Real Estate News

No decision yet on homebuyer credit - Obama official
President Obama's housing secretary tells a Senate committee that the administration wants to see cost data before backing any extension of the credit.
By Jeanne Sahadi, CNNMoney
October 20, 2009

While momentum is building on Capitol Hill to extend the $8,000 first-time homebuyer credit, President Obama's housing secretary said Tuesday the administration has not decided whether to support its expansion.

This old (dangerous?) house
By Christopher Solomon
MSN Real Estate

More than 30 million homes — roughly one-third of the homes in the United States — are at least 50 years old. That’s a lot of beautiful old houses — with lots of potential problems.

What should you look out for, whether you’re the owner of a Victorian painted lady or a Beaux Arts brownstone? We’ve done your virtual inspection for you and identified seven key villains, so read on.

And fear not: We have solutions for you, too.

1. The villain: Old electrical systems

Detroit house auction flops for urban wasteland
By Kevin Krolicki
Reuters
October 25, 2009

In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded.

After five hours of calling out a drumbeat of "no bid" for properties listed in an auction book as thick as a city phone directory, the energy of the county auctioneer began to flag.

"OK," he said. "We only have 300 more pages to go."

3 signs of the next real estate collapse
The latest bubble is about to burst, but this time it's in the commercial market. Here's how to see it coming.
By Katie Benner Fortune
October 22, 2009

When the FDIC closed Chicago's Corus Bank last month, it may have signaled the beginning of the next shock to the banking system: commercial real estate defaults.

Home sales rebound to highest level in 2 years
Sales of existing homes bounce back to their highest level since July 2007, boosted by first-time homebuyers. Prices continue to fall.
By Hibah Yousuf, CNNMoney
October 23, 2009

Sales of existing homes rebounded sharply in September to their highest level in two years, getting a strong boost from first-time homebuyers, according to a report released Friday.

Tax Credit Fuels Rise in Home Sales
By Conor Dougherty and John D. McKinnon
The Wall Street Journal
October 24, 2009

Sales of existing homes surged 9.4% in September to a seasonally adjusted annual rate of 5.57 million units, as lower prices and the looming expiration of a federal tax credit lured more buyers into the market.

The data, released Friday by the National Association of Realtors, portrayed a housing market that continues to stabilize across the country and gives ammunition to those trying to extend the $8,000 tax credit for first-time home buyers.

Real-Estate Slump Hits Howard Hughes's Heirs
General Growth Bankruptcy Filing Puts Payout in Limbo
By Kris Hudson
The Wall Street Journal
October 23, 2009

Reclusive billionaire Howard Hughes was an only child, dying in 1976 with no will or children.

Mr. Hughes's estate now has more than 1,000 heirs and beneficiaries who are hoping for one last, big payout from a swath of Las Vegas land bought by the tycoon in the 1940s to establish an inland base for his aerospace operations.

Home-Buyer Credit Tempts Tax Cheats
By Martin Vaughan and John D. McKinnon
The Wall Street Journal
October 23, 2009

Tens of thousands of people submitted suspicious -- and possibly fraudulent -- claims for a federal tax credit meant for first-time home buyers, tax officials told Congress Thursday.

The Treasury tax-oversight office said at least 19,000 filers who hadn't bought homes claimed $139 million in tax credits and were reimbursed, raising new worries about the housing stimulus as lawmakers consider extending the credit.

Here in California the SB 94 prohibits anyone… and I mean ANYONE. This includes attorneys or real estate agents from including an attorney or real estate agent) from collecting ANY fees to perform a loan modification or forbearance until the service has been completed. It also prohibits obtaining any security to assure payment and obtaining a power of attorney. So what I am thinking is that these mod. loan companies want to dump their list. Meaning that some of these home owners would need help before they foreclose on their homes due to these fraud companies.

The criminals who run the banks have paid their Lobbiest to bribe Congress and FannieMae into making the short sale investor look like a thief trying to steal homeowner's equity along with the bank's loan proceeds. Of course, we know that without our help, these homeowners are going to go into foreclosure... which is what the banks want anyway. So, they have won another victory over the homeowners they are kicking into the street.