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Home Prices Gain in 91 U.S. Cities in First Quarter

Home Prices Gain in 91 U.S. Cities in First Quarter
May 11, 2010, Bloomberg

Home prices rose in 91 U.S. cities in the first quarter as states hard hit by foreclosures began to recover and a tax credit cut the number of properties for sale. The median price of a single-family home sold in Saginaw, Michigan, doubled to $60,800, the Chicago-based National Association of Realtors said in a report today. Prices in Akron, Ohio, climbed 90 percent to $95,300 and Grand Rapids, Michigan, recorded a 26 percent increase to $90,700. Nationally, the median declined 0.7 percent.


Return to Lender: Developer Hands Back Much of ICON Brickell
May 11, 2010, Miami Herald

Miami-based The Related Group has deeded two 57-story towers of ICON Brickell -- an ultra-luxury $1 billion condominium project emblematic of Miami's real estate boom -- back to its lenders, the company said Tuesday. In a ``friendly settlement,'' Towers 1 and 2 of the financially troubled project will return to a syndicate of lenders led by HSBC, and The Related Group and Fortune International will co-manage the project's sales and marketing efforts.


Let Taxpayers Cover Your Mortgage
May 11, 2010, CNNMoney.com

Unemployed? Owe more on your mortgage than your home is worth? Your state might one day pay your mortgage. Giving people free money to cover their home loans is just one of the radical ways that four states — Florida, Michigan, California and Arizona — plan to use $1.4 billion the Obama administration is sending their way to help the unemployed and underwater avoid foreclosure.


Emotion Drives Many Defaults
May 11, 2010, Wall Street Journal

People often fall in love with their homes based on some charming but impractical feature or other. Now, increasing numbers of homeowners are abandoning their nests for similarly emotional — and sometimes irrational—reasons. It turns out that many of the Americans defaulting on their mortgages are doing so out of anger, fear or despair rather than making a purely sensible decision about their best financial interests, a new study found. Brent White, an associate professor of law at the University of Arizona who ran the study, focused on "strategic defaults" in which a borrower who could afford to keep paying opted not to do so.

Posted: Wed, May 12 2010 8:50 AM by Octavion
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Comments

Alex said:

Hey Paul –In 1967 I was 21 years old, I was newly married, I did my first snppoihg for groceries, and immediately calculated as I was leaving the store that my groceries cost me $2.50 per bag.  I continued to use that ‘how much did I just spend per bag’ equation through my entire food snppoihg life.  I am now 62.  I cannot get out of the grocery store for less than $24 a bag if I’m buying an assortment of everything: meat fish, staples, paper and cleaning goods, a little bit of everything.  I better learn how to shop better.My first new car was in 1973.  It was a brand new no frills orange VW bug with two baby seats in the back, and it cost me $2800.  Today, that car is about $18,000!In 1980 when I started selling real estate, I sold fifty-five $25000 houses in north and southwest Germantown.  The interest rates were 17%.  The only neighborhood that was hot was Germantown because it was so affordable, and you got so much for the money.  A sampling of that same group of homes in 2008, which would include, rows, twins and singles settled in the past 6 months, regardless on condition, averaged in the $120s.  Interestingly enough, these properties – in the last 6 months – sold for an average of 111.72% of their asking price.Germantown is one of those neighborhoods that is still tremendously affordable, with beautiful housing stock, is close to CC, has wonderful history, mansions and mill houses – we’re so lucky to sell real estate in northwest Philadelphia.Butter

# March 10, 2012 6:18 PM

Mattia said:

Shovel-ready  jobs in other words, a person could go get a job TODAY  that`s NOT hpaienpng..and hasn`t happenedHow do you put 20 million people to work TODAYYou don`t .you can`t only a Pearl Harbor can do that .and no one wants that again so this is REALITY ..it will take America 10-20 years  if ever . to get 20 million people back in the work forceWorld competition and rapidly advancing technology will eliminate many of the jobs we have seen in the past . therefore a sobering realization of reality MUST come over the American people  ..and a Declaration of ECONOMIC WAR must be declared a war NOT on other countries and peoples BUT on OURSELVES our lehragy,devisiveness and arrogance .we are our own worst enemy .a national united commitment of URGENCY must take place in 2011  .we have run out of time

# March 12, 2012 8:13 PM
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