Source: http://www.mplsrealtor.com/downloads/market/FSS/fss_2011-03.pdf
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Monday, October 31, 2011
Foreclosures and Short Sales - March 2011
A comprehensive, monthly view of the foreclosure and short sales situation in the Twin Cities housing market.
Regulators Take Over Mortgage Insurer
Arizona regulators have taken over PMI Group and put restrictions on its claims payments, the latest indication that the housing bust is not finished taking casualties.
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Sunday, October 30, 2011
Weekly Market Activity Report - May 2, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of May 02, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_05-02.pdf
Refinancing plan won't help housing market
It might get easier for some homeowners to refinance their mortgages, but that won't do much to help the broader housing market.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/h_RZTUyU4Zg/index.htm
Saturday, October 29, 2011
The 200+ - June 2011
MAAR's tracking tool for local housing market activity has been updated with data through June 2011.
Weekly Market Activity Report - March 28, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of March 28, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_03-28.pdf
Weekly Market Activity Report - February 21, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of February 21, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_02-21.pdf
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Friday, October 28, 2011
Rybak details 3 stadium plans; Vikings still not interested
Minneapolis' top two elected officials Thursday laid out the case for how a new Vikings stadium in Minneapolis could be financed and why they think any of three sites in downtown are superior to a proposed site in Arden Hills. >Click to the right to see a slideshow of the city's three proposals, including an aerial view and financing details. >>>>> But the Vikings issued a statement late Thursday saying they still favor the Arden Hills site. "We respect Mayor Rybak and the City of Minneapolis for trying to find a stadium solution," the Vikings said...
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Posting: Posting - A Search for Subsidized Housing, Simplified
The Furman Center for Real Estate and Urban Policy at N.Y.U. has developed an interactive database to help in the search.
Source: http://feeds.nytimes.com/click.phdo?i=5704c9bc6ba7a720b437f7d30b99deed
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Thursday, October 27, 2011
Big mortgages: Harder to get and more expensive
Starting Oct. 1, the beleaguered housing market will confront the latest hurdle to its recovery: The size of mortgages that the federal government can back will be drastically reduced in high-priced regions.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/K2jS7VTwCdk/index.htm
Weekly Market Activity Report - May 23, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of May 23, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_05-23.pdf
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Wednesday, October 26, 2011
enotes - June 27, 2011
MAAR's weekly electronic newsletter for the week of June 27, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_06-27.htm
enotes - April 11, 2011
MAAR's weekly electronic newsletter for the week of Apr 11, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_04-11.htm
Weekly Market Activity Report - April 25, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of Apr 25, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_04-25.pdf
Tuesday, October 25, 2011
Washington's Office Market Dials Back
The Washington region's office market in the third quarter registered its worst performance since late 2009, a sharp contrast to a boom the area saw throughout 2010.
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Sales Up, Foreclosure Rate Drops as Distressed Segment Leans Toward Recovery
News release covering Twin Cities housing statistics for May 2011.
Source: http://www.mplsrealtor.com/downloads/inside/press-releases/news_2011-06.pdf
Monday, October 24, 2011
House of the Day: Live Next Door to Joe Biden
Filed under: News
We've already brought you a recently listed Tudor-style mansion located a few blocks away from Vice President Joe Biden's house. Now we're giving you the scoop on a manse that takes it a step further: Buy this stunner, and you become his next-door neighbor.
Sure, a siren-blaring cavalcade that delivers him home in the evening might wear on you now and then. And the late-night helicopter drop-offs after those doozies in the Situation Room? Yeah, they'd probably spook your kids, or at least send Rusty into a barking fit.
But so what? Isn't the trouble worth it, if you're putting yourself smack-dab next to ole Vicey himself? The $6.9 million Mediterranean, first brought to our attention by our friends at Curbed.com, is located on the embassy-riddled thoroughfare of Massachusetts Avenue in Washington, D.C. and borders the property where Joe Biden has at least one more year to kick back when he's not in the White House.
