oregon University System. I liked it because it discussed how a certain report indicated that citizen participation needed to increase relating to land use goals in their own communites, and how targeted goals apply to the objective of "having more compact living and the idea of people not spreading out so far into broader rural lands."
New Stimulus Bill and the Housing Market
This article outlines what the real estate industry's wish list for a new government stimulus package would be in order to prop up the housing market. It brings in some interesting ideas but I don't feel that any of them are likely to happen in the current lame duck congress. Everything is most likely going to be pushed off to the new year and the new term.http://www.inman.com/news/2008/11/4/ready-another-stimulus-bill
Tuesday, November 4, 2008
Resilience Increased By Mentally Moving On
Letting go of what you thought your home was worth is hard for many people. Especially for those who have added value to their homes through extensive home improvements. This article has some suggestions for de-stressing over the current market.
Staying Resilient
Staying Resilient
Monday, November 3, 2008
Board: Above Ground Cable Boxes OKhttp://www.phillyburbs.com/pb-dyn/news/111-11032008-1615300.html
http://www.phillyburbs.com/pb-dyn/news/111-11032008-1615300.html
This article is about Lower Makefield's zoning board allowing above-ground cable boxes. We have one in our yard and they are big!
This article is about Lower Makefield's zoning board allowing above-ground cable boxes. We have one in our yard and they are big!
FDIC, Treasury Mull Foreclosure-Prevention Program
http://www.foxbusiness.com/story/markets/industries/finance/fdic-treasury-department-working-new-program-prevent-foreclosures/
This is an article about how banks are going to help people stay in their homes during the economic crisis by giving them a five year "time out" the plan will lower their mortgage payments and restructure the loans according to what people can pay! Its really interesting , READ
This is an article about how banks are going to help people stay in their homes during the economic crisis by giving them a five year "time out" the plan will lower their mortgage payments and restructure the loans according to what people can pay! Its really interesting , READ
Friday, October 31, 2008
http://www.bizjournals.com/twincities/stories/2008/10/27/daily41.html?b=1225080000^1726546&brthrs=1
This article is about how many people owe mortgage amounts that are significantly greater than the value of their homes...while it's based in Minnesota, it lists other states that are finding this a big problem. These are called "negative equity mortgages"
This article is about how many people owe mortgage amounts that are significantly greater than the value of their homes...while it's based in Minnesota, it lists other states that are finding this a big problem. These are called "negative equity mortgages"
Thursday, October 30, 2008
Wednesday, October 29, 2008
Homeowners Insurance
http://money.cnn.com/2008/10/22/real_estate/home_policy.moneymag/index.htm?postversion=2008102814
Above is a link to an article about homeowners insurance. It has some good pointers for keeping your cost down. I was a bit surprised to read that some insurers can just stop insuring in certain areas because of past weather patterns. The accompanying article on page 2 regarding what a homeowner can do about rising rates had some interesting solutions.
Above is a link to an article about homeowners insurance. It has some good pointers for keeping your cost down. I was a bit surprised to read that some insurers can just stop insuring in certain areas because of past weather patterns. The accompanying article on page 2 regarding what a homeowner can do about rising rates had some interesting solutions.
Tuesday, October 28, 2008
End Is in Sight for Housing Slump
According to this article, the housing market will straighten out by the middle of next year due to the strengthening dollar..
The Prediction
The Prediction
Monday, October 27, 2008
Selling a Haunted House
I found this article to be interesting because it touches on something I've never really thought about. What exactly are you supposed to do when selling a house you think is haunted? Should you tell the buyer or are they just going to think you are crazy? http://http://naturalplane.blogspot.com/2008/10/real-estate-disclosure-laws-may-include.html
Sunday, October 26, 2008
4 million behind in mortgage by one month in June
http://news.aol.com/article/other-woes-makes-foreclosure-crisis-hard/226052
doesn't look like it is over or getting any better yet... Michelle C.
doesn't look like it is over or getting any better yet... Michelle C.
Sidewalk to Nowhere
http://www.phillyburbs.com/pb-dyn/news/113-10262008-1611188.html
They didn't know that part of their front yard was considered a township easement when they bought their property. This should have shown up in the title report. Linda Gouldey
They didn't know that part of their front yard was considered a township easement when they bought their property. This should have shown up in the title report. Linda Gouldey
Thursday, October 23, 2008
It's No Better in Beijing Either...
http://www.chinaeconomicreview.com/realestate/2008/10/24/chill-in-the-real-estate-sector.html
This article relates that property transactions in Beijing appear to be worse than they are here... hit a record low of 72% down year-on-year, in Beijing, which is usually the busiest time for housing sales. It says that property agencies are the worst hit during downward housing sales as most of real estate developers give their apartments to agencies to sell, and that it will take 1 - 2 years for the housing market to stabilize and develop again.
This article relates that property transactions in Beijing appear to be worse than they are here... hit a record low of 72% down year-on-year, in Beijing, which is usually the busiest time for housing sales. It says that property agencies are the worst hit during downward housing sales as most of real estate developers give their apartments to agencies to sell, and that it will take 1 - 2 years for the housing market to stabilize and develop again.
Tuesday, October 21, 2008
MELTDOWN ARTICLE
http://http://www.businessweek.com/magazine/content/08_06/b4070040767516.htm
This one is contradicting the current predictions that the housing meltdown is bottoming out.
This one is contradicting the current predictions that the housing meltdown is bottoming out.
Towns to share trash moneyhttp://www.phillyburbs.com/pb-dyn/news/111-10202008-1607993.html
http://www.phillyburbs.com/pb-dyn/news/111-10202008-1607993.html
This article is about a landfill that covers land in two different towns. Each town should have their own surveyor.
This article is about a landfill that covers land in two different towns. Each town should have their own surveyor.
Monday, October 20, 2008
Mortgage Rates Shoot up Following Bond Yields
It looks like the price of housing should soon drop even more due to rising interest rates of fixed rate mortgages.
Interest Rates Rise
Interest Rates Rise
Poll: Public anxiety on economy intensifies
http://www.msnbc.msn.com/id/27282845
This is an interesting article--a recent poll revealed that most people are anxious about the future, about losing their jobs and meeting mortgage and credit card payments. People are concerned about the real estate meltdown and the economy today, especially when we need to work longer (and not be able to retire) or those who had planned to retire, but lost money in retirement plans.
This is an interesting article--a recent poll revealed that most people are anxious about the future, about losing their jobs and meeting mortgage and credit card payments. People are concerned about the real estate meltdown and the economy today, especially when we need to work longer (and not be able to retire) or those who had planned to retire, but lost money in retirement plans.
Tiny houses
Something more positive in the real estate world. On AOL today was an article about a man how designs/builds really tiny houses. 297 square ft. At the rate of the economic crisis we may all be looking in this direction. There are some pretty impressive pictures considering the size. I think the Unabombers shack was bigger than this place... but not as nice :) Michelle C.
http://home.aol.com/new_in_home/photogallerytall/_a/tumbleweed-tiny-house-company/20080930152809990001?icid=100214839x1211517821x1200734793
http://home.aol.com/new_in_home/photogallerytall/_a/tumbleweed-tiny-house-company/20080930152809990001?icid=100214839x1211517821x1200734793
Sunday, October 19, 2008
"Zillow lays off 25 percent of workforce"
http://www.inman.com/news/2008/10/17/zillow-lays-25-percent-workforce
I found this article interesting because it involves both real estate and current technology. Zillow is a website began in 2005 which focuses on providing free home valuations called "Zestimates" which are computed using the website's proprietary formula. (It is an online valuation and listings site.) Within 2 days of launching, they served their millionith visitor and thereafter expanded with additional social features, including a heat map and 3D view, a question and answer feature, and user posted photos of their homes. Now, however, the current economy has caused Zillow to lay off 25% of its workforce because it anticipates a prolonged recession.
I found this article interesting because it involves both real estate and current technology. Zillow is a website began in 2005 which focuses on providing free home valuations called "Zestimates" which are computed using the website's proprietary formula. (It is an online valuation and listings site.) Within 2 days of launching, they served their millionith visitor and thereafter expanded with additional social features, including a heat map and 3D view, a question and answer feature, and user posted photos of their homes. Now, however, the current economy has caused Zillow to lay off 25% of its workforce because it anticipates a prolonged recession.
