Real Insight. Real Estate.

Posts Tagged ‘Foreclosures’

This Valentine’s Day, Bill Maher has a message for all of us who are still in an abusive relationship…. with our Bank!

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An analysis of the housing crisis by Karl Case:

For the last few years, we have shed many tears
Living through a recession.
The economy’s broke and it’s not a joke,
When we talk of another depression.
Fifteen million without a job,
Foreclosures and banks that fail,
401K’s became 201K’s,
And everything’s up for sale.

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The Week of January 9-15

- China is trying to prevent its real estate bubble from growing before it bursts.

- CalPERS is planning on taking a public dump on the middlemen who advised them so poorly.

- Will a missed payment on Stuyvesant Town prompt foreclosure proceedings?

- The White House is contemplating taxing banks to recoup TARP losses.

- Jamie Dimon, never one to mince his words, called CRE a “train wreck” this week.
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The Week of January 2-8

- Just in case you hadn’t heard, the Burj Dubai was completed this week.

- On this side of the Atlantic, the former “Freedom Tower” is on the market.

- Is NYC real estate undervalued? 6 REITs tend to think so.

- Just 4 days into 2010, the loom and doom predictions for CRE are dragging into 2011.

- Property owners sued Credit Suisse for $24 billion in an attempted loan-to-own scheme.
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CityCenter Springs to Life

The Largest Private Development in U.S. History had its Grand Opening This Week

Billionaire & Boston Properties CEO Mort Zuckerman Shares His Thoughts on CRE

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For decades government policy has been to encourage lenders to provide mortgage loans to lower-income families. When mortgage brokers refused to make such loans because the risk was too high compared to the interest rates they could charge and still expect repayment, they were accused of discrimination. Now low-income borrowers, enabled by the policies of the federal government (I fall into this category with my 96.5% loan to value FHA loan), are in a bind. As has become expected of this administration, politicians are seeking to punish the lenders.

In the Sunday edition of the New York Times an article title “U.S. To Pressure Mortgage Firms For Loan Relief” quotes Treasury’s assistant secretary for financial institutions as saying, “The banks are not doing a good enough job. Some of the firms ought to be embarrassed, and they will be.”

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You won’t find Miami, Phoenix, or any of the wounded Californian towns on this list of the most promising real estate markets for the upcoming year.  Money Magazine claims that despite a poor real estate market and the housing crisis certain markets are expected to show price gains in the following months and years.  These cities and towns have been virtually uninjured by the economy, seemingly immune to the foreclosures that have plagued the rest of the nation.

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Most everything we read in our quest for knowledge about foreclosures (and whether investment in this market can be successfully made by novices) stresses that a title search must be made early in our investigations. No adequate assessment of the true amount of equity required for the targeted foreclosure property, and therefore of potential profit, can be made until the actual amount of debt registered against the property is known. Although this is common knowledge, there is little available to explain what the uninformed majority should be looking for.

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