Category: 2009 Housing Market

Housing Czar Wanted

from Google Maps By Mike Colpitts The classified advertisement reads: “Immediate opening for an expert negotiator with serious finance credentials. Master’s degree in economics or related field required. Real Estate background a must, especially in residential area. Scope of experience should include working with and understanding bankers.” Apply to: President Barack Obama, The White House… Continue reading Housing Czar Wanted

Beware of False Bottoms in Housing

By John Hines Economist Euphoria can be a dangerous emotion. Economic intricacies are tough enough for even the most practiced of economists to read in real estate markets. But the worst recession since the Great Depression is pointing to a longer downturn yet in housing. A new economy is slowly emerging from the catastrophe of… Continue reading Beware of False Bottoms in Housing

Sun Belt Leads in Foreclosures

Four of the most populated sun belt states account for the highest foreclosure rates in the nation, according to the RealtyTrac mid-year foreclosure market report. California, Florida, Nevada and Arizona urban areas produced 35 of the 50 highest foreclosure rates among metro areas. The report was tabulated from metro areas with populations of at least… Continue reading Sun Belt Leads in Foreclosures

How Contract Abandonment is Helping Restore the Real Estate Market

Leave Morality Out Of It: How Contract Abandonment Is Helping Restore Reality to The Real Estate Market By Jared H. Beck, Esq. Beck & Lee Business Trial Lawyers Miami, Florida “Ditching Condo Deal May Have Been Smart.” That recent headline from the Palm Beach Post announced what many who bought condo units in the preconstruction… Continue reading How Contract Abandonment is Helping Restore the Real Estate Market

Homeowners Get New Tax Credits

By Kevin Chiu Under the Obama Administration’s housing rescue plan homeowners may also get new tax credits. The administration’s proposal was approved as part of the president’s $787-billion bail out program and will save homeowners thousands of dollars. The highly touted $8,000 first time buyer’s federal tax credit has become popularized as new home buyers… Continue reading Homeowners Get New Tax Credits

Foreclosures Set New Records

Foreclosures reached the highest level on record in June as foreclosure filings rose for the fourth month in a row, according to the latest RealtyTrac foreclosure report. Notices of default, auction sale notices and bank repossessions were reported on more than 1.5-million properties in the first half of the year. Some 1,528,364 properties received notices… Continue reading Foreclosures Set New Records

Housing Market Conditions Improving

Housing Market Conditions Improving Housing indicators are showing that markets are making slow strides towards improving conditions. Boosted by the first time buyers’ $8,000 federal tax credit and other incentives, home sales are up in many of the hardest hit urban markets, including Los Angeles, Las Vegas and Phoenix. Additionally, government insured mortgage applications hit… Continue reading Housing Market Conditions Improving

Money Trail of Housing Bust Leads to Congress

By Mike Colpitts The repeal of the law that produced the current housing depression was made by Congress in 1999, and it took just eight years before it would nearly destroy the U.S. economy. At the peak of the real estate bubble lobbyists gave more than $350-million to members of Congress. Lawmakers passed laws that… Continue reading Money Trail of Housing Bust Leads to Congress

Graveyards of the Housing Bust are Zombie Developments

Graveyards of the Housing Bust By Mike Colpitts They are littered from coast to coast and do not discriminate. Zombie subdivisions and housing developments are scattered across the nation like nothing since the Great Depression. They are the wreckage of failed developments and urban sprawl gone mad during the real estate boom, left to rot… Continue reading Graveyards of the Housing Bust are Zombie Developments