Wednesday, October 15, 2008
Economic crisis
Sorry for putting the entire article on the blog but when i go back and check to make sure the link works it says website is not available.
Bernanke: Quick Economic Rebound Not In Cards
President Meets With Cabinet On Economy
WASHINGTON -- The country's economic health won't snap back quickly even if badly needed confidence in the U.S. financial system returns and roiled markets finally calm, Federal Reserve Chairman Ben Bernanke cautioned on Wednesday.
Save Money
"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away,"
The government's new powers under the $700 billion financial bailout package signed into law two weeks ago should help reduce risks to the economy, Bernanke said.
Tapping that new authority, the Treasury Department announced Tuesday that it will inject up to $250 billion in U.S. banks in return for partial ownership. It is hoped that banks will use the cash infusion to rebuild their reserves and lend money more freely to businesses and consumers.
The government also plans to buy rotten mortgages and other bad debts held by banks, another new power granted by the bailout package.
The rationale behind capital injections and buying bad debts is to unclog credit. That should help financial markets function more normally again and -- in time -- help the wobbly economy get back on stronger footing.
Bush: Bailout For 'Working People' As Well
President George W. Bush said Wednesday that a government bailout plan is not just designed to help Wall Street.
He said the government intervention is also aimed at helping everyday Americans -- "working people" and small-business owners.
Bush also said the government will be a "passive investor" in shoring up banks and that the financial industry rescue plan is designed to preserve -- not replace -- the free enterprise system.
In a meeting with his Cabinet at the White House on Wednesday morning, Bush said he's confident that in the long run the economy will "come back."
On Tuesday, his administration announced a $250 billion cash infusion for selected banks to help stabilize the system and nudge banks into lending again. Despite the plan, Wall Street remains wary of job losses, the housing crisis and consumers' decision to curb spending.
Bush called the plan a short-term measure to insure the viability of America's banking system.
This partial, temporary purchase is being done in concert with the European allies. This weekend, Bush will host French President Nicolas Sarkozy and European Commission President Jose Barroso at Camp David.
Bush and his top advisers are making it clear they're not crazy about the idea of the government buying into the nation's banking system. But they say it's necessary to free up credit.
The first bank to take advantage of the new program was Bank of New York Mellon. It announced that it's selling $3 billion in preferred shares to the Treasury.
Earlier, Treasury Secretary Henry Paulson said he expects improvement in the condition of the economy over time but that there will be "a bump in the road" along the way.
He said Wednesday that the next several months are going to be rough ones for the economy.
But, he said, the government's decision to buy into the nation's banking system with an investment in nine large banks at the outset should stabilize the financial system and loosen the tight credit market.
The secretary was interviewed on ABC's "Good Morning America." He acknowledged that he initially opposed government intervention into the banking industry but that new facts changed the circumstances in recent days.
Paulson said, "There's no doubt that the way to get the maximum bang for the taxpayers here was to invest in banks."
He said it's "not what we ever wanted to do," but it's "what we must do to restore confidence to our financial system."
Ups, Downs On Wall Street, Abroad
Stock prices were lower in early trading Wednesday. The Dow Jones Industrial Average was down about 150 points in early going.
The Nasdaq Composite Index was off 30 points and the Standard & Poor's 500 Stock Index was down 23 points.
On Tuesday, a day after the Dow saw its biggest one-day gain, the key averages gave some ground.
The Dow closed at 9,310 after a loss of nearly 77 points.
Most Asian stock markets slipped a bit Wednesday after a two-day rally, though Japan bucked the trend.
The Nikkei average was down in early trading but finished about 1 percent higher. The benchmark surged 14 percent in the previous session. That was its biggest single-day gain ever.
Hong Kong's Hang Seng Index lost 5 percent after rising more than 13 percent the previous two days. Markets in Australia, South Korea, China and Singapore were also lower.
Concerns linger that worldwide efforts to revive the financial system won't be enough to stave off a global recession.
Bernanke: Quick Economic Rebound Not In Cards
President Meets With Cabinet On Economy
WASHINGTON -- The country's economic health won't snap back quickly even if badly needed confidence in the U.S. financial system returns and roiled markets finally calm, Federal Reserve Chairman Ben Bernanke cautioned on Wednesday.
Save Money
"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away,"
The government's new powers under the $700 billion financial bailout package signed into law two weeks ago should help reduce risks to the economy, Bernanke said.
Tapping that new authority, the Treasury Department announced Tuesday that it will inject up to $250 billion in U.S. banks in return for partial ownership. It is hoped that banks will use the cash infusion to rebuild their reserves and lend money more freely to businesses and consumers.
The government also plans to buy rotten mortgages and other bad debts held by banks, another new power granted by the bailout package.
The rationale behind capital injections and buying bad debts is to unclog credit. That should help financial markets function more normally again and -- in time -- help the wobbly economy get back on stronger footing.
Bush: Bailout For 'Working People' As Well
President George W. Bush said Wednesday that a government bailout plan is not just designed to help Wall Street.
He said the government intervention is also aimed at helping everyday Americans -- "working people" and small-business owners.
Bush also said the government will be a "passive investor" in shoring up banks and that the financial industry rescue plan is designed to preserve -- not replace -- the free enterprise system.
In a meeting with his Cabinet at the White House on Wednesday morning, Bush said he's confident that in the long run the economy will "come back."
On Tuesday, his administration announced a $250 billion cash infusion for selected banks to help stabilize the system and nudge banks into lending again. Despite the plan, Wall Street remains wary of job losses, the housing crisis and consumers' decision to curb spending.
Bush called the plan a short-term measure to insure the viability of America's banking system.
This partial, temporary purchase is being done in concert with the European allies. This weekend, Bush will host French President Nicolas Sarkozy and European Commission President Jose Barroso at Camp David.
Bush and his top advisers are making it clear they're not crazy about the idea of the government buying into the nation's banking system. But they say it's necessary to free up credit.
The first bank to take advantage of the new program was Bank of New York Mellon. It announced that it's selling $3 billion in preferred shares to the Treasury.
Earlier, Treasury Secretary Henry Paulson said he expects improvement in the condition of the economy over time but that there will be "a bump in the road" along the way.
He said Wednesday that the next several months are going to be rough ones for the economy.
But, he said, the government's decision to buy into the nation's banking system with an investment in nine large banks at the outset should stabilize the financial system and loosen the tight credit market.
The secretary was interviewed on ABC's "Good Morning America." He acknowledged that he initially opposed government intervention into the banking industry but that new facts changed the circumstances in recent days.
Paulson said, "There's no doubt that the way to get the maximum bang for the taxpayers here was to invest in banks."
He said it's "not what we ever wanted to do," but it's "what we must do to restore confidence to our financial system."
Ups, Downs On Wall Street, Abroad
Stock prices were lower in early trading Wednesday. The Dow Jones Industrial Average was down about 150 points in early going.
The Nasdaq Composite Index was off 30 points and the Standard & Poor's 500 Stock Index was down 23 points.
On Tuesday, a day after the Dow saw its biggest one-day gain, the key averages gave some ground.
The Dow closed at 9,310 after a loss of nearly 77 points.
Most Asian stock markets slipped a bit Wednesday after a two-day rally, though Japan bucked the trend.
The Nikkei average was down in early trading but finished about 1 percent higher. The benchmark surged 14 percent in the previous session. That was its biggest single-day gain ever.
Hong Kong's Hang Seng Index lost 5 percent after rising more than 13 percent the previous two days. Markets in Australia, South Korea, China and Singapore were also lower.
Concerns linger that worldwide efforts to revive the financial system won't be enough to stave off a global recession.
Tuesday, October 14, 2008
Horsham Unhappy with Base Measure
It appears the issues of the air base in Horsham are still not resolved. Who is going to be allowed to use the runway is still in debate and unspecified. Some homeowners who have lived in the area for a long time are concerned about the amount of "air traffic" and about who will be allowed to use the runway possibly increasing the air traffic. Fortunately, I am not close enough to have to deal with that daily but I do drive 611 frequently and road traffic could become an issue... See the article in the Intelligencer.
http://www.phillyburbs.com/pb-dyn/news/113-10132008-1604825.html
Michelle C.
http://www.phillyburbs.com/pb-dyn/news/113-10132008-1604825.html
Michelle C.