%Gallery-137009%Offered for the first time in 50 years, the well-landscaped home has an interior that boasts chestnut paneling and two kitchens along with a family room, great room, expansive dining room and media room. All in all, the residence offers five bedrooms and five bathrooms behind its stucco exterior. There's also a two-car garage with a cozy apartment housed above it.
Terri Robinson of Christie's International Real Estate has the listing.
Click the images below to see some houses in Washington, D.C., that wear an even higher price tag than this stunner:
See more Houses of the Day and homes for sale in Washington, D.C., on AOL Real Estate.
Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email ann.brenoff@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to respond to each submission.)
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
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Source: http://realestate.aol.com/blog/2011/10/21/house-of-the-day-live-next-door-to-joe-biden/
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Swimming Cool in Chinatown
A 2,181-square-foot penthouse with two bedrooms and three baths, plus 2,400-square-foot rooftop patio, in Vancouver's historic Chinatown is asking 3.5 million Canadian dollars ($3.4 million), or C$1,604.77 per square foot.
Sunday, October 23, 2011
Republican Candidates: Short on Housing Policy, Long on Houses
Filed under: News, Celebrity Homes
So we listened hard to the Republican presidential candidates' debate last night, and we didn't hear any meaningful solutions to the housing crisis. That's no surprise, considering that housing has so far been a ghost issue in the campaign. So if we can't bring you news about the GOP hopefuls' housing policies, we can at least tell you about their houses.
From Romney's waterfront mansions (one on the ocean, one on a lake) to Bachmann's golf-course home and 1,000-acre farm, the candidates own no shortage of properties. Here's a rundown of some of their prime real estate.
MITT ROMNEY
Romney's primary residence is in Belmont, Mass. According to the Boston Globe, the $895,000 townhouse is 2,115 square feet, has two bedrooms, two and a half bathrooms and a cook's kitchen. That's significantly more modest than the candidate's previous house in Belmont, which he sold for $3.5 million in 2009. He also owns a $10 million vacation house on the shore of Lake Winnipesaukee in Wolfeboro, N.H., and a $12 million home in La Jolla, Calif.The latter property (pictured above) made news not long ago when the San Diego Union-Tribute reported that the Republican primary contender had applied for permission to demolish the $12 million, 3,009-square-foot beachfront mansion. A campaign spokesperson said the home was "inadequate" for the needs of Romney and his wife because it could not accommodate his five married sons and 16 grandchildren. The "adequate" size? Just over 11,000 square feet.
Until plans for the expansion of his La Jolla beach house came to light, Romney seemed to have been purposefully downsizing his real estate portfolio. Since his primary run in 2008, he sold two of his houses, according to The Washington Post, swapping his large Colonial in Belmont for the more modest townhouse and selling off his off his 9,500-square-foot ski home in Park City for $5.25 million.
On Tuesday, Romney offered his solution to the housing crisis: "Don't try and stop the foreclosure process. Let it run its course, and hit the bottom, allow investors to buy up homes, put renters in them, fix the homes up, and let it turn around and come back up."
RICK PERRY
The sitting governor of Texas, Rick Perry resides in a five-bedroom rental mansion on the outskirts of Austin. According to the Associated Press, Perry has spent almost $600,000 in public money to live in the home, which costs more than $10,000 a month in rent, utilities and upkeep. He is living in the rental while renovations of the governor's mansion are completed. Some critics have taken shots at Perry for living in such an upscale residence on taxpayers' tab.Property linked to Perry also stirred some controversy recently when The Washington Post revealed that a family hunting camp leased by his father for years had a racist nickname. Perry said the rock bearing the name was painted over and overturned shortly after his father leased the property.
Perry has also raised eyebrows for some past real estate deals of his own. The Dallas Morning News reported that "a series of professional courtesies and favors helped Perry buy a lot at Tony Peninsula at Horseshoe Bay, the 'Pebble Beach' of Texas, for $139,000 below market value and sell it for $350,000 above market value." Perry bought the lot (pictured above) for around $300,000 in 2000 from an associate and sold it for $1.5 million in 2007.
