property

One Thing Explains Why Home Prices Are Rising In Some Cities And Falling In Others

"One key reason for the discrepancy is the legal process for foreclosing on a home, explains Bank of America Merrill Lynch's Michelle Meyer. 'Broadly, states with a non-judicial process witnessed a sharper decline in home prices at the beginning of the downturn, but are currently enjoying price appreciation,' said Meyer recently. 'This is due to a more efficient disposition of delinquent supply, leaving lean inventory in many markets. In contrast, states with a judicial process are still struggling to clear the pipeline of distressed loans. As a result, home prices in the Chicago and New York metro areas have continued to edge lower.'" Continue reading →

Continue ReadingOne Thing Explains Why Home Prices Are Rising In Some Cities And Falling In Others

The Echo Boom in Housing-Recovery Stocks

"Speculative bubbles often produce an 'echo boom' a few years after the bubble has burst, as the cultural/institutional memories of the asset's spectacular gains remain operative long after the initial boom/bust. Is the much-hyped housing recovery an organic, sustainable trend, or is it merely a speculation-driven echo boom that is doomed to fade?" Continue reading →

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Foreclosure Laws and Procedures By State

"Compare all state foreclosure timelines on this simple one-page chart and click on any state name to read about detailed foreclosure procedures for that state. Before continuing, please note that if you're currently facing or potentially facing foreclosure, you probably have a handful of foreclosure questions. We have a Frequently Asked Questions section that can help." Continue reading →

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Shiller: Housing Market May Have Further to Drop

"'The housing market has been declining for something like six years now, it could go on, that’s my worry,' Shiller said in Davos, Switzerland. 'The short-term indicators are up now, it definitely looks better, but we saw that in 2009.' 'It’s a good housing market in the sense that mortgage rates are very low and prices have come down to normal levels, so yes, it’s a good time to buy if nothing bad happens,' Shiller said. 'But it’s also a very bad housing market in that most of the mortgages are being supported by the government, and we have the Fed and this buying program. It’s a very abnormal market. There’s a lot of uncertainty going forward.'" Continue reading →

Continue ReadingShiller: Housing Market May Have Further to Drop

Lenders will target near-equity squatters for future foreclosures

"Banks are letting delinquent borrowers squat rather than foreclosing on them and booting them out. At first, it was a self-preservation measure by the banks taken out of desperation when the first wave of foreclosures caused prices to crash. However, now the banks are content to allow squatting, even for years, because squatters do not become MLS supply weighing down prices. The houses occupied by squatters are effectively removed from the market creating an artificial shortage. The lack of MLS homes for sale and high affordability is causing prices to rise, and as prices go up, banks have collateral backing on their bad loans." Continue reading →

Continue ReadingLenders will target near-equity squatters for future foreclosures

Squatting in style: 23-year-old occupies empty $2.5 million Boca home

"The 23-year-old has moved into an empty $2.5 million mansion in a posh Boca Raton neighborhood, using an obscure Florida real estate law to stake his claim on the foreclosed waterside property. The police can't move him. No one saw him breaking into the 5-bedroom house, so it's a civil matter. And representatives for the real owner, Bank of America, said they are aware of the situation and are following a legal process. Sunrise real estate lawyer Gary Singer said Barbosa is invoking a state law called 'adverse possession,' which allows someone to move into a property and claim the title — if they can stay there seven years." Continue reading →

Continue ReadingSquatting in style: 23-year-old occupies empty $2.5 million Boca home

California Man Pays Off $13,000 Property Tax Bill in Coins, Dollar Bills

"A California man who failed to pay his property taxes for over five years has finally come up with the money — but he made local tax office workers count nearly $15,000 worth of change and dollar bills. Larry Gasper of Redding, Calif. brought in a wheelbarrow and two buckets worth of coins and cash to the Shasta County Tax Collector’s Office on Wednesday afternoon. Gasper rolled and collected the coins and bills until he had enough to clear his debt. If Gasper had not paid the bill, his property would have been auctioned off next month. He said he lost his tree business a couple of years ago." Continue reading →

Continue ReadingCalifornia Man Pays Off $13,000 Property Tax Bill in Coins, Dollar Bills

Why Your Town Is Going Broke

"Cook County’s Treasurer has created a website where citizens can find out how far in the hole their governments are. They are all so far in debt that future taxpayers will lose their homes, she says: 'In May, 2012, the collective debt reported by the local primary taxing agencies in Cook County was more than $140 billion! To put that in context, the total debt-per-household in the City of Chicago was $87,720, and $35,774 in the suburbs. Homeowners might be able to give their homes to their children, but that future generation won’t be able to afford to keep them because of the property taxes, which have doubled over a 10-year period.'" Continue reading →

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Silicon Valley House Sells for $117.5 Million

"An estate has sold in the wealthy northern California community of Woodside for $117.5 million, making it one of the highest-priced residential sales ever in the U.S. Public records show the house is 8,930 square feet and is located at 360 Mountain Road, Woodside CA, next door to the Steve Jobs house at 370 Mountain Road. Bottom line: Bernanke money is flooding Silicon Valley. The sale comes as Silicon Valley luxury home sales surged 54 percent in December, according to residential brokerage Coldwell Banker Wendy McPherson, quoted by the San Jose Mercury News." Continue reading →

Continue ReadingSilicon Valley House Sells for $117.5 Million

Home Prices Continue to Soar; Best Gains Since 2006

"Data through November 2012, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices showed home prices rose 4.5% for the 10-City Composite and 5.5% for the 20-City Composite in the 12 months ending in November 2012. It was the strongest year-over-year price increase since August 2006. The Southwest – Las Vegas and Phoenix – are staging a strong comeback with the Southeast -- Miami and Tampa close behind. The sunbelt, which bore the brunt of the housing collapse, is back in a leadership position. California is also doing well while the northeast and industrial Midwest is lagging somewhat." Continue reading →

Continue ReadingHome Prices Continue to Soar; Best Gains Since 2006