Real Estate News Blog August Archive

LIVING THE AMERICAN NIGHTMARE

By Art C Ryter at 08/05/07 02:12

Discusses the dire financial straits of a family in Oakland, California as they face foreclosure with little opportunity to refinance their home and falling housing prices. People can learn from their mistake. They refinanced the home over 12 times in the past 50 years, with the last two in 2004 and 2006. They may have squandered the money on the flashy life and now owe more on the house than it is currently worth. Even though they bring in over $5000 a month, they have difficulty paying the mortgage and avoiding foreclosure.

Original source: . LIVING THE AMERICAN NIGHTMARE

New Study Shows Impact of Government Fees On Home Affordability

The National Homebuilders Association wants you to believe that rising permit and other fees on homes is really the main reason that residential housing has become increasingly out of reach for ordinary homebuyers. Like the irrational rise in residential real estate and the foreclosures harming new home starts and existing housing stock are the result of government permitting costs and related fees. What raises the cost of housing are the tv shows that suggest you put money into your house to “stage and showcase” the place you are about to sell and the fact that people are treating houses as investment commodities when most people just want to have a place to live.

Original source: . New Study Shows Impact of Government Fees On Home Affordability

Lenders Wells Fargo, Wachovia Curb Mortgage Loans

Well known banks are reducing credit access to people with good credit further crunching the liquidity of the housing market and crimping consumer spending. Mortgage lenders continue to feel the heat as forclosures continue to rise around the country. The restriction in credit leaves few options open for people hoping to refinance the mortgages and those trying to avoid foreclosure.

Original source: . Lenders Wells Fargo, Wachovia Curb Mortgage Loans

Downbeat economic news sends stocks tumbling

The downturn in the real estate residential housing market continues to effect declines in the stock market. News of downgrading subprime lenders credit ratings is leading to falling values for stocks. Now, not only are housing values falling due to increases in foreclosures in many areas, but your pension investments are foundering as well.

Original source: . Downbeat economic news sends stocks tumbling

GDP Growth: Panama Best

More of a projection of optimistic accounts, Panama is expected to have the best growth in Gross Domestic Product in 2007 and 2008. Much of the forecast relies on good returns in real estate and tourism, not to mention the $5 billion expansion of the Panama Canal. Money flowing into the country should continue the real estate boom and as tourists visit, many may choose to buy vacation or second homes in the Central American country.

Original source: . GDP Growth: Panama Best

Forestry firms find profit in their real estate

Recounts the growth of forestry in Latin America, particularly Uruguay, Chile and Brazil, and the decline in labor force needed in British Columbia, Canada. Coastal producers face increased competition from producers in places such as Uruguay, Chile and Brazil, where labour is cheap and trees grow more than twice as fast as they do on B.C.'s wet, often hard-to-access coast. Looks like smart money would be on buying land in Uruguay or other Latin American country with forestry potential.

Original source: . Forestry firms find profit in their real estate

Nevada Once Again Tops Foreclosure Market

Suggests that Nevada is the state with the most foreclosures pending. 1 of 135 homes in Las Vegas, Nevada is in some stage of foreclosure. Short sales on homes are not mitigating the market downturn. Few individuals are buying homes that are either in or have gone though the foreclosure still waiting for prices to come down. People are now shopping for deals, though homeowners most greatly affected by foreclosures will have little ability to buy back into home ownership.

Original source: . Nevada Once Again Tops Foreclosure Market

U.S. foreclosures jump, trending higher-RealtyTrac

Foreclosures in the United States still trend upwards jumping 58% during the first half of 2007 and are projected to climb even further. If the current pace were to continue, foreclosure filings would surpass 2 million by the end of the year, which would represent a year-over-year increase of more than 65 percent. Who is going to be able to buy all the foreclosures?

Original source: . [404 Check: was link to http:/ / today. reuters. com/ news/ articleinvesting. aspx?type=bondsNews&storyID=2007 -07 -30T193520Z_ 01_ NN30395457_ RTRIDST_ 0_ USA -ECONOMY -FORECLOSURES -UPDATE -3. XML, anchor: U.S. foreclosures jump, trending higher-RealtyTrac]

Every Penny Counts

Discusses the saving techniques individuals and couples are implementing to buy real estate properties in New York. Many gave up the little luxuries of coffees, dinners out, expensive entertainment to save enough for a down payment. Times are tough when earning $100,000 a year barely enables you to buy a home.

Original source: . Every Penny Counts

Foreclosures soar in Arizona

New data released Monday show that foreclosure-related filings in Arizona jumped during the first half of 2007, compared with the same period a year ago, meaning that an increasing number of residents have been unable to keep up with mortgage payments. Current foreclosures are primarily the result of subprime and adjustable rate mortgage lending. Many people who would not traditionally been able to afford homes were put into bad loans and many others are being caught in foreclosure due to their speculative endeavors.

Original source: . [404 Check: was link to http:/ / www. azcentral. com/ arizonarepublic/ business/ articles/ 0731biz -foreclosures0731. html, anchor: Foreclosures soar in Arizona]