MICHELE BACHMANN
A vocal critic of Fannie Mae and Freddie Mac, Bachmann isn't above taking advantage of them when it suits her purposes. According to a report in the Washington Post, in 2008 Bachmann took out a home loan that offered favorable rates through one of the federally subsidized programs. The $417,000 loan--the maximum amount available at the time--was used to purchase a $760,000 home in Minnesota's Stillwater community, the Post reported. Mortgage experts hired by the Post determined that Bachmann and her husband put down $93,001, or 12 percent.The 5,200-square-foot golf-course home, where Bachmann still lives, has four bedrooms, four bathrooms, a panelled library, spa and wine cellar and was custom built for former NFL player Ross Verba in 2005.
Bachmann also owns, through a family partnership, a share of a 949-acre farm in Wisconsin (pictured above). A recent report in the Minneapolis Star-Tribune examined how the farm has benefitted from federal subsidies, which Bachmann also opposes.
RON PAUL
The maverick Texas congressman thinks the federal government needs to exit the housing business and let the free market decide what home prices should be. Whether you like that idea or not, Paul -- a medical doctor who delivered more than 4,000 babies before he entered politics in 1976 -- has been the only GOP candidate to offer a housing plan (assuming that "stop propping up the housing market" counts as a plan.)Paul also aims to prove that President Obama isn't the only guy who gets the value of social media. In April, he used Facebook to announce the sale of his 5,500-square-foot Lake Jackson, Tex., house for $325,000. He also has a house website called BuyRonPaulsHouse.com.
He's owned the four-bedroom home (pictured above) for 42 years. And where are the Pauls going? If you ask him, he'd likely say the White House.
HERMAN CAIN
Despite his father working three jobs to be able to buy his family a house, the multimillionaire candidate -- who earned his fortunes convincing Burger King employees to smile and making Godfather's Pizza into a profitable chain -- hasn't made housing one of his top issues. Actually, if his website is an indicator, housing isn't even on his list of issues.Cain and his wife own and live in a 3,100-square-foot home with three bedrooms in the Atlanta suburb of Stockbridge.
Reporting by AOL Real Estate Staff and La Jolla Patch editor Michelle Mowad.
Also see:
Viewpoint: Housing Is Ghost Issue in Presidential Race
Republican Presidential Candidates: Which One Is Best for Your Wallet?
Viewpoint: Hey Mr. President, How About Housing?
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.
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Plan Floated to Spread Risk in Mortgage Bonds
The U.S. is considering a plan to draw private investment back into the mortgage market by having slices of securities sold that wouldn't carry a federal guarantee but would pay higher rates.
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Saturday, October 22, 2011
Affordable mansions for sale
Ever dream of having your own reception hall or a dining room that could seat 20 people? These mansions offer lots of living space for less than what it costs to buy a one-bedroom condo in New York.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/RDpRUo8qhoE/index.html
Pittsburgh Historic
The owners restored this late 19th-century home in Pittsburgh's Highland Park neighborhood using old photographs and detective work.
Friday, October 21, 2011
Mike Hoffman Named REALTOR� of the Year
Also noting other award winners in the local real estate industry.
Source: http://www.mplsrealtor.com/downloads/inside/press-releases/news_2011-04-2.pdf
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Looking at Rooms as Love Affairs
A new book invites you into some of the world's most sumptuous interiors, tenderly shot by photographer Oberto Gili.
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Thursday, October 20, 2011
Sales Still on the Rise as the Role of Foreclosures Diminishes
News release covering Twin Cities housing statistics for June 2011.
Source: http://www.mplsrealtor.com/downloads/inside/press-releases/news_2011-07.pdf
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U.S. Gambles With Mortgage Retreat
Three years after virtually nationalizing the U.S. mortgage market, the government now is trying to see if private industry picks up the slack, a move that some people in the housing industry worry will cause fresh pain in many regions.
