Property/Assets/Rights

Americans Gambling on Rates With Most ARMs Since 2008

"In the second year of the U.S. housing recovery, the loans that helped trigger the housing bust are making a comeback. Applications in late June rose to the highest level since 2008 after the Federal Reserve sent fixed rates surging by signaling it may curtail bond buying credited with pushing borrowing costs to the cheapest on record. The average 30-year fixed-rate mortgage jumped 1.2 percentage points in mid-July from May to the highest level in two years, adding about $200 a month to payments on a $300,000 mortgage. ARMs, loans with interest rates that adjust after initial fixed periods, usually of five, seven or 10 years, contributed to soaring defaults in 2008." Continue reading →

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Americans Gambling on Rates With Most ARMs Since 2008

"In the second year of the U.S. housing recovery, the loans that helped trigger the housing bust are making a comeback. Applications in late June rose to the highest level since 2008 after the Federal Reserve sent fixed rates surging by signaling it may curtail bond buying credited with pushing borrowing costs to the cheapest on record. The average 30-year fixed-rate mortgage jumped 1.2 percentage points in mid-July from May to the highest level in two years, adding about $200 a month to payments on a $300,000 mortgage. ARMs, loans with interest rates that adjust after initial fixed periods, usually of five, seven or 10 years, contributed to soaring defaults in 2008." Continue reading →

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Eminent Domain and the Decline of Detroit

"Detroit’s sixty year decline, culminating in its recent bankruptcy, has many causes. But one that should not be ignored is the city’s extensive use of eminent domain to transfer property to politically influential private interests. For many years, Detroit aggressively used eminent domain to promote 'economic development' and 'urban renewal.' The most notorious example was the 1981 Poletown case, in which some 4000 people lost their homes, and numerous businesses were forced to move in order to make way for a General Motors factory. The Poletown takings ended up destroying far more development than they ever created." Continue reading →

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No Free Sun for You! Why Arizona Wants to ‘Tax’ Solar Power

"On July 12, Arizona’s largest electric utility announced a plan to drastically change net-metering, the way in which homeowners and businesses with solar rooftops sell excess power back to the grid. Net-metering is the foundation for all solar leasing; without it, solar companies can’t entice homeowners with the promise of 'cut your electric bill, no money down' but instead would rely on sales of expensive systems. The proposal would slap existing solar-paneled homeowners with a fee of up to $100 per month for the privilege of selling excess power back to APS. If you don’t already have solar panels, you can never share in net-metering as we know it." Continue reading →

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Woman Wants Possessions Back After Bank Repossessed Wrong House

"Barnett, who had been away from the house for about two weeks, said she had to crawl through the window of her own house in order to get in after she used her own key that did not work. Some of the items in her house had been hauled away, others were sold, given away and trashed. It turns out the bank sent someone to repossess the house located across the street from Barnett’s house, but by mistake broke into hers instead. She called the McArthur Police about the incident, but weeks later, the chief announced the case was closed. She presented the bank president with an $18,000 estimate to replace the losses, but he refused to pay." Continue reading →

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Federal Government Consummates Theft of “Camp Zoe” in Missouri

"Rush Limbaugh’s net worth is estimated to be in excess of $400 million, and his annual income more $30 million. He owns several homes and a number of private aircraft. He was certainly a ripe target for prosecution and 'asset forfeiture' – or he would have been, had he been a commoner like Jimmy Tebeau, rather than the politically connected grandson of retired federal Judge Rush Hudson Limbaugh Sr., whose name is affixed to the courthouse where the entertainer’s cousin consummated the theft of Tebeau’s business and property." Continue reading →

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John Paulson: Rationale for owning gold is valid

"CNBC's Carl Quintanilla speaks to John Paulson, founder and president of Paulson & Co., about his firm's investments, and his level of concern about the Fed's monetary policy. 'Although the Fed has printed a lot of money, to date there is little inflation,' he says in discussing the gold market." Continue reading →

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FEMA caught using old flood map data that cost homeowners untold extra insurance premiums

"From Maine to Oregon, local floodplain managers say FEMA’s recent flood maps - which dictate the premiums that 5.5 million Americans pay for flood insurance - have often been built using outdated, inaccurate data. Homeowners, in turn, have to bear the cost of fixing FEMA’s mistakes. It’s unclear exactly how many new maps FEMA has issued in recent years are at least partly based on older data. While FEMA’s website allows anybody to look-up flood maps for their areas, the agency’s maps don’t show the age of the underlying data. Congress has actually cut map funding by more than half since 2010, from $221 million down to $100 million this year." Continue reading →

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New York house flipping nets $40,000 average profit

"Looking for a quick $40,000? Consider joining the rapidly growing legion of New York-area home flippers. The average gross profit on a home owned for less than six months and sold in the first half of 2013 in the New York City, Long Island and Northern New Jersey area was $39,458, according to a report released July 19 by real estate analytics firm RealtyTrac. Based on gross profit percentage (10 percent), RealtyTrac found the local market to be the nation's 14th best for profitable home flipping. The practice is on the rise across the country." Continue reading →

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15 Houses in Detroit You Can Buy for Less Than $500

"Don't ever think that a combination of central bank stop and go money printing combined with suffocating government regulations can't push us back into the Stone Age. Detroit today reminds me in many ways of the Bronx in the 1980s. The details of the government destruction causing interventions are a little bit different, but the results are the same." Continue reading →

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