August 5, 2010
NATIONWIDE
Employment statistics not encouraging for speedy economic recovery
According to financial experts, the economic recovery depends to a large extent on the growth of employment opportunities in all segments. For the simple reason of more money in the hands of people, the spending will increase, bringing every sector including real estate into life. The national unemployment rate and figures of claims on unemployment insurance do not support the expectation for a speeder recovery of economy. Read More..
Foreclosure filings decline consecutively – Market Report
The half-yearly Foreclosure Report – released by Realtytrac – says there is a decline of foreclosure filings for the sixteenth straight month in the country. During the first six months of 2010, the total foreclosure filings number stood at 1,961,894. In essence – one in 78 housing units received foreclosure filings during this period. Read More..
LENDERS & SERVICERS
Darrel Issa reveals more information about the the Countrywide VIP loan controversy
New information highlight the ties between Fannie Mae executives and Countrywide’s VIP loan program. This program was created by the subprime lender’s CEO at the time, Angelo Mozilo.
Rep. Darrell Issa, ranking member of the Oversight and Government Reform Committees showed documents that reveal information about this controversy: 27 former employees at the government-sponsored mortgage company "somehow managed" to receive 153 subsidized, low-cost loans through the specialty Countrywide VIP loan program. According to Issa, this program existed just to buy friends in critical government and industry positions, in order to protect the company’s business interests. Read More…
LUXURY HOMES
Teresa Giudice’s auction
Teresa Giudice, "The Real Housewives of New Jersey" and her husband are facing bankruptcy, so August 22 will be a very important step in their lives, because their belongings will be auctioned off to help pay their $11 million debt.
Teresa and her husband filed for bankruptcy last October, when they couldn’t keep up with their bills, plus their $11 million in debts. Their belongings will be soled on an auction arranged by the court and trustee, though it might be a little hope not to do so. Their lawyer is still fighting the auction. Read More..
One of the symbols of wealth to be foreclosed
The Novi palace, one of Metro Detroit’s symbol of wealth gained a few days before entering foreclosure. The 13,777 square foot mansion includes a steam room, a bowling alley, wine vault. Outside: $5 million worth of landscaped waterfalls, a pool with a 60-foot-long water slide and a par three golf hole.
The owner, Rich Morgan, known as a the entrepreneur who built an empire of laser hair removal clinics, bought the mansion 3 years ago for only $9.5 million. After investing another $8.5 to build the house, the property now worth around $25 million according to some real estate officials. Read More..
COMMERCIAL
The St. Anthony Hotel foreclosure
The St. Anthony Hotel was inundated by hundreds of phone calls from some worried mother and brides because they wanted to know if the scheduled events will take place. There are lots of parties planned to upcoming months so people are worried whether their party will take place or not. The hotel officials are calming the callers saying that the historic downtown hotel’s foreclosure won’t have any kind of influence on the weddings, banquets and parties promised to host. Mr. Green, the senior vice president of investment s with Prism Hotels and Resorts, which is handling the hotels receivership said that "The hotel has no plans of closing. It’s going in the right direction. It’s fully staffed and foreclosure does not mean closing." Read More..
MARKET UPDATE – NAPLES
Latest Naples home prices and sales statistics are impressive
Naples housing market suffered the same amount of trouble for the last 4 years, what the entire U.S. national real estate underwent, because of the foreclosure crisis. Yet it has the unique history of attracting home buyers in large numbers, when the pressure started easing up during the last 5 to 6 months, slowly though. Read More..
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