Monday, October 13, 2008
Weird Real Estate News
OMG, I just couldn't help myself...I have no idea why she did this, but ya have to wonder???
http://http://www.cbsnews.com/stories/2008/10/10/ap/strange/main4514503.shtml
http://http://www.cbsnews.com/stories/2008/10/10/ap/strange/main4514503.shtml
realtytimes.com/rtpages/20081013_mrktconditions.htm
Here is an interesting article i found. With the current condition of today's economy the housing market has suffered greatly. But to my suprise Austin Texas has seems to not be affected by this like the rest of the country. Homes are not staying on the market as long as the rest of the country. So why is Austin so different as everyone else?
Here is an interesting article i found. With the current condition of today's economy the housing market has suffered greatly. But to my suprise Austin Texas has seems to not be affected by this like the rest of the country. Homes are not staying on the market as long as the rest of the country. So why is Austin so different as everyone else?
The Importance of Termite Inspection
About half to three-fourths of the US is prone to termites - I didn't know that. Also, you may not realize you have a problem until five years afterwards...
Termites
Termites
Estranged couple's home cut in half
I don't think this worked the first time I posted it. I copied the article, the link is also listed again at the bottom. If it works, there is a picture of the house cut in half.
Estranged Couple's Home Cut in Half
By SAEED AHMED,
CNN
posted: 3 DAYS 8 HOURS AGO
(Oct. 9) - A Cambodian couple who separated after 40 years of marriage may have taken things too literally when it came to splitting their assets: The husband cut the house in two.
AFP/Getty Images
The split house is located in the Prey Veng province of southern Cambodia.
"It is the strangest thing I've ever seen," said May Titthara, who wrote about the case for The Phnom Penh Post, an English-language newspaper in the Cambodian capital. "People there never saw this happen in a divorce. It is very interesting for them."
The husband and wife had been living together in the house in a village in the Prey Veng province of southern Cambodia, roughly 50 miles from the capital.
The couple would not talk to the newspaper, but the village chief told May Titthara that the husband was angry because his wife wouldn't tend to him when he was ill.
Last week, the husband and his friends moved his belongings to one side of the house -- and sawed and chiseled it off, said the reporter, who interviewed the village chief and neighbors.
The couple also divided their property into four sections: for themselves and their two children.
Because the couple side-stepped the provincial courts when they parted ways, their unusual resolution could pose a problem later, said Prak Phin, a lawyer for Legal Support for Child and Women in the province.
"This was a not a legal divorce. It never went to the court," he said. "If they have disagreements in the future, they will not have a legal (recourse)."
The man moved his part of the house to his parents' property, May Titthara said. He lives with his parents, while the wife continues to reside in her precariously perched, upright half. http://news.aol.com/article/estranged-couples-home-cut-in-half/206187
Estranged Couple's Home Cut in Half
By SAEED AHMED,
CNN
posted: 3 DAYS 8 HOURS AGO
(Oct. 9) - A Cambodian couple who separated after 40 years of marriage may have taken things too literally when it came to splitting their assets: The husband cut the house in two.
AFP/Getty Images
The split house is located in the Prey Veng province of southern Cambodia.
"It is the strangest thing I've ever seen," said May Titthara, who wrote about the case for The Phnom Penh Post, an English-language newspaper in the Cambodian capital. "People there never saw this happen in a divorce. It is very interesting for them."
The husband and wife had been living together in the house in a village in the Prey Veng province of southern Cambodia, roughly 50 miles from the capital.
The couple would not talk to the newspaper, but the village chief told May Titthara that the husband was angry because his wife wouldn't tend to him when he was ill.
Last week, the husband and his friends moved his belongings to one side of the house -- and sawed and chiseled it off, said the reporter, who interviewed the village chief and neighbors.
The couple also divided their property into four sections: for themselves and their two children.
Because the couple side-stepped the provincial courts when they parted ways, their unusual resolution could pose a problem later, said Prak Phin, a lawyer for Legal Support for Child and Women in the province.
"This was a not a legal divorce. It never went to the court," he said. "If they have disagreements in the future, they will not have a legal (recourse)."
The man moved his part of the house to his parents' property, May Titthara said. He lives with his parents, while the wife continues to reside in her precariously perched, upright half. http://news.aol.com/article/estranged-couples-home-cut-in-half/206187
Estranged couple's home cut in half.
http://http://news.aol.com/article/estranged-couples-home-cut-in-half/206187
This couple needed a prenuptial agreement!
This couple needed a prenuptial agreement!
Sunday, October 12, 2008
"Real estate in play as WaMu and others shrink"
http://seattletimes.nwsource.com/html/businesstechnology/2008256762_sundaybuzz12.html?syndication=rss
Above is a link to an article pitched at r.e. agents/brokers whose motto is "Location, location, location". The article (Seattle, WA news) indicates that a look at our nation's financial sector would conjure up thoughts of "dislocation" instead.
It discusses the present merging and downsizing of companies like WaMu, Wachovia, Merrill Lynch, AIG, etc. and how this will affect the real estate vacancy maps. Some see higher vacancies with lower rents in the commercial real estate market.
Above is a link to an article pitched at r.e. agents/brokers whose motto is "Location, location, location". The article (Seattle, WA news) indicates that a look at our nation's financial sector would conjure up thoughts of "dislocation" instead.
It discusses the present merging and downsizing of companies like WaMu, Wachovia, Merrill Lynch, AIG, etc. and how this will affect the real estate vacancy maps. Some see higher vacancies with lower rents in the commercial real estate market.
Friday, October 10, 2008
Narrowest of homes
Tracy, I saw this article on AOL this morning and had to laugh. You thought you were the only one having to argue a "narrow" home... check out this article. Michelle C. http://home.aol.com/decorating/photo-gallery/pchtall/_a/12-of-the-narrowest-homes-in-the-world/20081006121209990001?icid=100214839x1211262990x1200633731
Thursday, October 9, 2008
Ghost Malls
This one is really interesting...how the housing crisis is going to affect the commercial real estate market.
Wednesday, October 8, 2008
Dealership owner wants to build homes
http://www.phillyburbs.com/pb-dyn/news/111-10072008-1601883.html
I posted this article, because I worked for stockburger, for 5 years. This will affect alot of people I know. George Stockburger has been looking to move his property for years, he wanted to combine all stores on the newtown bypass a few years agao, but the township, shot the proposal down. This plan will eliminate the entire detail, bodyshop and Chevy sales department on State Street. Ive done alot of diffrent things for Stockburger, but I worked for the bodyshop for years, that place just went to hell after I left :) Not that the economy has not already hurt the car dealer ship industry already..
I posted this article, because I worked for stockburger, for 5 years. This will affect alot of people I know. George Stockburger has been looking to move his property for years, he wanted to combine all stores on the newtown bypass a few years agao, but the township, shot the proposal down. This plan will eliminate the entire detail, bodyshop and Chevy sales department on State Street. Ive done alot of diffrent things for Stockburger, but I worked for the bodyshop for years, that place just went to hell after I left :) Not that the economy has not already hurt the car dealer ship industry already..
Tuesday, October 7, 2008
Wachovia uncertainty fuels calls to realestate brokers
http://www.wcnc.com/news/topstories/stories/wcnc-100708-krg-realestate.ee18a100.html here is an interesting about how people are really getting nervous regarding a new company potentially buying out wachovia because of the way that the economy currently is.
Tax Assessments
http://http://www.blogger.com/post-create.g?blogID=5514773762182093204
By no means is this a problem with just Philadelphia. There are movements throughout Pennsylvania, including Bucks County, to have fair and equitable assessments created county and state-wide.
I'm kind of on the fence on this issue. On one hand, a property should be taxed at its correctly assessed value. On the other hand, purchasers of new, "high-end" communities which require new roads and other taxpayer provided provisions should have to pay more for their destruction of open space and those provisions.
