By Mike Colpitts Millions of homeowners are suffering through foreclosures, but this guy takes the CAKE! It’s right out of the classic Alfred Hitchcock horror movie Psycho. In a truth is stranger than fiction tail, a Brooklyn man dressed up as his dead mother and “channeled her” to commit real estate fraud in an effort… Continue reading ‘Psycho Character’ Commits Home Foreclosure Scam
Category: New York
New York housing market
Refinances Lead Mortgage Rebound
By Ryan Jackson Refinancing led a rebound in mortgage financing last week as homeowners applied for mortgages at the highest rate in at least two months, according to the Mortgage Bankers Association. Refinances jumped 13.5% from the previous week. Near record low mortgage rates got homeowners seeking refinances off the sidelines to take advantage of… Continue reading Refinances Lead Mortgage Rebound
Oprah Lists New York Penthouse
Oprah Winfrey, the Queen of talk TV and now the owner of OWN, a new cable television channel is selling her highly coveted Manhattan, New York penthouse, listing it for $7.9 million. Winfrey has reportedly spent little time at the high-end Manhattan penthouse, buying it in a trust to discourage others from learning about the… Continue reading Oprah Lists New York Penthouse
Rosie O’Donnell Sells Home Quick
Talk show host Rosie O’Donnell has sold her 6,000 square foot Chicago home on the first day she put it on the market. The $2.5 million home went under contract just five hours after it was listed. The rapid sale or lucky sale in the current housing market is fortunate for O’Donnell, who started a… Continue reading Rosie O’Donnell Sells Home Quick
Mediation Can Save Homeowners from Foreclosure
By Kevin Chiu Millions of homeowners at risk of foreclosure can be saved from losing their homes through mediation, according to a new report issued by the non-profit National Consumer Law Center. The report reviewed existing foreclosure programs in 19 states to come up with recommendations for states to adopt. Programs the organization feels are… Continue reading Mediation Can Save Homeowners from Foreclosure
U S Foreclosures Drop Huge
By Mike Colpitts Formal foreclosures or homes that were repossessed by their lenders accounted for 830,000 U.S. homes in 2011, a huge drop of 24% from 2010, according to real estate data research firm CoreLogic. The decline comes as a result of moratoriums enacted by the nation’s five largest mortgage lenders to study damage from… Continue reading U S Foreclosures Drop Huge
Bank of America Settles Largest Mortgage False Claims Case
By Kevin Chiu The nation’s largest bank has settled the biggest mortgage false claims case with the U.S. government in history. Bank of America will pay $1-billion to resolve wrongdoing uncovered by the U.S. Justice Department in mortgage lending by loan officers operating for Countrywide Mortgage, which BofA acquired at the height of the financial… Continue reading Bank of America Settles Largest Mortgage False Claims Case
Home Prices Fall Almost 5% in 2011
By Mike Colpitts Home prices fell nearly an average of 5% last year as a result of a troubled U.S. economy, decaying consumer sentiment, high unemployment and a foreclosure crisis that is running out of control, according to real estate research firm Core Logic. The company’s December Home Price Index showed an average 4.7% decline… Continue reading Home Prices Fall Almost 5% in 2011
2012 New York Housing Market
Economic turmoil, high state taxes and sluggish home sales make it likely that any sort of a recovery in the New York City housing market is a long way off, but real estate markets outside of the metro area are already experiencing better times. Sliding home sales in the Burroughs of New York, telegraph housing… Continue reading 2012 New York Housing Market
Real Estate Investment Concentrated in 30 Cities
By Mike Colpitts More than half of all real estate investments are concentrated in 30 major cities across the world, according to a new study. Twenty-five percent of property investments are in five metropolitan areas, including New York. The study, conducted by commercial real estate company Jones Lang LaSalle, found that major cities house most… Continue reading Real Estate Investment Concentrated in 30 Cities