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Wednesday, October 19, 2011
Housing Supply Overview - June 2011
A thorough and detailed look at the current supply of homes for sale and absorption rates by price range, property type and construction status for the Twin Cities housing market.
Source: http://www.mplsrealtor.com/downloads/market/HSO/hso_2011_06.pdf
The 200+ - April 2011
MAAR's tracking tool for local housing market activity has been updated with data through April 2011.
Source: http://www.mplsrealtor.com/the200plus.aspx
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Tuesday, October 18, 2011
Shopping With David Obel Rosenkvist: Storage Solutions for Athletic Gear ? Shopping With David Rosenkvist
After moving to Brooklyn from a town outside Copenhagen, David Obel Rosenkvist of the furniture company Fritz Hansen figures out how to store his family?s outdoor equipment.
Source: http://feeds.nytimes.com/click.phdo?i=50dadfd817c6554b32bb00e96fefb2a3
Monday, October 17, 2011
Foreclosures continue to plague housing market
Foreclosures continued to plague the U.S. housing market last quarter, while a a growing backlog has caused the length of the foreclosure process to drag on and on.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/t5whQ6eCAuU/index.htm
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Monthly Market Indicators - May 2011
A comprehensive look at the entire Twin Cities housing market in one location.
Source: http://www.mplsrealtor.com/downloads/market/MMI/archive/mmi_2011_05.pdf
Sunday, October 16, 2011
Shopping With David Obel Rosenkvist: Storage Solutions for Athletic Gear ? Shopping With David Rosenkvist
After moving to Brooklyn from a town outside Copenhagen, David Obel Rosenkvist of the furniture company Fritz Hansen figures out how to store his family?s outdoor equipment.
Source: http://feeds.nytimes.com/click.phdo?i=50dadfd817c6554b32bb00e96fefb2a3
Foreclosures and Short Sales - March 2011
A comprehensive, monthly view of the foreclosure and short sales situation in the Twin Cities housing market.
Source: http://www.mplsrealtor.com/downloads/market/FSS/fss_2011-03.pdf
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Saturday, October 15, 2011
Owning One's Home Loses Some Appeal
The rate of home ownership in the U.S. fell in the last decade by the largest amount since the Great Depression, although the percentage of Americans who own their home remains the second-highest on record, the Census Bureau said
Universal Hospital Services moving headquarters
Universal Hospital Services Inc. is moving its Edina headquarters a few miles down the road along Interstate 494. The medical equipment provider signed a lease in the past week for the entire third floor (about 56,000 square feet of office space) in a building at 6625 W. 78th St. in Edina. The building is owned by Liberty Property Trust Inc. >Click to the right to see a slideshow of the exterior and interior of the building. >>>>> The company is leaving Frauenshuh Cos.' building at 7700 France Ave...
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Friday, October 14, 2011
Bid on Britney Spears' Rental -- But Not Too Low
Filed under: News, Celebrity Homes, Lifestyle, Other, Selling
Obviously some people think that the best way to market a property is to maximize the fact that someone famous -- in this case Britney Spears -- once lived here. For the record, she leased this place for about two years ending earlier this year, but never owned it.
And equally obviously, some people think that the best way to get some mojo going about a house being sold is to put it up for auction. This isn't a sheriff's auction on the courthouse steps. This is a marketing tool.
Time for a little class in Auctioning 101: There are two kinds of auctions. In an absolute auction, the house will be sold to the highest bidder that day -- no ifs, ands and buts about it. This is not an absolute auction; the good ones rarely are.
This is a reserve auction, which means that the seller has a secret price in mind (the reserve) and if nobody bids that high, the house doesn't get sold. For a high-profile example of this, look no further than what happened in Malibu last month when a home once unrealistically listed at $65 million was "auctioned" with an opening bid of $22 million. The reserve was not met, the house not sold, and the property is back on the market at $35 million. Case closed.What does get accomplished by the celebrity name-dropping and scheduling an auction is that a home listing can get some nice free publicity. Being the obliging sorts, here's the deal:
The auction, to take place at 11:11 a.m. on 11/11/11 (nobody ever said they weren't clever), is for a 10,000-square-foot house in the gated community of The Oaks in Calabasas, Calif. The home was originally listed at $10.8 million, thus allowing the marketing folks to boast that the starting bid of $4,499,000 is a whooping 58 percent reduction -- which it is, except the current listing price is $7,499,000.