I think that the amount of time you have owned/resided in your home should have some bearing on the amount of taxes you pay. This way we can protect seniors, discourage development and protect open space. Let's face it, this county doesn't need more half a million dollar homes...it needs affordable and ADEQUATE housing. Not age restricted, not top end. Residents that raise their children in our communities and maintain their residences for the next generation should not have to foot the bill for these mega-mansion developments that cater to the wealthy.
I do think a county-wide reassessment of all property should be done and specific rules set up for future assessments that place the burden of increased provisions on those homeowners/builders making NEW homes. There should also be a provision for seniors and low-income dwellings or buildings that service the community.
Lori T
Lax Laws Fall Short for Condo Buyers
"While state law requires real estate agencies to put condo deposits into an escrow account, there is no such requirement if the deposits are given directly to a project's developer"
http://www.myrtlebeachonline.com/news/local/story/619107.html
http://www.myrtlebeachonline.com/news/local/story/619107.html
Manhattan Real Estate
http://www.nytimes.com/2008/10/01/business/01real.html
"One of Lehman’s biggest deals in New York involved $1.2 billion in financing for 237 Park Avenue, a 21-story tower that Broadway Partners acquired in May 2007"
$1.2 billion?!?!
"One of Lehman’s biggest deals in New York involved $1.2 billion in financing for 237 Park Avenue, a 21-story tower that Broadway Partners acquired in May 2007"
$1.2 billion?!?!
Monday, October 6, 2008
Crayola Factory, PA landlords battling over lease
www.phillyburbs.com/pb-dyn/news/103-10042008-1600727.html
This is an article about the landlord and Tenant of the Crayola factory. They do not agree on language regarding what the terms of the lease mean.
This is an article about the landlord and Tenant of the Crayola factory. They do not agree on language regarding what the terms of the lease mean.
Sunday, October 5, 2008
Offshore Wind Farm Plan Gets NJ funds
In the October 4, 2008 Philadelphia Inquirer I noted on the front page an article on this idea for clean energy off the east coast shore. I visit Ocean City, NJ periodically which is the area they are wanting to place this site. The site is to supply 125,000 homes with energy. The windmills have to be set in water that is 100 ft or less deep. Yet the planners have to also be concerned about the "view" for the people on shore. Resale value of homes, interrupting their view of the ocean. One thought that came to mind besides the cost, how do they decide who gets to use the "energy" and how does that affect their energy billing... but what happens when there are hurricanes? The winds, the tides! Kind of interesting but makes me also think of the Pfizer "plan" that fell through... are they considering everything considering the funding needed for this idea?
http://www.pressdisplay.com/pressdisplay/viewer.aspx Michelle C.
http://www.pressdisplay.com/pressdisplay/viewer.aspx Michelle C.
Saturday, October 4, 2008
Affordability Options for First-Time Buyers
This article focuses on the first-time home buyer and gives some tips on what to look for. Even though home prices are dropping, this hasn't happened in every area. It mentions "fixer-upers", which I have to admit never appealed to me.
Affordability Options
Affordability Options
Mastermind Goes To Jail Over Real Estate Scam
http://www.latimes.com/business/la-fi-fraud4-2008oct04,0,928850.story?page=1
Above article is about a group of people who bought inexpensive houses in exclusive areas in Beverly Hills, PA at market value. They then fabricated records showing them to be 2 or 3 times their value allowing them to secure $142,000,000.00 in loans based on the inflated numbers. While they were initially able to keep up the payments on the properties, money that might have been used to service the loans was instead spent on lavish items. Mortgages began slipping into default and the properties were headed for foreclosure. Lehman Brothers was one of the lenders.
Above article is about a group of people who bought inexpensive houses in exclusive areas in Beverly Hills, PA at market value. They then fabricated records showing them to be 2 or 3 times their value allowing them to secure $142,000,000.00 in loans based on the inflated numbers. While they were initially able to keep up the payments on the properties, money that might have been used to service the loans was instead spent on lavish items. Mortgages began slipping into default and the properties were headed for foreclosure. Lehman Brothers was one of the lenders.
Friday, October 3, 2008
Elderly woman's suicide attempt
This artical brought me to tears. I can't imagine spending my golden years being evicted from my home.
It is a shame that it has to go as far as a suicide attempt for anyone to hear her cries for help.http://tvnz.co.nz/view/page/425822/2174550
Margi Runyan
It is a shame that it has to go as far as a suicide attempt for anyone to hear her cries for help.http://tvnz.co.nz/view/page/425822/2174550
Margi Runyan
The land gamen
It's interesting how speculation played such a large role in the value of real estate. This article lays out just how this happened. http://findarticles.com/p/articles/mi_m0254/is_n3_v52/ai_14443287
margi runya
margi runya
Thursday, October 2, 2008
Update on bailout plan
www.nbc10.com/save-money/17605437/detail.html here an update which i just found on the government and the bailout plan trying to help our economy.
The new plan would allow the government to spend billions of dolloars to buy bad mortgage-related securities and other devaluaed assets held by troubled financial institutions.
The new plan would allow the government to spend billions of dolloars to buy bad mortgage-related securities and other devaluaed assets held by troubled financial institutions.
Monday, September 29, 2008
"Bailout plan fails"www.nbc10.com/save-money/17578778/detail.html
Here is an interesting article on how President Bush was disappointment with regards to the failure to the "bailout plan".www.nbc10.com/save-money/17578778/detail.html
Citigroup To Buy Wachovia Banking Operations
http://www.myfoxphilly.com/myfox/pages/Home/Detail;jsessionid=793277866621088AC0E908B4EA75A32E?contentId=7534714&version=4&locale=EN-US&layoutCode=TSTY&pageId=1.1.1&sflg=1
A friend of mine was trying to get a mortgatge through wacovia recently, apparently they kept giving her the run around, basically they had no money to lend. So get used to the new Citigroup/wachovia. Read this!!!
A friend of mine was trying to get a mortgatge through wacovia recently, apparently they kept giving her the run around, basically they had no money to lend. So get used to the new Citigroup/wachovia. Read this!!!
Sunday, September 28, 2008
Legislation would remove racist language from Deeds
http://www.scpr.org/news/stories/2008/06/25/08_racial_covenants_062.html
This article is about covenants in old deeds that restrict the buyers race or religion. This has been illegal since 1948 but the language is still in older deeds.
Linda Gouldey
This article is about covenants in old deeds that restrict the buyers race or religion. This has been illegal since 1948 but the language is still in older deeds.
Linda Gouldey
http://articles.moneycentral.msn.com/Investing/Dispatch/wamu-seized-092608.aspx
I am posting this article I was reading on the internet about the collapse of Washington Mutual Bank. I've been trying to comprehend what's been happening during the past week and all of the postings here in our blog about the real estate and banking markets. (I was hoping that my credit card balance with WaMu would vanish, also!) During the recent presidential debate, Obama talked about how the economic crisis was inevitable, just as it was mentioned in one of our posts.
I am posting this article I was reading on the internet about the collapse of Washington Mutual Bank. I've been trying to comprehend what's been happening during the past week and all of the postings here in our blog about the real estate and banking markets. (I was hoping that my credit card balance with WaMu would vanish, also!) During the recent presidential debate, Obama talked about how the economic crisis was inevitable, just as it was mentioned in one of our posts.
Buyers "Getting Cold Feet"
http://money.cnn.com/2008/09/23/real_estate/blood_on_Wall_Street/index.htm?postversion=2008092317
This article is about buyers "getting cold feet" after putting in offers for purchase. It also relates that buyers are seeking a 10.7% reduction from home listing prices, but are more and more reluctant to buy as their jobs and rainy day funds continue to be threatened in the current financial crisis.
This article is about buyers "getting cold feet" after putting in offers for purchase. It also relates that buyers are seeking a 10.7% reduction from home listing prices, but are more and more reluctant to buy as their jobs and rainy day funds continue to be threatened in the current financial crisis.
Real Estate and Finances
This YouTube video was posted eleven months ago, and it shows how some people close to the real estate and financial markets predicted the explosion of the real estate bubble. This failure was actually predicted a few years ago. The primary factors being subprime mortgatges and the cash available to homeowners through home equity loans.
How Real Estate Can Affect Your Financial Future
How Real Estate Can Affect Your Financial Future
Thursday, September 25, 2008
FBI and the mortgage crissis
http://www.blogger.com/post-create.g?blogID=5514773762182093204
It just doesn't make sence that the FBI is waisting our tax dollars investigating the hows and why's of the mortge situation. It is as if the government wants to blame someone for this disasterous situation.
