Tag Archives: Property/Assets/Rights

The end of the mortgage party? Home lending plummets at big banks

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“Rising mortgage rates mean that fewer people are refinancing their homes, which bludgeoned fourth-quarter mortgage results at Wells Fargo & Co. and J.P. Morgan Chase & Co., the country’s leading residential lenders, according to earnings reports released Tuesday.  It’s all quite a change from a year ago, when mortgage revenue was still propelling results at both Wells and J.P. Morgan. Fifteen months ago, J.P. Morgan CEO Jamie Dimon declared that the housing market ‘has turned a corner,’ and Wells Fargo CEO John Stumpf added, ‘Every quarter, we have more confidence.'”

http://blogs.marketwatch.com/thetell/2014/01/14/the-end-of-the-mortgage-party-home-lending-plummets-at-wells-fargo-j-p-morgan-chase/

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Real estate developer wants to sell his $7.85 million mansion in Bitcoin

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“The sale of a $7.85 million mansion in Las Vegas could be the largest transaction done in the virtual currency Bitcoin ever.”

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Vegas Mansion San Francisco, For Sale For 9311 Bitcoins

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“La Maison des Jardin located in the Renowned Spanish Trail! A European beauty tucked away on 3 golf course lots. Secret lush gardens surround a 25,000 Sqft home flooded with inviting light. Soaring ceiling combine Formal classic architecture with contemporary touches. Huge rooms finished with the finest materials. separate guest home and staff quarters for a formal lifestyle. Large home with many intimate spaces!”

http://www.eggify.com/real-estate/houses-apartments-for-sale/vegas-mansion_i1483

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Residents, politicians push to shut Satoshi Forest homeless camp

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“Local homeless outreach group Sean’s Outpost acquired the property in July and since October has let homeless people camp there without charge.  Sean’s Outpost founder Jason King said he plans for the property to become a sustainable refuge for the homeless.  But a permanent homeless camp is the last thing the residents of Mayfair want in their community.  So Escambia County will hold a Special Magistrate Hearing on Tuesday to decide whether Satoshi Forest will be allowed to continue to operate.  Buried among oak trees and plentiful bamboo, the camp is a sporadic collection of about a dozen tents and shelters that range from the basic dome tent to elaborate tarp constructions.”

http://www.pnj.com/article/20140120/NEWS01/301200007/?nclick_check=1

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Janet Yellen, the Nation’s New Chief Slumlord

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CHS9a1

“Janet Yellen is the nation’s new top slumlord. Her policies of unlimited liquidity, QE and zero interest rates directly enable financial Elites to beat out Mom and Pop rental housing investors and buy tens of thousands of rental properties at will.  Access to free money and near-zero interest rates gives institutional buyers a built-in advantage over Mom and Pop rental property owners: no collateral and free profits from super-low rates available to those closest to the Fed’s QE money spigot.  Institutional ownership turns the rental housing stock into a Fed-enabled financial monoculture.  To Fed-enabled Institutional landlords, you are an income stream to be skimmed.”

http://www.oftwominds.com/blogjan14/slumlord-Yellen1-14.html

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Two Numbers: The Housing Market Breathes Under Water

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“Five years after the housing bubble collapsed, a staggering one in five mortgage holders still owe more than their home is worth.  At its worst in early 2012, almost 16 million Americans were under water on their mortgage.  11 million out of a total of 50 million mortgage holders remain in what financial folks call a negative equity position. ‘This is the new normal in the housing market,’ said Svenja Gudell, director of economic research at Zillow, an online real estate database, ‘We will have high levels of negative equity for some time.’  Out of the 75 million homeowners around the country, about one in seven stay trapped in their homes, unable to move or sell.”

http://www.newsweek.com/two-numbers-housing-market-breathes-under-water-225429

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Florida housing market may get a boost from ‘boomerang buyers’

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“South Florida housing experts are trumpeting changes that allow foreclosure sufferers to buy back into the American Dream sooner than they probably imagined, calling 2014 the year of the ‘boomerang buyer.’  Revisions made over the summer to Federal Housing Administration (FHA) guidelines and technical updates in November to Fannie Mae loan approval systems have opened the door for some former homeowners to buy again just one year after foreclosure.  Jupiter mortgage broker Skip McDonough and Jon Maddux, co-founder of AfterForeclosure.com, said the boomerang buyers are necessary to maintain a growing economy as other drivers fade.”

http://www.theglobeandmail.com/report-on-business/international-business/us-business/florida-housing-market-may-get-a-boost-from-boomerang-buyers/article16112591/

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Why Rising Rates Will Be Good for Your Investments

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“The notion that rising interest rates will kill equity market gains, particularly in the U.S. … or choke off a real estate recovery … or kill the gold market for good — is a myth. Period.  It might be true if interest rates were at record highs and well above the rate of inflation. But they are not. Interest rates are coming off historic record lows in many parts of the world, and they are far below the rate of inflation.  That’s important to understand. As rates rise from historic levels — whether or not the Federal Reserve does any further tapering of its bond purchases — many investors will run for cover. But the only market rising interest rates will truly hurt is the value of sovereign bonds.”

http://www.moneyandmarkets.com/why-rising-rates-will-be-good-for-your-investments-57462

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In San Francisco, It’s Illegal to Store Your Own Stuff in Your Own Garage

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“San Francisco is plagued with thousands of scofflaws. Their crime? Storing anything that isn’t a car in their garage.  According to Chapter 6 of the San Francisco Housing Code, ‘Private and public storage garages in apartment houses and hotels shall be used only for storage of automobiles.’ Failing to comply with the law can lead to fines of up to $500.  The law is particularly silly since many San Franciscans are proud cyclists. Take Kimberly Conley. She has a home in the Mission District with her husband, but no car. Because of the city’s code, she’s technically breaking the law every time she stores her bike in her garage.”

http://ij.org/in-san-francisco-it-s-illegal-to-store-your-own-stuff-in-your-own-garage

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Real estate broker: ‘We accept bitcoins’

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“You can use digital dollars to buy an ever-lengthening list of items from sandwiches to fine art. And now homes.  The bitcoin has gained a foothold in one of the hottest business sectors in the world: Manhattan real estate.  Bond New York, a Manhattan-based real estate broker, has started accepting the digital currency for real estate transactions.  Bond New York believes it is one of the first real estate brokerage firms in the US to accept bitcoin.  ‘Real estate brokerage is a service industry,’ said Noah Freedman, a co-founder of Bond New York. ‘Our job is to make real estate transactions easy for our customers. Bitcoins are just another mechanism to help people facilitate transactions.'”

http://www.news.com.au/finance/real-estate/real-estate-broker-we-accept-bitcoins/story-fndban6l-1226796325563

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