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- An alleged real estate fraud scheme built on greed
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News item from your government today: "The Securities and Exchange Commission today filed securities fraud charges against the promoters of a real estate investment scheme targeting the African-American community in the Los Angeles area and other locations in Nevada and Georgia."
In short, the alleged scheme was this: an Altadena woman named Jeanetta M. Standefor, through a Pasadena company called Accelerated Funding Group, operated an allegedly fraudulent "foreclosure reinstatement" scheme. More than 600 people invested $18 million in the scheme between 2005 and 2007, believing they could reap returns of up to 50% within 30 to 45 days, the SEC says. Investors were led to believe that their wildly profitable investments would also help distressed homeowners avoid foreclosure.
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Original Source: feeds.latimes.com
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16 May, 2008| housingblogs |
Comments (0) @ 23:35
- Celebrity price-chopper: Hot Property cools off
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I know readers here generally don’t give a hoot about celebrity real estate, but I thought I’d make an exception for this item: …
Original Source
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16 May, 2008| housingblogs |
Comments (0) @ 23:20
- Gas Guzzler
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New York City Housing Bubble - The BIG Picture…
Original Source: bp1.blogger.com/_GMFF5jY6gGs/SC4DT8du5G
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16 May, 2008| housingblogs |
Comments (0) @ 23:00
- Donald Trump has found a buyer for his $100 million Palm Beach mansion
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The Donald gets what The Donald wants. Well, at least when it came to his 80,000-square-foot Palm Beach mansion on County Road, which it looks like Donald Trump will be able to sell for his $100 million asking price.
The Palm Beach Post reported this week that the oceanfront mansion is under contract for sale to an unnamed foreign buyer. Despite the real estate downturn, luxury home prices continue to hit records even in the beaten-down South Florida market. …
Original Source: www.businessweek.com
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16 May, 2008| housingblogs |
Comments (0) @ 22:55
- Inger Jirby Gallery Hosts Taos Chamber
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Inger Jirby always draws a crowd when she hosts an event, artist opening or show of her works. The Inger Jirby Gallery is on Ledoux Street, right behind Taos Plaza, and there’s plenty of parking nearby. We enjoyed the Taos Chamber Mix & Meet on Thursday, May 15th.
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Original Source: galleryrealtyoftaos.com
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16 May, 2008| housingblogs |
Comments (0) @ 21:01
- The Downtown Bistro - Fine Dining in Taos, NM
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When you watch the movie below, you might get the idea that Marco, an owner of the D…
Original Source: galleryrealtyoftaos.com
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16 May, 2008| housingblogs |
Comments (0) @ 20:34
- $186 Per-Square-Foot in Irvine
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This Ole House — Stuart Hamblen
Today’s property sets a new low standard in Irvine. This is the first property I have seen below $200/SF. Granted, it is a fixer-upper, but those properties will always be the low-price leader. I really did not think we would see price levels this low in 2008.
This is the kind of property that will interest me in a couple of
years. If you find a house in need of major cosmetic surgery (but
nothing structural), you can buy it with FHA financing and take what
would have been your 20% downpayment and renovate the property to your
taste. After the renovation, you can get the property reappraised, and
hopefully, you will have added enough value to be able to stop paying
private mortgage insurance. At that point, you are in a house finished
the way you want it for equal to or less than a “normal” property in
the community. Right now, it would just be a money pit, but when we are closer to the bottom……
Original Source
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16 May, 2008| housingblogs |
Comments (0) @ 20:30
- Builders get hammered again
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Demand for new homes collapsed last year. Next up could be a similar drop in the rest of the construction market — and that could be the latest drag on an already sputtering U.S. economy
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Original Source: money.cnn.com
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16 May, 2008| housingblogs |
Comments (0) @ 20:08
- April Neighborhoods Months of Supply Update
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Here’s the latest update on months of supply, or “absorption rates” for the 30 NWMLS areas in King County. For an explanation of what months of supply means, please refer to the original neighborhood MOS breakdown post.
Remember: Over 6 MOS is a buyer’s market, which gives buyers more negotiating power, but doesn’t mean homes are priced attractively for buyers or that it’s a good time to buy. Before this year, the longest that King County as a whole has sustained a MOS above 6 was 4-5 months in the winter of 1994-1995. April MOS for King County came in at 6.21 (up slightly from March), bringing the current run to eight months. In seven of the last eight years, March has been the low point for MOS (2003 was the exception, when MOS bottomed in July). It seems unlikely that the county-wide MOS will drop back below six this year.
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Original Source: feeds.feedburner.com/SeattleBubble
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16 May, 2008| housingblogs |
Comments (0) @ 20:01
- Managing to grow
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Excel Bradshaw Management Group, a medium-sized, family-owned management company in Carle Place has a few new clients in the Bronx, Brooklyn and Queens.
Excel Bradshaw will manage the 31 units at the Cambridge Mews Condominium in Riverdale; 80 co-op units in Forest Hills for Queens Montgomery Owners; and a 25-unit co-op for 75 Prospect Park West in Brooklyn.