Spears (pictured above) was a renter in the home, but the pop diva left behind her personal touch. According to a report in the New York Daily News, she spent about $700,000 on property upgrades including furniture, artwork and electronics, but also Venetian plaster walls and luxurious bathroom fixtures. The report was confirmed by the home's owner.
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The home was built in 2007 and is designed around an interior courtyard with French terracotta pavers, an imported antique European limestone fountain and a cast-stone fireplace. There is a glass mosaic pool, a below-ground garage with two hydraulic auto lifts and an outdoor entertainment area. It sits on more than an acre.
The auction is being handled by Tony Fitzgerald of Premiere Estates Auction Company.
Click on the images below to view other homes for sale in the vicinity of Calabasas, Calif.:
See more homes for sale in Calabasas and other celebrity real estate, on AOL Real Estate.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
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Source: http://realestate.aol.com/blog/2011/10/12/bid-on-britney-spears-rental-but-not-too-low/
The Appraisal: A Shiny Failure, Reborn as a Rehab Center
The Hazelden network of rehab centers bought a failing project on West Broadway to open a residence that treats substance abuse among young people.
Source: http://feeds.nytimes.com/click.phdo?i=749135a5ff9eff1bc36d067aeefcfe8a
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Thursday, October 13, 2011
Bank of America Offering Up to $20,000 to Florida Short Sellers
Filed under: News
It's not mortgage principal reduction, but it's a start.Bank of America is quietly rolling out an incentive program in parts of Florida in which they'll pay distressed homeowners up to $20,000 if they successfully short-sell their home, according to The Palm Beach Post.
A short sale is an arrangement in which the lender agrees to accept less than what's owed on the mortgage to avoid a lengthy (and expensive) foreclosure process. Foreclosures in Florida take an average of 23 months to be processed -- nearly twice the national average, according to analytics firm RealtyTrac.
The pilot program, identified by BoA spokesman Rick Simon as the "short sale/relo incentive program," is only being tested in Florida at the moment, due to the state's high volume of foreclosures. If the program is successful, the program may be launched elsewhere, he said in an email to AOL Real Estate.
Sometimes referred to as "cash for keys," the money may be used to provide distressed homeowners "with the tools and resources necessary to transition out of their home with dignity," the press statement says. In other words, there will be less chance that the homeowner will be tempted to vandalize the property on the way out.
Trouble Thrives in Vacant Homes
In the humid climes of Florida, short sales are far more desirable to lenders than letting the house sit vacant in a foreclosure. Mold can ravage even the best built homes, and empty houses are prone to squatters and vandals. The $20,000 payout could be a drop in the bucket in comparison to the cost of maintaining a rapidly deteriorating home.
But there may be a major downside to the program for severely underwater homeowners. In recourse-loan states like Florida, the lender can seek what's known as a deficiency judgment -- the unpaid balance left on the mortgage -- even after a short sale is completed.
In such cases, much of the money could end up back into the bank's pocket. BoA's Simon said that the bank's guidelines "allow for the deficiency judgment to be waived," but the bank reserves the right "to pursue collection" after the sale. That may not be a strong enough commitment, according to Broward County-based consumer defense attorney Margery Golant.
"The fact that they 'may consider' waiving the deficiency judgment means nothing to me," Golant told AOL Real Estate in a phone interview. "It just fosters false hope."
For Golant, who regularly sees homeowners with close to six figures of outstanding debt, even the full $20,000 would do little to get an owner out of the hole if they're still on the hook for the difference, she said.
