Real Estate Crook gets Sentenced
October 4, 2008
Given the current economy and real estate markets, its one of the stories that everyone loves to read: a real estate crook gets sentenced
for his part in a $40 million mortgage fraud crime spree that he commited in California. Charles Fitzgerald was one of the principles that involved 11 persons working together in a high end luxury home real estate flipping scheme in swanky Beverly Hills CA. The basics of the scheme was they purchased homes at a market value price, then cooked the books and created records that showed that the homes were worth 2 or 3 times as much – and then they’d secure new loans based on those bogus numbers. They kept up the mortgage payments on the front end so they could keep the whole ball rolling on the scheme – but then the housing market began slowing down, and they stopped making payments and were caught.Bride Wars psp
National Association of REALTORs Supports Economic Bailout
October 3, 2008
Not surprisingly, the National Association of REALTORs (NAR) supports the economic bailout currently packaged as the Emergency Economic Stabilization Act of 2008 that was recently approved by the Senate. It is felt that this piece of legislation will help ease the financial purse strings of market, and start getting things in a more positive vein. The belief is, that without a real estate market recovery, there simply will be no economic one. The NAR Chief Economist Lawrence Yun believes that the numbers reported by the media for the package, may actually be lower. It is hoped that this will help stabilize home prices by making more mortgages available to prospective buyers [as well as providing additional monies for persons seeking credit (for use to make car purchases, or even paying their children's college tuition)].
Manhattan Real Estate Poised for Decline
October 3, 2008
An enlightening article that describes the current real estate markets and cites that the Manhattan real estate market is poised for decline
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given the current volatility of Wall Street. Some of their data revealed some odd market trends. For example, even though the number of sales has dropped significantly, the average price paid actually increased. This is counterintuitive to common supply/demand theory and is something that will catch up with itself the analysis concludes. They cite that the reasoning behind this is because several high end luxury real estate buildings were put under contract 1-2 years ago, and are now finishing completion which pushed the increase in average price – but they maintain that the overall trend for the market is down.
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