property

Echoes of the bubble in agents’ descriptions of real estate markets

"Astonishingly low mortgage rates, which the Federal Reserve has driven down in the hopes of stimulating borrowing and goosing the economy, have given qualified purchasers more buying power. A 1 percent decline in mortgage rates increases buying power by about 10 percent. Even though agents might worry about overvalued homes, that's not stopping buyers from bidding up prices, a phenomenon happening in markets with tight inventories across the U.S. Maxwell Rabin, an agent at TTR Sotheby's International Realty, said the Washington, D.C. market is experiencing 'very, very high demand and almost historically low supply.'" Continue reading →

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Princeton University gives away free houses to anyone willing to haul them away

"Princeton University is giving away seven houses along Alexander Street that would be otherwise slated for demolition, for free. The catch? You have to haul them away yourself. The seven available structures are located from 106 to 194 Alexander Street. University spokesman Martin Mbugua said the idea to give the houses away came up during project plan discussions for the $330 million Arts and Transit project. The university-owned structures previously used as offices and are available in as-is condition, he said. The conditions aren’t exactly move-in though, with the houses having undergone remediation and some construction." Continue reading →

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New demolition technique shrinks Tokyo hotel ‘in a clean manner’

"Passers-by in Tokyo’s busy Akasaka district have started to notice something odd about a 40-floor hotel — it has shrunk to about half its original height. Slowly but surely, and with none of the explosions or dust normally associated with the demolition of skyscrapers, the hotel is being torn down. Engineers reinforced the top floor with steel beams and then effectively lopped it off, keeping it in place to be used as an adjustable lid that can be lowered down the building on an external support frame. Workers at the Grand Prince Hotel Akasaka have brought in 15 hydraulic jacks on which this 'lid' now sits as they remove one floor at a time." Continue reading →

Continue ReadingNew demolition technique shrinks Tokyo hotel ‘in a clean manner’

For Most Homeowners, Gov’t Foreclosure Deal Brings A Few Hundred Bucks

"The government’s largest effort to compensate victims of the banks’ foreclosure practices is finally sputtering to an end. But for most of those eligible – nearly three million borrowers – it won’t be much of an ending: they’ll be receiving a check for $300 to $500. For many borrowers, it’s a likely an unsatisfying end to a process defined by years of frustration. Only about 11 percent of eligible borrowers filled out complaints, a low response rate both consumer advocates and the Government Accountability Office attributed to borrower confusion and poor outreach by regulators and the banks." Continue reading →

Continue ReadingFor Most Homeowners, Gov’t Foreclosure Deal Brings A Few Hundred Bucks

Home Prices in Washington, D.C. Hit Record High

"A lot of the money Fed chairman Ben Bernanke is printing is finding its way back to the crony government-private sector operatives in Washington D.C. The median price of a home in the District reached its highest point in history last month, according to the latest data from RealEstate Business Intelligence. D.C.’s median sale price soared to $460,000 from $405,000 in March 2012, an increase of 13.6 percent year over year." Continue reading →

Continue ReadingHome Prices in Washington, D.C. Hit Record High

Another Federal Housing Bailout: FHA Needs $943 Million

"What’s the problem at the FHA? It’s almost out of money. But what about all those loans it made? Too many of them have gone bad. Sorry about that. For four years, the FHA has assured Congress that this was not a problem. Sorry about that. What will Congress do about that? Hand out our money, of course. Congress will blame the FHA for making all those bad loans. It will blame the FHA for having misinformed Congress. Then it will reward the FHA to the tune of about a billion dollars. Lesson: nothing succeeds like failure." Continue reading →

Continue ReadingAnother Federal Housing Bailout: FHA Needs $943 Million

As cities lay off police, frustrated neighborhoods turn to private cops

"After people in Oakland’s wealthy enclaves like Oakmore or Piedmont Pines head to work, security companies take over, cruising the quiet streets to ward off burglars looking to take advantage of unattended homes. Long known for patrolling shopping malls and gated communities, private security firms are beginning to spread into city streets. While private security has long been contracted by homeowners associations and commercial districts, the trend of groups of neighbors pooling money to contract private security for their streets is something new." Continue reading →

Continue ReadingAs cities lay off police, frustrated neighborhoods turn to private cops

Feds Seize Property; Tell Owner, “Prove It’s Yours!”

"Eight years ago this week, on a sunny, clear, but windy and hence cold day, near a wide spot in the road called Garryowen an hour north of the Wyoming border, vans full of armed, SWAT-geared federal agents sped down I-80. Garryowen is a private town owned by Christopher Kortlander that features, among other structures, a gas station, a convenience store, a fast-food outlet, an arts and crafts store ('The Trading Post'), and the Custer Battlefield Museum. The vans skidded to a stop before the museum and the agents leaped out as they drew weapons, surrounded and stormed into the museum, and held its employees at gun point." Continue reading →

Continue ReadingFeds Seize Property; Tell Owner, “Prove It’s Yours!”

Downturn Millionaires – How to Make a Fortune in Beaten-Down Markets

"The price of gold bullion has fallen from its 2011 highs and the prices of good junior companies have been slashed to as little as half their former valuations. All the more reason to start returning broker phone calls according to David Galland, Casey Research managing director, speaking on the Friday eve of the webinar he is moderating that features some of the biggest names in the industry. The webinar features Casey Research Founder Doug Casey, Sprott Global Resource Investments Founder Rick Rule, International Speculator Editor Louis James, 'Endgame' Author John Mauldin and Diary of a Rogue Economist Editor Bill Bonner." Continue reading →

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Investors Pile Into Housing, This Time as Landlords

"U.S. housing recoveries almost always have been ignited by rising demand from families and individuals looking for a place to live. This recovery is different. Investors—including some big Wall Street players—are leading the way, say industry executives and analysts. Their role is noteworthy given that flippers and speculators were blamed for helping to inflate the housing bubble of the past decade. Today's investors are mostly buying with the intention of holding on to the homes and renting them out. Fear of buying homes when prices are dropping has been replaced by the fear of missing out on cheap homes." Continue reading →

Continue ReadingInvestors Pile Into Housing, This Time as Landlords