"If they really were waiving the deficiency judgment, then I would think it could mean a meaningful approach," Golant says. "But to say we'll give you $20,000, yet reserve the right to sue for the difference is not only not meaningful but deceptive."
Could It Work?
There is already a national precedent for what BoA is attempting - the Home Affordable Foreclosures Alternative (HAFA) program, which offers a $3,000 short sale "relocation" incentive. But so far the results have been less than encouraging. Since April 2010, HAFA has only completed 15,531 short sales nationwide, The Palm Beach Post reports, and the program is scheduled to sunset at the end of 2012.
Still, if BoA can put up some impressive numbers in its trial run, there may yet be hope of more aggressive financing options for America's thousands of underwater homeowners - like the often-trumpeted, mostly dismissed notion of mortgage principal reduction.
For Florida homeowners interested in participating in the program, here are some key points:
- The program offers $5,000 to $20,000 to qualifying homeowners who complete a bank-approved short sale. The amount is based on the unpaid balance on the loan as of Aug. 2011.
- Short sale must be initiated between Sept. 26 and Nov. 30, 2011, and closed by Aug. 31, 2012.
CORRECTION: A previous version of this article stated that foreclosures in Florida take an average 23 months to sell. It takes an average 23 months to complete the foreclosure process in Florida, not to sell the property.
See also:
HAMP Helping Fewer and Fewer Homeowners
Viewpoint: The Mortgage Fix That Could Save the Economy
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Finds homes for rent in your area.
Housing Supply Overview - April 2011
A thorough and detailed look at the current supply of homes for sale and absorption rates by price range, property type and construction status for the Twin Cities housing market.
Source: http://www.mplsrealtor.com/downloads/market/HSO/hso_2011_04.pdf
Wednesday, October 12, 2011
CB Richard Ellis changes name to CBRE Group
One of the largest commercial real estate brokerage firms in the Twin Cities is changing its name.
Los Angeles-based CB Richard Ellis (NYSE:CBG) announced in a news release Monday that it would become CBRE Group Inc., effective immediately. The company has been using the CBRE brand on its signs, business cards and website for the past several years.
?This change is the natural next step in the evolution of our corporate identity,? CBRE CEO Brett White said in a statement. "Adopting CBRE as our corporate name simplifies our identity and enables us to further capitalize on the advantage of our strong brand...
Los Angeles-based CB Richard Ellis (NYSE:CBG) announced in a news release Monday that it would become CBRE Group Inc., effective immediately. The company has been using the CBRE brand on its signs, business cards and website for the past several years.
?This change is the natural next step in the evolution of our corporate identity,? CBRE CEO Brett White said in a statement. "Adopting CBRE as our corporate name simplifies our identity and enables us to further capitalize on the advantage of our strong brand...
Economic Concerns Are Taking a Toll
In the latest sign that the commercial real-estate market is cooling, Green Street Advisors' Commercial Property Price Index was flat in September.
Tuesday, October 11, 2011
Housing Counselor Caught Stealing Mortgage Mod Payments
Filed under: News
Lori Macakanja, a former housing counselor in Dunkirk, N.Y., pleaded guilty this week to mail fraud and theft of government money meant for modifying delinquent mortgages.Some 136 clients of her company, HomeFront Inc., gave Macakanja a combined $300,000 for promised modifications. She used the money for her own use, including gambling trips. She also used $4,000 worth of Troubled Asset Relief Program grants to the Buffalo Urban Renewal Agency to pay her own mortgage.
Read the full story at HousingWire.
Also see:
HAMP Helping Fewer and Fewer Homeowners
Mortgage Rates Hit All-Time Low
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More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Finds homes for rent in your area.
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Housing Supply Overview - May 2011
A thorough and detailed look at the current supply of homes for sale and absorption rates by price range, property type and construction status for the Twin Cities housing market.