I say lets stop looking at the problem and spend that time on the solution.
Give the home owners an opportunity to save there homes instead bailing out the banks who if they were not so greedy would not be in the situation.
margi
Tuesday, September 23, 2008
Own an Acre of Pacific Ocean
I receive a catalog called Things You Never Knew. You can access the catalog at www.thingsyouneverknew.com As I was looking through the rather unique items they offer I noticed item number JM-25049 Acre of Pacific Ocean for $19.98. The ad indicates you can own a "one acre deed" to a large claim of Pacific Ocean floor and become part of international maritime history. This land was supposedly (per the ad) originally claimed by a HollywoodTV/Film producer before the passage of the Law of the Seas. The land is located between California and the Hawaiian Islands. The ad states you purchase a beautiful deed to this historic claim to the land and any minerals under it and right of free passage in the water above it (how nice! how would I know to go around it or anyone else know to do that? Where is the Bermuda Triangle? Just kidding!) Immediately I thought of our chapter that included riparian rights and appropriation even though this land does not adjoin a stream, river or lake. Check it out if you are interested... You get a discount if you purchase 2 or more... Too funny! Michelle Cavin
Mortgage Crisis
www.nbc10.com/save-money/17535547/detail.html Here is an interesting article i just found regarding the government trying to push congress to get the bailout process started for the current mortgage crisis.
Monday, September 22, 2008
Sales gone bad
Expert: Levi Brooks
Date: 7/4/2007
Subject: closing gone bad
Question
Expert: Levi BrooksDate: 7/4/2007Subject: closing gone badQuestionWe were looking for the house to buy and finally we found one we really like.We made an offer which was accepted by both parties and we signed a sales agreement.We set a closing date and started all paperwork required to close.We were ready with everything but on the day of closing we got call from our lawyer that closing is postponed because price that both parties agreed to is not enough to cover sellers remaining mortgage balance, late fees and real estate commission (seller is in bankruptcy).Sellers Agent says that he's trying to negotiate with bank to drop late fees,which would clear the case.But price of the house was increased already seven days before we signed binding agreement(sellers agent listed the same house online under different MLS ID# and higher price) and we agreed to pay their proposed price.Seller and her Agent say they're trying to deal with the bank and sell the house but on the other hand they are sneaking a suggestion that we walk away from that deal and look for another house. How that could happen that there are still problems with the bank even when price was already adjusted two days before we signed contract? Can seller terminate contract now?(We live in Georgia)
This is an interesting situation.
Off the top of my head I would say the Owner is bound to the contract.
Then again the bankruptcy laws may have something else to say.
What do you thing?
Margi Runyan
Topic: Buying or Selling a Home
http://en.allexperts.com/q/Buying-Selling-Home-1476/closing-bad.htm
--------------------------------------------------------------------------------
Date: 7/4/2007
Subject: closing gone bad
Question
Expert: Levi BrooksDate: 7/4/2007Subject: closing gone badQuestionWe were looking for the house to buy and finally we found one we really like.We made an offer which was accepted by both parties and we signed a sales agreement.We set a closing date and started all paperwork required to close.We were ready with everything but on the day of closing we got call from our lawyer that closing is postponed because price that both parties agreed to is not enough to cover sellers remaining mortgage balance, late fees and real estate commission (seller is in bankruptcy).Sellers Agent says that he's trying to negotiate with bank to drop late fees,which would clear the case.But price of the house was increased already seven days before we signed binding agreement(sellers agent listed the same house online under different MLS ID# and higher price) and we agreed to pay their proposed price.Seller and her Agent say they're trying to deal with the bank and sell the house but on the other hand they are sneaking a suggestion that we walk away from that deal and look for another house. How that could happen that there are still problems with the bank even when price was already adjusted two days before we signed contract? Can seller terminate contract now?(We live in Georgia)
This is an interesting situation.
Off the top of my head I would say the Owner is bound to the contract.
Then again the bankruptcy laws may have something else to say.
What do you thing?
Margi Runyan
Topic: Buying or Selling a Home
http://en.allexperts.com/q/Buying-Selling-Home-1476/closing-bad.htm
--------------------------------------------------------------------------------
Bad Mortgage help
www.inman.com/news/2008/09/19/feds-pick-bad-mortgages here is an interesting article on how the government is now trying to a lot of the financial institutions from going bankrupt. I think its about time because right now even though everyone is saying our economy is in a recession, i think that we have just seen the begining of a depression.
Sunday, September 21, 2008
City wages fight against blight
http://www.tribune-democrat.com/local/local_story_229222236.html
I found this article interesting about a Johnstown, PA town and eminent domain.
I found this article interesting about a Johnstown, PA town and eminent domain.
Cities rethink wisdom of 50s era parking standards.
http://www.phillyburbs.com/pb-dyn/news/1-09202008-1593850.html
This is a second attempt to post this.
This is a second attempt to post this.
Del City to Charge for Home Inspections
http://www.koco.com/news/17500822/detail.html
Above is a link to an article dealing with a municipality in Oklahoma where city officials are requiring new homeowners to pay a fee for officials to come out and inspect the homes for major violations. If they have fixed the targeted items correctly, they are entitled to a re-check for free; however, if the inspectors are required to keep coming out, the municipality could charge up to $100.00 per visit. I found this article interesting because this is the first time I have heard of a municipality requiring a new homeowner to have the home inspected rather than having the seller fix it up before closing.
Above is a link to an article dealing with a municipality in Oklahoma where city officials are requiring new homeowners to pay a fee for officials to come out and inspect the homes for major violations. If they have fixed the targeted items correctly, they are entitled to a re-check for free; however, if the inspectors are required to keep coming out, the municipality could charge up to $100.00 per visit. I found this article interesting because this is the first time I have heard of a municipality requiring a new homeowner to have the home inspected rather than having the seller fix it up before closing.
Friday, September 19, 2008
More Older Americans Vulnerable to Foreclosure
I was surprised at first to read that older Americans were vulnerable to foreclosures, but then I read that the majority of them had subprime mortgages.
Older Americans in Foreclosure
Older Americans in Foreclosure
Wednesday, September 17, 2008
Interest Rates
www.inman.com/news/2008/09/16/interest-rates-head-fed-stays-put
Here is an interesting article i found about the current interest rates in the housing market and the fears that are coming true
Here is an interesting article i found about the current interest rates in the housing market and the fears that are coming true
Tuesday, September 16, 2008
Here is an article i found about the recent problems our economy is having with respect to the housing market. The article states that in August the rate of foreclosures hit yet another record high.
http://money.cnn.com/2008/09/12/real_estate/foreclosures/index.htm?postversion=2008091209
http://money.cnn.com/2008/09/12/real_estate/foreclosures/index.htm?postversion=2008091209
Fight Brews Over Bucks Assessment
http://www.phillyburbs.com/pb-dyn/news/113-09142008-1590561.html
This article is about new homes that were assessed too high.
This article is about new homes that were assessed too high.
Fight brews over Bucks assessment
http://www.phillyburbs.com/pb-dyn/news/113-09142008-1590561.html Tax payers are paying disportionately high taxes due to previous home assessments.
Fight brews over Bucks assessment
Fight brews over Bucks assessment By JENNA PORTNOYThe Intelligencer
Realtors Jean and Bill Brenner always suspected the homes in their newly constructed development were over-assessed, but until now they couldn't prove it.
Recently there have been enough resales in Toll Brothers' Regency at Northampton to make meaningful comparisons, so they offered to submit assessment appeals of behalf of their neighbors. The response was overwhelming.
“There are homes here that have been paying up to $2,000 more than the new value appears that they should be paying,” Jean Brenner said.
More than half — 67 owners of single family homes out of 109 — joined their effort. Yet the Regency property owners are far from alone.
Not since 2000 have so many homeowners clamored for lower assessments — the figures used to set municipal, county and school district taxes. Bucks Board of Assessment Appeals officials attributed the spike to the down real estate market.
