Tag Archives: Property/Assets/Rights

Older homeowners falling more into foreclosure

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“Homeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands held the mortgage, said the New York Times.  Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures.  The main reason for the rise in foreclosures is due to women outliving their spouses and not being able to cop with ballooning, medical costs, mortgage and pension cuts. About 6% of loans held by persons over 50 were delinquent in 2011, up from 1% in 2007.  One of the problems is older Americans are saving less and borrowing more, said AARP.”

http://www.housingwire.com/news/monday-morning-cup-coffee-homeowners-over-50-fall-foreclosures

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Hemingway Museum Needs USDA Zoo License for Cats

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“Mr. Hemingway spent most of the 1930s in Key West completing some of his best work. Now, his former house at 907 Whitehead Street is a museum open to daily tours and the occasional wedding.   It also continues to be home to 40 to 50 six-toed cats that are a living legacy of Hemingway. As in Hemingway’s time, the cats are allowed to roam and lounge at will in the house and on the one-acre grounds. At some point several years ago, a museum visitor expressed concern about the cats’ care. The visitor took that concern all the way to the US Department of Agriculture and, literally, made a federal case out of it.”

http://www.economicpolicyjournal.com/2012/12/hemingway-museum-needs-usda-zoo-license.html

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Hungary bars foreigners from buying farmland

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“Hungary has amended its constitution to bar foreigners from buying farmland, a move the government called ‘historic,’ but one that could cause friction with the European Union.  Hungarian lawmakers on December 17 voted by a large majority to amend the constitution to bar foreigners from buying Hungarian farmland.  The vote was a ‘historic decision’ and the ‘beginning of a new era for agriculture,’ it continued.  The government says farmland needs to be protected from speculators and bankers looking to score bargains at the expense of farmers.”

http://www.rawstory.com/rs/2012/12/22/hungary-bars-foreigners-from-buying-farmland/

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D.C. house inspires 168 bids in red-hot real estate market

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“Bidding wars have become commonplace along H Street NE, in Trinidad and in Eckington, among other areas. So have multiple cash offers and sales that soar past the asking price. In certain neighborhoods, buyers once again are snapping up unbuilt units based on floor plans. And more are forgoing inspections or appraisals.  Homes in Arlington, Fairfax and Montgomery counties — all of whose median sale prices are up more than 4 percent from last year — are reaping battlefield premiums. One Maryland couple beat out the competition by agreeing to adopt the seller’s dog.”

http://www.washingtonpost.com/local/dc-house-inspires-168-bids-in-red-hot-real-estate-market/2012/12/20/b0c37ac0-488d-11e2-b6f0-e851e741d196_story.html

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How LA Regulated A Burger Stand Out of Existence

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“Located on the corner of Figueroa and 101st Street in South Central Los Angeles, Tam’s Burgers has been a part of the neighborhood for almost thirty years. Nick Benetatos took over the restaurant in the late ’80s after his father retired. Tam’s has withstood multiple recessions and even the 1992 LA riots.  The city’s zoning board has now ordered him to comply with 22 separate conditions, such as hiring a full-time security guard, fencing in the entire property and installing a security camera that links directly to LAPD’s electronic surveillance system. Benetatos says that the cost of compliance would put him out of business.”

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Bank of America supplied answers on ‘independent’ foreclosure review

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“The Independent Foreclosure Review is the government’s main effort to compensate homeowners for harm they suffered at the hands of banks – and, as its name indicates, it’s supposed to be independent.  But until recently, that was hardly the case with Bank of America. Supposedly independent, third-party reviewers would sit at a computer, analyzing each homeowner’s case. But the reviewers weren’t starting from a blank slate. Bank of America employees had already supplied the answers, which the reviewers would have to override if they did not agree.”

http://www.rawstory.com/rs/2012/12/17/bank-of-america-supplied-answers-on-independent-foreclosure-review/

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Banks Seek a Shield in Mortgage Rules

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“The legal protection stems from the Dodd-Frank Act, the sweeping regulatory overhaul passed in 2010 to help repair the financial system.  The legislation mandated that loans be affordable, but Congress conceded that banks might fear the legal consequences if the mortgages did not comply. So lawmakers created a type of home loan that would have legal protection, called a ‘qualified mortgage.’ In practice, the protection will make it harder for borrowers to sue their lenders in the case of foreclosure.”

http://dealbook.nytimes.com/2012/12/17/banks-seek-a-shield-in-mortgage-rules/

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Chinese buyers lead foreign investment in US housing market

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“Non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They’re buying high-end, multimillion-dollar homes from California to New York and paying cash.  While some of the Chinese buyers live in the U.S. full or part-time, realtors estimate about 40 percent of the homes are for investments. They’re snapping up houses in states hit hard by foreclosures such as Nevada and Florida. Some are buying two or three homes at a time.  Buyers from China also invested almost $2 billion in commercial property in 2011.”

http://www.foxnews.com/us/2012/11/27/chinese-buyers-lead-foreign-investment-in-us-housing-market/

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U.S. Construction Hits 37-Month High

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“Ben Bernanke’s mad money printing is making its impact.  Analysis of October’s construction spending patterns by the Associated General Contractors of America found ongoing building expenditures running at a $872 billion annual rate. That’s up 9.6 percent in a year – and the highest level of activity in 37 months.  Residential efforts ran especially strong: New single-family construction hit its highest mark since November 2008; multifamily construction hit a three-year high; and home improvements ran at a five-year high.  This is all a Bernanke manipulated boom—next stop price inflation 2013.”

http://www.economicpolicyjournal.com/2012/12/us-construction-hits-37-month-high.html

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China Will Build the Tallest Building In the World in Just 90 Days

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“According to its engineers, this will be the tallest skyscraper in the world by the end of March of 2013. Its name is Sky City, and its 2,749 feet (838 meters) distributed in 220 floors will grow in just 90 days in Changsha city, by the Xiangjiang river. Ninety days!  The skyscraper will be built in just 90 days at the unbelievable rate of five floors per day.  They will be able to achieve this impossibly fast construction rate by using a prefabricated modular technology developed by Broad Sustainable Building, a company that has built 20 tall structures in China so far, including the that 30-story hotel.”

http://gizmodo.com/5962070/china-will-build-the-tallest-building-in-the-world-in-just-90-days

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