Source: http://www.mplsrealtor.com/downloads/market/HSO/hso_2011_05.pdf
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Monday, October 10, 2011
Viewpoint: Kamala Harris for President
Filed under: News, Advice, Economy, Financing, Foreclosures
When the player with the most skin in the game makes a bet, it's worth taking notice. California Attorney General Kamala Harris made her play when she walked out last week from the 11-month-long settlement negotiations between the 50 state attorneys general and the major U.S. banks. And now, Massachusetts Attorney General Martha Coakley says that she also doesn't think a fair settlement over foreclosure abuses can be reached and she's moving forward with lawsuits relating to unlawful foreclosures.This may go down in history as the Kamala Harris (pictured at left) tidal wave.
Harris, who represents the largest and one of the hardest-hit states in the foreclosure crisis, deemed the settlement being worked out with the banks as too little, too late for the nation's foreclosure victims. And for that alone, I'd like to nominate her for president.
By saying that 1.2 million foreclosed-upon Californians have been pillaged and driven from their homes by the masked marauders, and that the proposed settlement deal on the table lets the captured bandits off the hook too easily, she raised a voice for homeowners that hasn't previously been heard.
Her pronouncement may not have been the first to undermine the resolution but, given the size of her state, this came through a bullhorn, whereas others were just whispering.
Harris flat-out said that the pending deal is "inadequate for California homeowners" and would give the banks too much legal immunity. And she put on her boxing gloves. She pledged to continue her own investigation into what the banks did and who they did it to. Her office's Mortgage Fraud Strike Force will investigate foreclosure practices -- which could lead to civil or criminal filings against lenders -- and she's also going to look at possible fraud at the loan origination stage too. Let's pause for a collective fist-bump right here and now.
Should lenders start shaking in their boots at the prospect of the many foreclosure fraud class-action suits that they will no doubt be seeing -- maybe even dethroning the tobacco industry as the greatest employment act for lawyers -- the word is that Harris would be happy to meet with the banks to iron out a separate settlement agreement on behalf of Californians. But lenders should be forewarned: Harris says that any deal cut has to include loan principal reductions and lowered interest rates. What's not to love about this woman?
Community activists are in her corner too. A press release from the group, People Improving Communities Through Organizing, noted that this settlement would have helped only about 20,000 of California's 2.2 million underwater homeowners -- and given away the right to pursue investigations and sue lenders for fraud.
"The first step in restarting our economy is keeping people in their houses and holding banks' feet to the fire," Rick Jacobs, chairman and founder of the Courage Campaign, said in a written statement.
One of the biggest sticking points in settlement talks has been how much in penalties the lenders should pay for their role in improper foreclosures. Federal and state officials wanted more than $20 billion; banks think $5 billion is fair. Beyond that, there was disagreement on the formula for distributing the money.
The settlement would also have established a new set of rules and regulations for the industry. Since when did it become OK to invite the fox into the henhouse to see how best to manage night security?
For the record, some other states have already taken action on their own. Attorneys general in Arizona and Nevada are suing Bank of America for misleading homeowners who tried to modify their mortgages.
But by just walking away, Harris ups the ante. Are we finally seeing a politician ready to take on the banks? You go, girl.
See also:
California Pulls Out of 'Inadequate' Foreclosure Settlement
Viewpoint: Hey Mr. President, How About Housing?
Home Sellers Step In Where Banks Fear to Tread
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find rentals in your area.
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Source: http://realestate.aol.com/blog/2011/10/05/viewpoint-kamala-harris-for-president/
Sunday, October 9, 2011
Exhibiting Works of Art, Wall to Wall
Nicholas H.J. Hall, international director of Old Master paintings and British Art at Christie's, is as careful about displaying the art in his home as he is about deciding what to buy.
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enotes - May 09, 2011
MAAR's weekly electronic newsletter for the week of May 09, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_05-09.htm
Saturday, October 8, 2011
Don't fret over new reverse mortgage limits
Only 3% of FHA-insured borrowers will be affected
Source: http://feedproxy.google.com/~r/inmannews/~3/nTHWgLONQ9U/dont-fret-over-new-reverse-mortgage-limits
enotes - June 6, 2011
MAAR's weekly electronic newsletter for the week of June 13, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_06-13.htm
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Friday, October 7, 2011
Goldman Sued Over Office Deal
A real-estate fund run by Goldman Sachs has walked away from a $1.26 billion deal with Lehman Brothers to buy a portfolio of 10 office buildings in a suburb of Washington, D.C., according to a lawsuit filed Thursday.