The Brenners said falling property values also highlighted inconsistencies in assessments, which were set when the development was built about six years ago. Assessments are set based on county appraisers' physical inspections and something called the common level ratio, a figure set by the State Tax Equalization Board.
Many residents and tax experts have complained this figure is based on outdated assessments that do not reflect today's real estate market. The last countywide reassessment was performed in 1972. A case pending before the Pennsylvania Supreme Court could deem unconstitutional the system that has let 35 years pass in Bucks County and 12 years pass in Montgomery County between assessments.
But until the court issues a ruling or the Legislature legalizes rolling reassessments — where homes are reassessed when sold — homeowners' only recourse is to file appeals.
Anna Simons, the chairwoman of Bucks' appeals board, heard the Brenners' case last week and a ruling should be issued in late October or early November. Any changes will apply to 2009 tax bills.
“They assured us there will be a change based on the preponderance of information,” Jean Brenner told her neighbors in an e-mail.
Simons said Friday there is reason for the group to be optimistic: “With the economy and the housing market the way it is, we really don't know until all the measurements are done. But we do try to give them a measure of confidence.”
She noted that the board can only reduce assessments, which will impact tax bills. The tax rate, however, is set by elected officials — not the three members of the board of assessment appeals who are appointed by county commissioners.
DisplayAds ('Middle');
Here are some examples of the evidence the Brenners presented:
*A one-story home with two bedrooms and two bathrooms but no basement or loft was put on the market in October and sold last month for $480,000. Yet the assessment reflects a market value of $597,446.
*Five days earlier a similar home also sold for $480,000. It had been on the market for nearly a year with a starting asking price of $624,900, according to the Brenners' research.
*A third comparable home that has been on the market for more than two years has been reduced to what the Brenners consider a realistic $489,000. Yet the assessment reflects a market value of $617,000.
The Brenners also argued that some homes were assessed based on inaccurate estimates of square footage. In one case, a loft the homeowners estimate at 450 square feet was recorded at up to 1,200 square feet. This may have artificially inflated the assessment, according to the Brenners.
Simons said an appraiser will likely take more measurements to confirm the Brenners' findings. When the assessments were initially set, appraisers also visited the homes, although some may have been in the construction phase.
Not everyone believes their assessments are too high.
For example, last month Neshaminy School District appealed some commercial assessments that the district said were too low, according to business administrator Joe Paradise. In addition to market value, assessments for commercial properties are also based on income producing potential, he said.
Paradise wasn't alarmed by the number of residential appeals.
“As the economy ebbs and flows there are times when this happens,” he said. “Of course, they have a very negative affect on a school district's revenue. You either cut back on your expenditures or you take whatever steps you can to raise alternative sources of revenue.”
Brian Hessenthaler, Bucks' director of finance and administration, said government agencies probably won't know how much of a shortfall to expect for another few months.
“Any reduction in assessments would have a negative impact on the bottom line,” he said. “We'll just have to fill that gap elsewhere and see where we can keep costs down.”
Next year could mean more of the same — Jean Brenner has been keeping her eye on the 100 or so carriage houses at Regency as well.Jenna Portnoy can be reached at 215-345-3060 or jportnoy@phillyBurbs.com.
September 14, 2008 8:13 AM
Realtors Jean and Bill Brenner always suspected the homes in their newly constructed development were over-assessed, but until now they couldn't prove it.
Recently there have been enough resales in Toll Brothers' Regency at Northampton to make meaningful comparisons, so they offered to submit assessment appeals of behalf of their neighbors. The response was overwhelming.
“There are homes here that have been paying up to $2,000 more than the new value appears that they should be paying,” Jean Brenner said.
More than half — 67 owners of single family homes out of 109 — joined their effort. Yet the Regency property owners are far from alone.
Not since 2000 have so many homeowners clamored for lower assessments — the figures used to set municipal, county and school district taxes. Bucks Board of Assessment Appeals officials attributed the spike to the down real estate market.
The Brenners said falling property values also highlighted inconsistencies in assessments, which were set when the development was built about six years ago. Assessments are set based on county appraisers' physical inspections and something called the common level ratio, a figure set by the State Tax Equalization Board.
Many residents and tax experts have complained this figure is based on outdated assessments that do not reflect today's real estate market. The last countywide reassessment was performed in 1972. A case pending before the Pennsylvania Supreme Court could deem unconstitutional the system that has let 35 years pass in Bucks County and 12 years pass in Montgomery County between assessments.
But until the court issues a ruling or the Legislature legalizes rolling reassessments — where homes are reassessed when sold — homeowners' only recourse is to file appeals.
Anna Simons, the chairwoman of Bucks' appeals board, heard the Brenners' case last week and a ruling should be issued in late October or early November. Any changes will apply to 2009 tax bills.
“They assured us there will be a change based on the preponderance of information,” Jean Brenner told her neighbors in an e-mail.
Simons said Friday there is reason for the group to be optimistic: “With the economy and the housing market the way it is, we really don't know until all the measurements are done. But we do try to give them a measure of confidence.”
She noted that the board can only reduce assessments, which will impact tax bills. The tax rate, however, is set by elected officials — not the three members of the board of assessment appeals who are appointed by county commissioners.
DisplayAds ('Middle');
Here are some examples of the evidence the Brenners presented:
*A one-story home with two bedrooms and two bathrooms but no basement or loft was put on the market in October and sold last month for $480,000. Yet the assessment reflects a market value of $597,446.
*Five days earlier a similar home also sold for $480,000. It had been on the market for nearly a year with a starting asking price of $624,900, according to the Brenners' research.
*A third comparable home that has been on the market for more than two years has been reduced to what the Brenners consider a realistic $489,000. Yet the assessment reflects a market value of $617,000.
The Brenners also argued that some homes were assessed based on inaccurate estimates of square footage. In one case, a loft the homeowners estimate at 450 square feet was recorded at up to 1,200 square feet. This may have artificially inflated the assessment, according to the Brenners.
Simons said an appraiser will likely take more measurements to confirm the Brenners' findings. When the assessments were initially set, appraisers also visited the homes, although some may have been in the construction phase.
Not everyone believes their assessments are too high.
For example, last month Neshaminy School District appealed some commercial assessments that the district said were too low, according to business administrator Joe Paradise. In addition to market value, assessments for commercial properties are also based on income producing potential, he said.
Paradise wasn't alarmed by the number of residential appeals.
“As the economy ebbs and flows there are times when this happens,” he said. “Of course, they have a very negative affect on a school district's revenue. You either cut back on your expenditures or you take whatever steps you can to raise alternative sources of revenue.”
Brian Hessenthaler, Bucks' director of finance and administration, said government agencies probably won't know how much of a shortfall to expect for another few months.
“Any reduction in assessments would have a negative impact on the bottom line,” he said. “We'll just have to fill that gap elsewhere and see where we can keep costs down.”
Next year could mean more of the same — Jean Brenner has been keeping her eye on the 100 or so carriage houses at Regency as well.Jenna Portnoy can be reached at 215-345-3060 or jportnoy@phillyBurbs.com.
September 14, 2008 8:13 AM
Millions on Financing
Pennsylvania Real Estate Investment Trust Completes $420 Million in Financings
http://www.marketwatch.com/news/story/pennsylvania-real-estate-investment-trust/story.aspx?guid=%7BCDDD7485-9FC1-4672-BAAD-E6933CAEB731%7D&dist=hppr
http://www.marketwatch.com/news/story/pennsylvania-real-estate-investment-trust/story.aspx?guid=%7BCDDD7485-9FC1-4672-BAAD-E6933CAEB731%7D&dist=hppr
Pigeons bring home a flock of problems
Pigeons bring home a flock of problems
Zenophon Tomaras flew model airplanes for a hobby until he developed a muscular disorder that makes it nearly impossible for him to use the controls.
The 78-year-old Doylestown Township man's doctor recommended that he replace his airplanes with homing pigeons; he could make the birds fly without pushing any buttons. So Tomaras bought and trained six homing pigeons, and set them up in a coop in his backyard.
Every day, Tomaras opens a window in the coop and lets the birds fly for an hour.
"I like watching the birds," he said. "It keeps me calm. It relaxes me."
But the managers of Westwyk Condominiums, where Tomaras lives, don't like the look of the 6-foot-tall pigeon coop. And the condominium association has told Tomaras to remove the coop today or it will remove the coop - and the birds - for him.
