Real Estate News Blog April Archive

Latin America Feels Pain Of U.S. Housing Slump

By Art C. Ryder at 04/25/07 18:52

Illustrates the global nature of the U.S. economy, and the housing/real estate sector specifically. Mexico, and other Latin American states with immigrants in the U.S. are receiving less money in remittances than during the unprecedented boom until May 2006. Foreclosures and the subprime mortgage market failure means that other nations are a few billion dollars poorer this year because immigrants in the United States are not finding work as easily, or as remuneratively.

Original source: . Latin America Feels Pain Of U.S. Housing Slump

Subprime `Liar Loans' Fuel Bust With $1 Billion Fraud

Details what many in the real estate mortgage industry, especially the subprime bunch, called Liar Loans in which homebuyers either overstated earnings or mortgage lenders fabricated data to get loans approved to make their commissions. The high level of pending foreclosures, leaving little help for homeowners affected by more stringent lending conditions, is leading federal investigators (the FBI) to go after applicants who practiced fraud for profit. Sounds like when home prices went up, everyone was a winner… until reality caught up with fantasy and not even a more zealous lending market could spank money to out of home equity.

Original source: . Subprime `Liar Loans' Fuel Bust With $1 Billion Fraud

Home sales: Worst drop in 18 years

Home sales experience their worst drop in 18 years as evidence shows even worse than expected decline compared to economists’ estimates. Foreclosures and subprime mortgage news seems to be affecting real estate market sentiment.

Original source: . Home sales: Worst drop in 18 years

L.A. Home Sales Fell 4.6 Percent in March

Home prices in Los Angeles, California rose slightly while home sales fell 4.6 percent in March, marking the eighth straight month of declining home sales. Lists some of the most expensive average home sales prices and highest percentage gains. Foreclosure victims might take heart that at least home prices are still edging upwards.

Original source: . L.A. Home Sales Fell 4.6 Percent in March

Subprime loan aid possible

Discusses bills before the California Legislature aimed at aiding subprime mortgage holders facing foreclosure. Some foreclosure help may be possible if the bills are approved, but the specific measures are still being debated by representatives.

Original source: . Subprime loan aid possible

Scammers Targets Owners Faced With Foreclosure

Warns homeowners facing potential foreclosure of scammers promising foreclosure help only to take over the property for themselves or their investors. If people are coming to your door offering foreclosure help, check them out. Don’t believe them until you have a chance to investigate them further, even if they go to your church! Don’t sign anything without reading it. Any homeowner facing foreclosure should contact their mortgage company and deal with them or other state approved lending agency. Homeowners unfortunate enough to live in states without fraud protection, such as Arizona, beware of supposed “good Samaritans;” they might be just the people to step on you while you’re down.

Original source: . Scammers Targets Owners Faced With Foreclosure

Subprime bailouts: How they work

Describes how some states are resorting to bonds to help homeowners with subprime mortgages avoid foreclosure. This foreclosure help enables borrowers to refinance through state-approved lenders and get out of onerous financing deals.

Original source: . Subprime bailouts: How they work

Best Places to Retire Young

Gives a breakdown of the top ten places to retire young, if you’re so lucky. The criteria for real estate investment for the youthful retired are population growth, housing cost, cost of living, the presence of a college, and other amenities. All the locations are in the United States, but not one in California. Guess I’ll just have to work longer to retire there.

Original source: . Best Places to Retire Young

House flippers face slow stretch in York County market

Presents the tale of a couple of house flippers—home speculators that repair homes and try to sell them at a profit in less than a year—and their inability to sell their latest property due to the changing lending market, increased interest rates and foreclosures, and new development that is increasing the housing market inventory.

Original source: . House flippers face slow stretch in York County market

Housing Bubble Bursts into American Elections

Suggests that the foreclosure crisis and subprime market failure will be a poignant topic during the 2008 election cycle. Local, State and Federal governments and people running to fill those positions may be pressured into offering greater support for homeowners. If the economy does take a downturn, expect the housing market to be worse.

Original source: . Housing Bubble Bursts into American Elections