Habitats | Jackson Heights, Queens: Jackson Heights, Queens/Habitats - Where Poetry Is Remembered
Dionne and Kewulay Kamara raised three children in a Queens apartment rich in family and cultural history.
Source: http://feeds.nytimes.com/click.phdo?i=44fda3e343b772cd3fa9ad325e218e1a
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Thursday, October 6, 2011
The 200+ - June 2011
MAAR's tracking tool for local housing market activity has been updated with data through June 2011.
Source: http://www.mplsrealtor.com/the200plus.aspx
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Mortgage rates at record low: 30-year nears 4%
Mortgage rates hit yet another record low this week amid ongoing economic concerns both at home and in Europe.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/ArQ2GhR3A6M/index.htm
On Facebook, Recalling Neighborhoods as They Once Were
Philip Anthony Franco, second from left, founder of a Facebook page on old Williamsburg, Brooklyn, and other members.Current and former New Yorkers are going online to post photographs, documents and other memorabilia of their neighborhoods as they used to be.
Source: http://feeds.nytimes.com/click.phdo?i=9fa8896c81e32f2b64c58d2cfcb917ce
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Wednesday, October 5, 2011
Relative Values
Three small homes with appealing outdoor space, in East Hampton, N.Y., Spring Island, S.C., and Okeechobee, Fla.
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The 200+ - June 2011
MAAR's tracking tool for local housing market activity has been updated with data through June 2011.
Tuesday, October 4, 2011
Mirror Over Copley Square
It started as a controversial design facing a controversial crisis. Thirty-five years later, it's won the hearts of residents, tourists and architectural critics. Henry Cobb looks back at the birth of his Hancock Tower.
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California Quits States? Talks With Banks on Mortgages
The decision threatens to derail the Justice Department?s efforts to broker a broad settlement of allegations involving mortgage practices.
Source: http://feeds.nytimes.com/click.phdo?i=33f0ff26c330be477d2f1f81637c877e
Weekly Market Activity Report - June 27, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of June 27, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_06-27.pdf
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Monday, October 3, 2011
In the Region | Long Island: A Town Center in the Works for Coram ? In the Region | Long Island
Plans are under way to remake a blighted site near a busy intersection as a $59 million mixed-use center.
Source: http://feeds.nytimes.com/click.phdo?i=81d34ec7d9cc763ec32e8019c0e15c4d
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Name Change Is in Store
One of Blackstone Group's biggest prizes of the past year is getting a new name, the Hyatt Regency New Orleans is reopening next month, and Willis Tower's new name is starting to stick.
Sunday, October 2, 2011
Currents | Furniture: Charles de Lisle?s California Collection
The designer?s first entire line includes 14 pieces of furniture and lighting.
Source: http://feeds.nytimes.com/click.phdo?i=f2f03e4aa7cf2bfd98e07c0fc6a62d97
Cashing in on rental property
Most of the news lately about real estate has been dismal: Home prices are swooning, foreclosures ballooning.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/EpiWYFQRLOI/index.htm
Weekly Market Activity Report - May 23, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of May 23, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_05-23.pdf
Saturday, October 1, 2011
No plan for principal reductions at Fannie Mae
The number of Americans struggling to make their mortgage payments is at traditional highs, while properties remain at high levels of negative equity.
Popular strategies for helping distressed borrowers include mortgage modification and refinancing, to name a few. But at the largest mortgage player in the nation, Fannie Mae, there is one option that the government-sponsored [...]
Popular strategies for helping distressed borrowers include mortgage modification and refinancing, to name a few. But at the largest mortgage player in the nation, Fannie Mae, there is one option that the government-sponsored [...]
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