Mark Levine, the vice president of business development for EBMG, said management services for the new clients will start June 1.
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Original Source: spacedoutli.wordpress.com
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16 May, 2008| housingblogs |
Comments (0) @ 20:00
- Spector takes lid off new launching pad
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Manicured but unassuming, the Woodbury business park dominated by Long Island’s cable provider, Cablevision, is a maze of small corporate headquarters. But now it has one amazing space.
The Spector Group’s fete to unveil its sparkling new digs was attended by a distinguished crowd of the Island’s movers and shakers, including Nassau County Executive Tom Suozzi who chatted with Marty Lomazow from CB Richard Ellis and Morton Weber from the Weber Law Group.
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Original Source: spacedoutli.wordpress.com
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16 May, 2008| housingblogs |
Comments (0) @ 20:00
- Is home construction activity really up?
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Let me quickly dispel any notion that the 8.2% surge in April of housing starts reported by the Commerce Department on May 16 was a positive sign for real estate, or that it has much significance at all.
The rise was fueled by a 40.5% leap in construction starts on multifamily homes of five or more units – a monthly statistic that is notoriously volatile (April’s increase followed a 35% decrease in March and a 24% increase in February).
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Original Source: www.businessweek.com
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16 May, 2008| housingblogs |
Comments (0) @ 19:49
- Home Builders Pessimistic: "Pricing pressure for the foreseeable future"
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“In general, most markets are pretty tough. We’re still seeing pricing pressure out there and I think for the foreseeable future we’re still going to see it.”Beazer Homes CEO Ian McCarthy on conference call, May 16, 2008 And some other recent home builder comments: “I don’t think we’re anywhere near a bottom in housing. We’re going to have a big inventory of unsold, unoccupied homes that’s going to take three or four years to clear out.” …
Original Source
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16 May, 2008| housingblogs |
Comments (0) @ 19:33
- Your call: Does this guy look like an Angry Renter?
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Excellent story today in the Wall Street Journal elaborating on a tidbit that was on the blog a while back: The anti-bailout website A…
Original Source: feeds.latimes.com
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16 May, 2008| housingblogs |
Comments (0) @ 18:49
- US to Halt Strategic Petroleum Reserve Purchases
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From AP: US will stop sending oil into strategic reserves The Energy Department said it will not sign contracts for new shipments of 76,000 barrels of oil a day for the six-month period beginning July 1. … The reserve is 97 percent full, holding 701 million barrels of crude. Although 76 thousand barrels is a small percentage of the 85 million barrels per day of world demand (about 0.1%), this could make some difference in the price because both the supply and demand curves for oil are very steep.
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Original Source: feeds.feedburner.com/CalculatedRisk
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16 May, 2008| housingblogs |
Comments (0) @ 18:32
- A sign of hope? Why housing hasn’t hit bottom
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If you were, like I was, listening to the radio with one ear this morning, you might have heard a story that started off something like this: "A sign of hope today for the troubled housing market…"…
Original Source: latimesblogs.latimes.com
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16 May, 2008| housingblogs |
Comments (0) @ 18:31
- Housing Starts Jump in April
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Builders picked up the building pace in April as the industry streaked past analyst estimates for new home starts. Led mainly by the development of multi-family projects builders showed that they exist to do one thing - build. While the country still faces a massive glut in properties builders are placing their bets in lower-cost multi-family units. As deep discounts and incentives seem yet to stem the tide of single-family malaise home builders are looking for other ways to keep the revenue streams to at least a trickle.
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Original Source: feeds.feedburner.com/typepad
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16 May, 2008| housingblogs |
Comments (0) @ 18:02
- FDIC’s Bair: Housing crisis is a national problem
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FDIC Chairman Sheila Bair at the Brookings Institution Forum, The Great Credit Squeeze: How it Happened, How to Prevent Another [W]e have some significant challenges ahead of us. And while some credit markets may be stabilizing, families, communities, and the economy continue to suffer.Frankly, things may get worse before they get better.A…
Original Source: feeds.feedburner.com/CalculatedRisk
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16 May, 2008| housingblogs |
Comments (0) @ 17:58
- [In The Media] Fox Business C-Suite Interview for 5-16-08
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Well this morning, I got up at 4:15am to do a live C-Suite interview on Fox Business News at 6:45am. Always fun and I enjoyed meeting Jenna Lee in person after having known her only via telephone when she was a reporter. I must have done ok since they invited me back next friday morning.
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Original Source: matrix.millersamuel.com
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16 May, 2008| housingblogs |
Comments (0) admin @ 16:09
- Running for cover
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Credit availability is crumbling. Not only are banks pushing up interest rates on high loan to value products, they are also removing the number of loan products available to customers.The most recent Bank of England inflation report pointed out that since the credit crunch began, the number of credit impaired mortgage products has fallen by 75 percent. The number of self-certification mortgage products has also taken a dive, falling by two thirds between February and April this year. The infamous 100 percent LTV loan products have disappeared completely….
Original Source: bp1.blogger.com
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16 May, 2008| housingblogs |
Comments (0) @ 16:06
