By Mike Colpitts Hurricane driven storm property damage in ten major urban areas along the Atlantic and U.S. Gulf coastlines would exceed $300-billion in home losses, according to an assessment by a real estate research firm. It’s the second annual assessment by Core Logic, developed to enhance understanding of the heightened risk storm surge damage… Continue reading Hurricane Storm Surge Poses $300 Billion in Home Losses
Category: 2011 Housing Market
Housing Downturn Reaches Year Five
By Mike Colpitts The downturn in the U.S. residential housing market is approaching five years, which arrives in just one week with the start of June. Housing markets in California and Florida were the fist to feel the impact of the slowdown that resulted from a combination of Wall Street shenanigans and bankers creative financing… Continue reading Housing Downturn Reaches Year Five
New Home Building Starts Recovery
By Mike Colpitts Despite new home builder sentiment in the industry being exceptionally low, new home construction is in the early stages of recovery. The latest National Association of Home Builders confidence index was 16 in May. A reading under 50 indicates poor sentiment. However, new home developments are showing signs of life scattered throughout… Continue reading New Home Building Starts Recovery
Rigid Land Use Spiked Home Prices
By Mike Colpitts Rigid land use restrictions contributed to the housing bubble burst and still play a major role driving home values lower, according to a new study conducted by a Washington, D.C. think tank. “The majority of losses in the housing crash were overwhelmingly concentrated in metropolitan areas with restrictive land development regulations,” said… Continue reading Rigid Land Use Spiked Home Prices
New Normal Favors Renting
By Mike Colpitts The new normal in real estate favors a larger number of renters and an increase in landlords just trying to get buy, according to the National Multi Housing Council’s mid-year apartment strategy conference. Former U.S. Congressional Budget Director Doug Holtz-Eakin said it’s inconceivable the government would stop subsidizing real estate, despite Republican… Continue reading New Normal Favors Renting
Real Estate Agent Falls from Grace
By Kevin Chiu His model like good looks and Southern California sun tan are near trademark, but millionaire real estate agent John McMonigle has fallen from grace, losing his fortune and amassing $50 million in debts. The luxury home salesman appeared in bankruptcy court depressed after selling personal assets, including his Newport Beach condominium and… Continue reading Real Estate Agent Falls from Grace
Americans Still Favor Homeownership
By Mike Colpitts In a major effort to tilt the scales of Congress in their favor, the National Association of Homebuilders commissioned a study to show Americans are still wildly in favor of homeownership, despite the inherent risks it poses. Results of the survey, which polled 2,000 voters found that three out of four still… Continue reading Americans Still Favor Homeownership
Tornado, Flood Damage Tops $260 Billion
By Mike Colpitts Catastrophic flooding along the Mississippi River and the outbreak of tornadoes in the Midwest and South are destroying thousands of homes and businesses. The series of disasters are estimated to top $260 billion in property damage, according to initial estimates gathered from federal and state authorities. A tornado believed to be just… Continue reading Tornado, Flood Damage Tops $260 Billion
Stocks Plunge on Housing News
By Mike Colpitts Following disappointing news about the housing market, the Dow Jones Industrial average plunged 279.65 points Wednesday on the New York Stock Exchange on the first day of June, demonstrating investors’ worries over the stock market and the greater U.S. economy entering the customary busy summer housing season. The drop in the highly… Continue reading Stocks Plunge on Housing News
Open Letter on Foreclosure Mills
By Betty Delisle My name is Betty Delisle and I live in New Hampshire. I am self employed and work every day to provide for my family. I bought my first home in October of 2005 and was so excited because I finally had a chance to get off the government programs that I had… Continue reading Open Letter on Foreclosure Mills