Now Tomaras is fighting to find a way to keep his pets.
Tomaras, a retired environmental chemist, bought the birds almost a year ago.
He painted the pigeon coop white to match his house, and put it on his big back porch.
The condominium association told Tomaras in May that he couldn't have the birds on the porch. He moved the coop to a wooded common area a few yards from his house and painted it brown so it would blend in with its surroundings.
"He moved it up here thinking it's common ground and it shouldn't be a problem," said his friend, Barbara Rigg.
But it was apparently still a problem for the condominium association.
The condominium association sent Tomaras several letters over the summer, instructing him to remove the pigeon coop. An Aug. 15 letter told Tomaras that he would be fined $100 per day for each day that he kept the coop in his yard, and a Sept. 2 letter advised Tomaras that the association was fining him an additional $250. State law gives condominium associations the power to regulate the common areas of condominium property and anything affecting the common areas, and to fine association members who violate the rules and regulations.
Tomaras has not paid any of the fines.
Ed Wild, attorney for the condominium association, said the pigeon coop is not allowed under the rules and regulations of the condominium association.
"He bought in a condominium. And he bought under certain standards. He's under the same rules as everyone there," Wild said.
"The board is not interested in fining him. The idea of a fine was to try to encourage him to cooperate and follow the rules. They'd like him to follow the rules and they're willing to take whatever actions necessary to have him follow the rules. They're interested in making him comply. They're interested in being amicable with him. They're not trying to be adversarial with a member of their own association. They're interested in having all 199 people there follow the rules."
The Bucks County Society for the Prevention of Cruelty to Animals got involved after Tomaras asked for the organization's help. It secured permission for Tomaras to put the coop on neighboring borough property and had a surveyor from Knight Engineering verify the location of the municipal boundaries - only to discover that the borough line is a little too far into the woods for Tomaras to move the coop.
Rigg has offered to move the coop to her house, about 2 miles away in Doylestown.
"But it's his peace," she said. "And he needs that."
Tomaras is considering moving the pigeon coop into his garage. Wild said he didn't know what the condominium association would say about that.
Christina Kristofic can be reached at 215-345-3079 or ckristofic@phillyBurbs.com.
Zenophon Tomaras flew model airplanes for a hobby until he developed a muscular disorder that makes it nearly impossible for him to use the controls.
The 78-year-old Doylestown Township man's doctor recommended that he replace his airplanes with homing pigeons; he could make the birds fly without pushing any buttons. So Tomaras bought and trained six homing pigeons, and set them up in a coop in his backyard.
Every day, Tomaras opens a window in the coop and lets the birds fly for an hour.
"I like watching the birds," he said. "It keeps me calm. It relaxes me."
But the managers of Westwyk Condominiums, where Tomaras lives, don't like the look of the 6-foot-tall pigeon coop. And the condominium association has told Tomaras to remove the coop today or it will remove the coop - and the birds - for him.
Now Tomaras is fighting to find a way to keep his pets.
Tomaras, a retired environmental chemist, bought the birds almost a year ago.
He painted the pigeon coop white to match his house, and put it on his big back porch.
The condominium association told Tomaras in May that he couldn't have the birds on the porch. He moved the coop to a wooded common area a few yards from his house and painted it brown so it would blend in with its surroundings.
"He moved it up here thinking it's common ground and it shouldn't be a problem," said his friend, Barbara Rigg.
But it was apparently still a problem for the condominium association.
The condominium association sent Tomaras several letters over the summer, instructing him to remove the pigeon coop. An Aug. 15 letter told Tomaras that he would be fined $100 per day for each day that he kept the coop in his yard, and a Sept. 2 letter advised Tomaras that the association was fining him an additional $250. State law gives condominium associations the power to regulate the common areas of condominium property and anything affecting the common areas, and to fine association members who violate the rules and regulations.
Tomaras has not paid any of the fines.
Ed Wild, attorney for the condominium association, said the pigeon coop is not allowed under the rules and regulations of the condominium association.
"He bought in a condominium. And he bought under certain standards. He's under the same rules as everyone there," Wild said.
"The board is not interested in fining him. The idea of a fine was to try to encourage him to cooperate and follow the rules. They'd like him to follow the rules and they're willing to take whatever actions necessary to have him follow the rules. They're interested in making him comply. They're interested in being amicable with him. They're not trying to be adversarial with a member of their own association. They're interested in having all 199 people there follow the rules."
The Bucks County Society for the Prevention of Cruelty to Animals got involved after Tomaras asked for the organization's help. It secured permission for Tomaras to put the coop on neighboring borough property and had a surveyor from Knight Engineering verify the location of the municipal boundaries - only to discover that the borough line is a little too far into the woods for Tomaras to move the coop.
Rigg has offered to move the coop to her house, about 2 miles away in Doylestown.
"But it's his peace," she said. "And he needs that."
Tomaras is considering moving the pigeon coop into his garage. Wild said he didn't know what the condominium association would say about that.
Christina Kristofic can be reached at 215-345-3079 or ckristofic@phillyBurbs.com.
The human side of N.J.'s affordable housing law
http://www.philly.com/philly/classifieds/real_estate/20080914_The_human_side_of_N_J__s_affordable_housing_law.html
This is a link from the Philadelphia Inquirer that discusses how the aggressive affordable housing laws in New Jersey are creating mixed feelings between those who benefit from the law and those who feel that they have the right to dictate what they want their community to be and the price levels of the homes within that community. It is interesting because it shows both sides of the issue and the human factor involved in real estate statutes.
This is a link from the Philadelphia Inquirer that discusses how the aggressive affordable housing laws in New Jersey are creating mixed feelings between those who benefit from the law and those who feel that they have the right to dictate what they want their community to be and the price levels of the homes within that community. It is interesting because it shows both sides of the issue and the human factor involved in real estate statutes.
Monday, September 15, 2008
Lehman Falls With $60 Billion in Soured Real Estate Holdings
This large investment banking company has lost out on some bad real estate deals totaling $60 billion. This caused the company to file Chapter 11 bankruptcy and helped to send the Dow plunging 250 points...
Lehman
Lehman
Thursday, September 11, 2008
Appraisal Problems Worsened Meltdown
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/22/AR2008082201542_2.html
Above is a link to an article about how rising home prices have affected real estate appraisals and how some appraisers have reacted to same by inflating home values in response to agents and brokers whose commissions are determined by the size of the transactions. It also discusses how state and federal agencies charged with oversight have failed to correct the problem.
Above is a link to an article about how rising home prices have affected real estate appraisals and how some appraisers have reacted to same by inflating home values in response to agents and brokers whose commissions are determined by the size of the transactions. It also discusses how state and federal agencies charged with oversight have failed to correct the problem.
Tuesday, September 9, 2008
Companies Bid for Mineral Rights Leasing
Below is a link to an article about the energy companies that are bidding for mineral rights leasing to the natural gas wells that have been found under the land along some areas of the Northeast corridor. This area is called the Marcellus Shale. There are a few others across the country including the Bartlett Shale in Texas. This article primaritly focuses on the land in upstate NY.
Marcellus Shale
Marcellus Shale
Home inspection
Below is an article about home inspection and how the problems found in the homes are perceived by homebuyers or sellers. It also focuses on the duties of the home inspector and the importance of home inspection
Chicago Real Estate Foreclosures Attract Bargain Hunters
Chicago Real Estate Foreclosures Attract Bargain Hunters
The Chicago real estate market ranks 10th in the nation for foreclosures. Investors are capitalizing on the trend as they buy homes in the Chicago IL area.
Elgin, IL (PRWEB) September 9, 2008 -- There are still a high number of foreclosures in the Chicago real estate market, and though they are lower than most of the nation, investors are shopping for bargains.
Helvetica, sans-serif; TEXT-DECORATION: none" href="http://www.illinoisproperty.com/" alt="Link to website">Banks generally won't do any repairs on foreclosed homes they are selling other than a few inexpensive cosmetic items. It's the buyer who has to fix any serious problems to pass the inspection RE/MAX Northern Illinois notes that according to RealtyTrac, the Illinois real estate market ranked 10th in the national for foreclosure activity during the second quarter. Nationwide during the second quarter of 2008 shows foreclosures are up 121 percent over last year and during June more than 250,000 homes across the United States were subjected to some kind of foreclosure filing.
