Archives for July 2009

Beware of False Bottoms in Housing

By John Hines Economist Euphoria can be a dangerous emotion. Economic intricacies are tough enough for even the most practiced of economists to read in real estate markets. But the worst recession since the Great Depression is pointing to a longer downturn yet in housing. A new economy is slowly emerging from the catastrophe of the financial crisis as unemployment climbs. Beware of false bottoms in housing, triggered by temporary programs. … [Read more...]

Sun Belt Leads in Foreclosures

Four of the most populated sun belt states account for the highest foreclosure rates in the nation, according to the RealtyTrac mid-year foreclosure market report. California, Florida, Nevada and Arizona urban areas produced 35 of the 50 highest foreclosure rates among metro areas. The report was tabulated from metro areas with populations of at least 200,000 residents. Some of the hardest hit foreclosure metro areas in Michigan, Ohio, Indiana … [Read more...]

How Contract Abandonment is Helping Restore the Real Estate Market

Leave Morality Out Of It: How Contract Abandonment Is Helping Restore Reality to The Real Estate Market By Jared H. Beck, Esq. Beck & Lee Business Trial Lawyers Miami, Florida “Ditching Condo Deal May Have Been Smart.” That recent headline from the Palm Beach Post announced what many who bought condo units in the preconstruction phase during the last several years have known for some time. The calculus between walking away from hefty … [Read more...]

Homeowners Get New Tax Credits

By Kevin Chiu Under the Obama Administration’s housing rescue plan homeowners may also get new tax credits. The administration’s proposal was approved as part of the president’s $787-billion bail out program and will save homeowners thousands of dollars. The highly touted $8,000 first time buyer’s federal tax credit has become popularized as new home buyers take advantage of the credit, which expires December 1. To be eligible for the … [Read more...]

Foreclosures Set New Records

Foreclosures reached the highest level on record in June as foreclosure filings rose for the fourth month in a row, according to the latest RealtyTrac foreclosure report. Notices of default, auction sale notices and bank repossessions were reported on more than 1.5-million properties in the first half of the year. Some 1,528,364 properties received notices in the first six months of 2009, accounting for a 9% increase above the second half of … [Read more...]

Housing Market Conditions Improving

Housing Market Conditions Improving Housing indicators are showing that markets are making slow strides towards improving conditions. Boosted by the first time buyers' $8,000 federal tax credit and other incentives, home sales are up in many of the hardest hit urban markets, including Los Angeles, Las Vegas and Phoenix. Additionally, government insured mortgage applications hit the highest level since November 1990 in June, according to the … [Read more...]