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
Category: California
California housing market
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
Foreclosures Fall Seven Straight Months, But Still at Crisis Level
By Kevin Chiu Hampered by internal bank and mortgage servicing company delays, foreclosure notices fell to a 40 month low in April, declining 9% from the prior month and 34% from a year ago. The slowdown represented the seventh straight month of delays in the foreclosure crisis as a result of the moratorium put in… Continue reading Foreclosures Fall Seven Straight Months, But Still at Crisis Level
Homeowner Associations May Hit Record Lawsuit Volume
By Mike Colpitts Homeowner and condominium associations straddled with high debt in the real estate crash are resulting in at least thousands of member-owners refusing to pay monthly fees, and may reach record lawsuit volume in U.S. courtrooms. The development was determined during a routine Housing Predictor survey of markets monitored across the nation. The… Continue reading Homeowner Associations May Hit Record Lawsuit Volume
Homeowners Move to Fixed Rate Mortgages
By Kevin Chiu Nervous about their financial futures and holding on to their homes, consumers are shedding debt and transitioning to fixed rate mortgages in unprecedented numbers. An over-whelming 95% of refinances were fixed rate mortgages during the first quarter of the year, according to Freddie Mac. Millions of homeowners have been unable to refinance… Continue reading Homeowners Move to Fixed Rate Mortgages
Hawaii Passes U.S. Toughest Foreclosure Law
By Kevin Chiu Hawaii lawmakers followed hard hit Nevada to become only the second state in the nation to approve one of the toughest foreclosure consumer aid laws in the U.S., passing the bill as the legislature closed its latest session. Senate Bill 651 is touted as a windfall for consumers, requiring mortgage lenders to… Continue reading Hawaii Passes U.S. Toughest Foreclosure Law
U.S. May Dump Homeowner Aid
By Mike Colpitts Little government aid is available to homeowners struggling to hold on to their homes caught in the grip of economic hardship, according to a leading attorney who is spearheading legal action against seven of the nation’s largest banks in the foreclosure crisis. Attorney Philip Kramer, whose firm Kramer-Kaslow of Calabasas, California has… Continue reading U.S. May Dump Homeowner Aid
Home Sales Rise as Housing Recovery Gains Momentum
By Mike Colpitts Driven by declining home prices and low mortgage rates, home sales rose for the sixth time in the past eight months in March as the housing market makes inroads toward gaining momentum in its recovery. Sales of existing homes increased 3.7% to a seasonally adjusted annual rate of 5.1-million in March, but… Continue reading Home Sales Rise as Housing Recovery Gains Momentum
Hardest Hit Housing Cities Pain Grows
By Mike Colpitts The gambling capital of the U.S., Las Vegas posted the nation’s highest foreclosure rate among metropolitan areas with populations of more than 200,000 in July, but housing foreclosures are spiking in the majority of other top 20 hardest hit housing cities. The gap is shrinking between the gambling mecca and major cities… Continue reading Hardest Hit Housing Cities Pain Grows
Seven Major U.S. Banks Sued in Homeowners Fraud
By Mike Colpitts A veteran real estate attorney is suing seven major U.S. banks in what may be a precedent setting case for allegedly defrauding hundreds of thousands of homeowners. Calabasas, California attorney Philip Kramer, who has been practicing real estate law more than 25 years, is citing laws and procedures that banks were previously… Continue reading Seven Major U.S. Banks Sued in Homeowners Fraud