Northern Illinois has been affected, though not as negatively as some markets. "The number of Chicago real estate foreclosures is much less than in some places across the nation, such as California, Florida and Nevada, but the level of foreclosure activity here is still quite high by historic standards," said Jim Merrion, a third-generation Realtor® and regional director of RE/MAX Northern Illinois.
While many are adversely affected, others see foreclosures as opportunities to find a good deal. "Investor interest in properties owned by banks or other mortgage lenders as a result of foreclosure is the highest I have seen during my career in residential real estate," said Merrion. The complete RealtyTrac foreclosure data and inventory of bank-owned properties can be accessed on RE/MAX Northern Illinois web site at illinoisproperty.com.
Home inventory is high with lenders who are eager to dispose of foreclosed properties. That means attractive pricing for buyers. "Some banks are willing to take as much as a 60 percent loss on a home, and in fact we sold one recently in which the bank recovered only 47 percent of its outstanding mortgage debt on the property," said Kevin Macdonald of RE/MAX Center in Grayslake, Illinois. "Banks want to move these properties, and once a home has passed through the foreclosure process, buying can be a relatively straightforward process," he said.
Macdonald estimates that of 21 foreclosure transactions he has completed in the last year, about 65 percent have involved investors. Diane Godwin of RE/MAX On Track in Rock Island, IL, reported doing about 80 foreclosure sales in the last 18 months, with investors accounting for 80 percent of the purchases. "Most investors we see rehab the property and resell it, rather than use it to generate rental income," she said.
Barb Bailey of RE/MAX 2000 in Crete, Ill., estimated that two-thirds of foreclosure buyers are investors. She said that in some communities where she does business, a foreclosed property will have to pass a city inspection before it can be occupied again. FHA loans have similar limitations and requires that the property be livable and in relatively good repair, she noted.
"Banks generally won't do any repairs on foreclosed homes they are selling other than a few inexpensive cosmetic items. It's the buyer who has to fix any serious problems to pass the inspection," explained Bailey. "Investors typically have the resources needed to do that, which gives them an advantage. Those seeking a home to live in often don't have the necessary cash on hand to finance repairs."
She said buyers of foreclosed homes frequently must balance two opposing goals. "They want a home in good shape, and they want to get a great deal, but homes with only minor condition problems are going to be priced closer to market value," she pointed out.
However, Bailey said that in her experience, foreclosure properties in the Chicago real estate market are priced to sell. "Banks want these homes sold because they are expensive to hold, so they tell their real estate agents to price a home to sell in 30 to 90 days. Even then, the prices are negotiable," she said. "Some lenders are more flexible than others, and the amount of time a home sits on the market also has an impact."
Buyers need to research the value of foreclosed homes. A new Web site, www.illinoisforeclosureproperties.com can help. The site explains the process of evaluating and making an offer on a foreclosed property. It also provides answers to some of the most frequently asked questions about foreclosures.
About RE/MAX Northern IllinoisRE/MAX is the leader in Northern Illinois real estate sales and has been number one in residential sales in the Chicago metropolitan area since 1989. In 2007, offices affiliated with RE/MAX Northern Illinois, a privately held RE/MAX regional franchisor, closed more than $11.4 billion in sales. The Northern Illinois region is part of RE/MAX International, a global real estate network with 7,000 independently owned offices and 100,000 member sales associates in 65 countries.
Read the full version of this story about Chicago real estate and foreclosures on the Illinois real estate blog.
The Chicago real estate market ranks 10th in the nation for foreclosures. Investors are capitalizing on the trend as they buy homes in the Chicago IL area.
Elgin, IL (PRWEB) September 9, 2008 -- There are still a high number of foreclosures in the Chicago real estate market, and though they are lower than most of the nation, investors are shopping for bargains.
Helvetica, sans-serif; TEXT-DECORATION: none" href="http://www.illinoisproperty.com/" alt="Link to website">Banks generally won't do any repairs on foreclosed homes they are selling other than a few inexpensive cosmetic items. It's the buyer who has to fix any serious problems to pass the inspection RE/MAX Northern Illinois notes that according to RealtyTrac, the Illinois real estate market ranked 10th in the national for foreclosure activity during the second quarter. Nationwide during the second quarter of 2008 shows foreclosures are up 121 percent over last year and during June more than 250,000 homes across the United States were subjected to some kind of foreclosure filing.
Northern Illinois has been affected, though not as negatively as some markets. "The number of Chicago real estate foreclosures is much less than in some places across the nation, such as California, Florida and Nevada, but the level of foreclosure activity here is still quite high by historic standards," said Jim Merrion, a third-generation Realtor® and regional director of RE/MAX Northern Illinois.
While many are adversely affected, others see foreclosures as opportunities to find a good deal. "Investor interest in properties owned by banks or other mortgage lenders as a result of foreclosure is the highest I have seen during my career in residential real estate," said Merrion. The complete RealtyTrac foreclosure data and inventory of bank-owned properties can be accessed on RE/MAX Northern Illinois web site at illinoisproperty.com.
Home inventory is high with lenders who are eager to dispose of foreclosed properties. That means attractive pricing for buyers. "Some banks are willing to take as much as a 60 percent loss on a home, and in fact we sold one recently in which the bank recovered only 47 percent of its outstanding mortgage debt on the property," said Kevin Macdonald of RE/MAX Center in Grayslake, Illinois. "Banks want to move these properties, and once a home has passed through the foreclosure process, buying can be a relatively straightforward process," he said.
Macdonald estimates that of 21 foreclosure transactions he has completed in the last year, about 65 percent have involved investors. Diane Godwin of RE/MAX On Track in Rock Island, IL, reported doing about 80 foreclosure sales in the last 18 months, with investors accounting for 80 percent of the purchases. "Most investors we see rehab the property and resell it, rather than use it to generate rental income," she said.
Barb Bailey of RE/MAX 2000 in Crete, Ill., estimated that two-thirds of foreclosure buyers are investors. She said that in some communities where she does business, a foreclosed property will have to pass a city inspection before it can be occupied again. FHA loans have similar limitations and requires that the property be livable and in relatively good repair, she noted.
"Banks generally won't do any repairs on foreclosed homes they are selling other than a few inexpensive cosmetic items. It's the buyer who has to fix any serious problems to pass the inspection," explained Bailey. "Investors typically have the resources needed to do that, which gives them an advantage. Those seeking a home to live in often don't have the necessary cash on hand to finance repairs."
She said buyers of foreclosed homes frequently must balance two opposing goals. "They want a home in good shape, and they want to get a great deal, but homes with only minor condition problems are going to be priced closer to market value," she pointed out.
However, Bailey said that in her experience, foreclosure properties in the Chicago real estate market are priced to sell. "Banks want these homes sold because they are expensive to hold, so they tell their real estate agents to price a home to sell in 30 to 90 days. Even then, the prices are negotiable," she said. "Some lenders are more flexible than others, and the amount of time a home sits on the market also has an impact."
Buyers need to research the value of foreclosed homes. A new Web site, www.illinoisforeclosureproperties.com can help. The site explains the process of evaluating and making an offer on a foreclosed property. It also provides answers to some of the most frequently asked questions about foreclosures.
About RE/MAX Northern IllinoisRE/MAX is the leader in Northern Illinois real estate sales and has been number one in residential sales in the Chicago metropolitan area since 1989. In 2007, offices affiliated with RE/MAX Northern Illinois, a privately held RE/MAX regional franchisor, closed more than $11.4 billion in sales. The Northern Illinois region is part of RE/MAX International, a global real estate network with 7,000 independently owned offices and 100,000 member sales associates in 65 countries.
Read the full version of this story about Chicago real estate and foreclosures on the Illinois real estate blog.
Thursday, August 28, 2008
Sunday, August 24, 2008
Our Blog
Here's "Our Blog". You should post to this blog at least once a week with an item related to real estate issues. Here's an example - River walk fires.
I am looking forward to seeing this blog grow!
I am looking forward to seeing this blog grow!
Subscribe to:
Posts (Atom)