Archives for November 2009

No Hurry for Those at Risk of Foreclosure

Senator Jack Reed D-Rhode Island Senator Dick Durbin D-Illinois Senator Sheldon Whitehouse D-Rhode Island No Hurry for Those at Risk of Foreclosure By Mike Colpitts Two months after the proposal to force bankers to work with homeowners at risk of foreclosure was introduced in Congress the bill is bogged down in committee. A House Financial Services Committee spokesman declined to say whether the bill would be voted on before … [Read more...]

Housing Recovery on the Way

Powered by the highest number of home sales in more than two years, the housing market appears to be on the road to recovery – at least to some consumers. First time buyers pushed to close purchases before the looming government deadline expired for an $8,000 tax credit. Rock bottom priced triggered a flood of home sales in hard hit Cleveland, one of the nation's worst hit and lowest priced markets. California and Florida markets are showing … [Read more...]

Forty-Eight States in Taxing Turmoil

Forty-eight of all 50 U.S. states are in economic turmoil as a result of the housing bust and the financial crisis. States have laid-off employees, slashed budgets and cut back on services, including schools and emergency services such as police and fire department personnel. "Forty-eight states are in budget crisis," according to New York Governor David A. Patterson. In large part the crisis has been triggered by major reductions in real … [Read more...]

Market Bottom: They Just Don’t Get It!

By John Hines Economist The bottom of the real estate market is a fleeting place that has seen the initial stages of recovery tease markets in the worst hit areas of the country, including California, Florida and Nevada. As home sales rise, bankers hold off on making foreclosures and keep lending standards so high that only a quarter of the people can borrower that apply the bottom of the market remains elusive. However, newly placed … [Read more...]

Foreclosures Dip Slightly

Recorded foreclosure notices saw a 3% dip in the last month nationally, but are still up nearly a fifth from year ago levels, according to the latest RealtyTrac monthly report. There were 332,292 notices of default, foreclosure auctions and bank repossessions filed during October. The figure represents a three month consecutive decline in foreclosure notice filings with one in every 385 U.S. households receiving a foreclosure filing during the … [Read more...]

Private Bankers Gaining Ground

By Kevin Chiu Blamed for selling mortgages to anyone who could sign their name during the real estate boom, the majority of mortgage brokers have been forced out of business and now only originate a small percentage of home loans. However, private mortgage bankers are filling the opening in the marketplace. Leery of increasing bad press, national mortgage lenders, including defunct Countrywide and Washington Mutual turned their backs on the … [Read more...]

Homeowner Dreams on Hold

By Sharon Williams Buying your first home is like a dream for most people. But the dream has been placed on an indefinite hold by millions of Americans troubled by the financial crisis. Qualifying for a mortgage these days has gotten tougher with economic uncertainty. There's no doubt that in life dreams change over time, and needs change. The slumping real estate market has put plenty of dreams on hold. Markets across the country aren't … [Read more...]

Land Developer to Winemaker

Developer to Winemaker By Mike Colpitts Marlboro, New York -- As an independent thinker and winemaker Stephen Osborne isn't the type one would expect to end up in the rural out-back of Upstate New York. But it's his type of fierce independence that brought him to become a revolutionary developer turned businessman in the comforts of the picturesque Hudson Valley. Osborne and his wife bought their 35-acre Stoutridge vineyard out from under a … [Read more...]

Can We Ever Get Out of This Economic Mess

By Mike Colpitts Manhattan – Tourists flock to Times Square by the millions. Broadway shows are selling out, many packed by audiences from foreign countries at discount ticket rates. New York City is a maze of pedestrians on any given business day with people hurriedly moving from place to place. To the naked eye little seems to have changed in the last year in many areas of the Big Apple. But during a four day stay in the city that never … [Read more...]