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Below, you'll find extensive information on leading
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Foreclosure Consultants Are Expected To Increase
When homeowners receive a home foreclosure notice they often look for help from consultants who may not have the homeowners’ best interest in mind and may instead take title to the about-to-be-foreclosed property, thereby cheating the owners out of any equity they might have had in the property. The fraudulent consultants pocket the profit gained on the equity when the property is sold and the homeowner loses it all.
Under a new bill (LB1230) introduced into the Nebraska Legislature consultants are restricted as to the advice they can give, homeowners have the opportunity to rescind any agreement which removes their home equity, and consultants are barred from asking for title to the property.
The bill is similar to ones in place in eight U.S. states already, including one passed in Colorado last year. They are designed to protect consumers from questionable practices in the foreclosure consultancy businesses, which are springing up all over the country.
Foreclosure consultants are expected to increase due to the tremendous increase in the number of foreclosures in this country.
According to the Center for Responsible Lending, foreclosures rates for subprime loans made during the last two years are expected to double. This chilling projects means that as many as one in five subprime mortgages which originated during the last two years could end up in trouble. Subprime loans
NYC Coop Sales Price Now Public Information
It's an old axiom that, despite increasing numbers of condos, coops still account for around 80% of NYC's apartment inventory.
Yet, until recently, the sales figures were shrowded in mystery. No more. A recently passed law allows access to these figures through use of the City's ACRIS system. While the link may not be up for long, you can find a pdf guide to how the system works at NYC.gov/html/dof/html/jump/acris.shtm.
Noah's Ark 2006
In the year 2006, the Lord came unto Noah, who was now living in the United States, and said, "Once again, the earth has become wicked and over-populated, and I see the end of all flesh before me.
Build another Ark and save 2 of every living thing along with a Few good humans."
He gave Noah the blueprints, saying, "You have 6 months to build the Ark before I will start the unending rain for 40 days and 40 nights."
Six months later, the Lord looked down and...
Commercial Rent Prices Up - Square Footage Down?
A recent article in Business Week suggests that the open space model of the dot com era may, actually be a paradigm to enable businesses to reduce one of their largest expenses, namely, commercial office rent.
Yet, the position of the author is hardly universally shared, eliciting a number of rejections and criticisms in the posted comments following the article.
From my own experience, there is no doubt that, technologically, more and more things can be done in more and more places....
Bubble Metrics
I came across a very interesting website, that of the Center for Economic Policy Research, an organization that's done alot of looking into the housing bubble issue and that has alot of articles that you'll find interesting and informative.
What's really noteworthy, though, is a unique bubble calculator that seeks to measure whether you'd be better off renting or buying by plugging in the price, mortgage terms, location and projected hold time into the fields, which then takes into...
Expected Report of Year Over Year 2nd Qtr Condo Price Declines
Today's NY Sun reports that an expected industry report on condo prices will show softening on a year over year basis for the second quarter.
As the article recites, industry analysts opine on whether they foresee a repeat of the coop collapse of the late 1980's when oversupply combined with softening demand and tax reform to cause a sharp drop in prices.
Some, according to the article, feel the City's overall healthy economy will prevent this recurrence in the case of...
Worried about Interest Rates? Tell that to the Rent Guidelines Board
In an unusually raucus session of the Rent Guidelines Board's annual spectacle on guidlines increases for rent stabilized apartments in NYC, the Board members could hardly hear themselves over incessant drum beats from Tenant activists, yet still managed to outrage them, while disappointing landlords in the process.
Read about the meeting and the increases at <a...
Problems When the 1031 Tail Wags the Dog
Here's an interesting article about what happens when investors, in their zeal to meet the stringent time requirements of a 1031 exchange, invest in properties in areas they're unfamiliar with and do so without their usual degree of due diligence.
<a href="http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on" >http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on</a>
Everybody into the Pool!
When it comes to Terrorism Insurance, the government's days as a reinsurer of last resort are numbered, ending in 2007 following one extension of a temporary act intended to restore confidence among the Nation's insurers and reinsurers following the huge losses suffered as a result of the 9/11 attacks.
A lobbying group called the Real Estate Roundtable, <a href="http://www.rer.org/," >http://www.rer.org/,</a> recently proposed modeling a future system after that...
Taxes and Commercial Real Estate Activity in NY
Today's NY Sun has an interesting article sure to reinvigorate the timeless intellectual arm wrestling about whether booms and busts in real estate are primarily driven by tax policy or the business cycle.
This article focuses on the infamous "Cuomo Tax", formally known as the Real Property Gains Tax, enacted in the '80's by then Governor Mario Cuomo. In short, the tax that excluded townhouses and one and two family houses, surcharged capital gains on most other...
Another View on the Bubble-No Bubble Coin Toss
Glenn Roberts, Jr. of Inman News today quotes from findings of the Anderson Forecast, an economic report out of UCLA.
According to the report, housing is more likely to head for a crash rather than the gradually deflating balloon we've all be hearing about lately.
For more, check out the article ( subscription required) at <a href="http://www.inman.com/hstory.aspx?ID=53488" >http://www.inman.com/hstory.aspx?ID=53488</a>
are those made at higher interest rates and sometimes with complicated financing structure. For example the loan known as a 228 has two years of fixed interest rates and then is allowed to increase sometimes to dramatically higher levels in a short period of time. In many cases, the 228 loans are starting to arrive at the point where the interest begins to increase which leads experts to believe that foreclosure rates will also increase.
Another factor impacting the foreclosure rate is the cooling housing market which means people seeking to refinance their houses to avoid potential foreclosure no longer have equity to show in order to refinance.
While there are an increasing number of foreclosures and an increasing number of foreclosure consultants, the legislation is intended to prevent the consultant from obtaining the deed to a $100,000 house with $75,000 owing and pocketing the profit based on the $25,000 equity in the house. The bill was crafted by members of the State Banking Department and is aimed at the few ‘bad apples’ who take unfair advantage of people at a most vulnerable time.
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Bob Smith is the writter of Mostlyforeclosures.com. For more information on Nebraska Foreclosed Homes for sale please visit http://www.mostlyforeclosures.com/.
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