Tag Archives: Property/Assets/Rights

Greek Banks See Quadrupling of Housing Loans by Next Year

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“Greece’s four largest banks, encouraged as the economy claws itself out of recession, plan to double mortgage lending this year and may do it again in 2015, according to Kalantonis. Home loan originations in Greece plunged from 15 billion euros at the peak in 2007 to less than 250 million euros ($340 million) last year, he said. [Banks] are counting on the growth rate of non-performing loans to stabilize once a law preventing banks from foreclosing on property is dismantled.  The government, under pressure to strengthen banks after receiving a total of 240 billion euros in aid, is forcing homeowners, who can pay their mortgage but don’t, to do so.”

http://www.bloomberg.com/news/2014-07-10/greek-banks-see-quadrupling-of-housing-loans-by-next-year.html

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Jim Rogers: If You Want to Make Money, Become a Farmer

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“The world now faces ‘very low inventories’ of foodstuffs for the first time in years, Rogers tells BBC Radio. In addition, farmers are in short supply and aging, with the average age of a U.S. farmer at 58, he notes.  Put it all together, and it’s good news for agriculture. ‘Agriculture’s been a terrible business for 30 years. It is now beginning to get better. If you want to make a lot of money in the future, which many people do, you should learn to drive a tractor,’ Rogers suggests.  ‘Agriculture is going to be one of the most exciting businesses in the next 10 years.’  Although the number of young farmers has risen, the average age of farmers rose to 58.3 years from 57.1, a government census found.”

http://www.moneynews.com/StreetTalk/Jim-Rogers-Farmers-Agriculture-Sector-Tractor/2014/02/27/id/555195/

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California Family Stumped by Fired Live-In Nanny Who Won’t Leave

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“A California family is stumped about what to do with a live-in nanny they say refuses to work, refuses to be fired and refuses to leave.  In fact, Marcella Bracamonte claims that the nanny, Diane Stretton, has threatened to sue the family for wrongful firing and elder abuse.  Lt. John Moore of the Upland Police Department confirmed to ABC News that there is no immediate action that can be taken against Stretton, saying ‘generally, once somebody has established residency, you have to go through a formal eviction process.’  Stretton reportedly has been involved in 36 lawsuits, landing herself on California’s Vexatious Litigant Lists for repeatedly abusing the legal system.”

http://abcnews.go.com/US/family-stumped-fired-live-nanny-leave/story?id=24316229

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Real Estate: “Millennials” Out, Chinese Buyers In

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“‘Millennials’ born in the early 1980s are shunning the [housing] market amid concerns about future financial stability, rising expenses and excessive debts. And who is increasingly filling the housing demand hole? Foreign investors, led by cash-rich Chinese buyers!  Housing Wire notes that foreign buyers purchased just over $92 billion worth of U.S. real estate in the year ending in March, up sharply from $68 billion a year earlier. A whopping 60% of them paid all cash, compared to one-third of domestic buyers.  Chinese buyers spent $22 billion of that total, the largest percentage by dollar volume. They now account for 16 percent of all foreign purchases, triple the level of just a few years ago.”

http://www.moneyandmarkets.com/real-estate-millennials-chinese-buyers-63102

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‘I’ve been priced out of downtown Detroit’

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“Amid efforts to revitalize Detroit’s downtown, some residents are finding they can no longer afford to live there.  One program, called Live Downtown, has attracted as many as 15,000 new residents to the downtown area, according to the mayor’s office.  Under the program, local companies, including Quicken Loans and Blue Cross Blue Shield, give employees $20,000 loans that will be completely forgiven if they buy and stay in a home downtown for five years. Renters there receive $2,500 their first year and $1,000 the second.  The newcomers bring with them money and much needed tax revenue. But they are also causing housing prices to skyrocket.”

http://www.clickondetroit.com/money/I-ve-been-priced-out-of-downtown-Detroit/26182568

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Tiny ‘Shoebox’ Apartment in London Costs $1,200 Per Month

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“London, England: where a ‘shoebox’ apartment that barely fits a double bed and costs $1,200 a month is rented in less than 16 hours.  That’s right. The Guardian reported that a single-room apartment listed with a firm called Relocate Me sparked a number of interested calls and emails. The unit was off the market that same day, despite the fact that it looks more like a prison cell than an apartment in one of the nicest cities in the world.  The report said that the listing didn’t include dimensions for the apartment, so feel free to venture your own educated guess since it’s basically the size of a double bed plus a couple of feet.”

http://www.boston.com/real-estate/news/2014/06/04/tiny-shoebox-apartment-london-costs-per-month/SyV5Nlu3xJ3p7ZeP8wojWJ/story.html

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NYC Woolworth Tower Condo Priced at Record $110 Million

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“Developers are seeking $110 million for the penthouse apartment in the pinnacle of the 58-story tower, the highest-ever asking price for a condominium in downtown Manhattan, according to Jonathan Miller, president of appraiser Miller Samuel Inc.  The $110 million penthouse is about 8,975 square feet with a 584-square-foot terrace. The four-bedroom condo with a private elevator spans nine stories, with the primary living space on the 50th and 51st floors, according to the offering plan. A great room and wine cellar make up the 53rd floor, and the 55th through 58th levels in the cupola include a library or media room and an observation deck at the top, the plan shows.”

http://www.bloomberg.com/news/2014-06-02/nyc-woolworth-tower-condo-priced-at-record-110-million.html

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Want a House? Be Rich and Pay Cash

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“Mortgages are much tougher to get these days, requiring higher down payments, more expensive mortgage insurance, lower overall debt levels, and more.  Excessive student loan debt and lingering psychological damage from the last housing bust are deterring first-time buyers.  All-cash-investor-locusts swarmed over the market the past couple of years to buy up property and rent it out.  That has helped drive double-digit price increases in many markets. Unfortunately, wage increases, salary hikes, and population and economic growth haven’t kept pace.  As investors turn from buyers into sellers again, it will put the kibosh on the way-too-fast price increases we’ve been seeing.”

http://www.moneyandmarkets.com/want-a-house-be-rich-and-pay-cash-61593

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Rent or buy? The math is changing

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“The potentially overvalued markets are the result of three forces. They are taking place in local economies that suffered only minimally during the recession that began in 2008 and have experienced strong job growth since then.  They are fueled further by the low-interest rate policies that are aimed at bolstering the overall national economy but don’t discriminate based on geography. Even as San Francisco’s housing market is at risk of overheating, buyers there get the same ultralow mortgage rates engineered by the Federal Reserve as home buyers in depressed Detroit or Cleveland do. And the new booms are taking place in markets where restrictions on building hinder developers.”

http://www.cnbc.com/id/101696741

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China reverts to credit as property slump threatens economy

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“New housing starts fell by 15pc in April from a year earlier, with effects rippling through the steel and cement industries. Land sales fell by 20pc, eating into government income.
The Chinese central bank has ordered 15 commercial banks to boost loans to first-time buyers and ‘expedite the approval and disbursement of mortgage loans’, the latest sign that it is backing away from monetary tightening. The authorities are now in an analogous position to Western central banks following years of stimulus: reliant on an asset boom to keep growth going. Each attempt to rein in China’s $25 trillion credit bubble seems to trigger wider tremors, and soon has to be reversed.”

http://www.telegraph.co.uk/finance/china-business/10828912/China-reverts-to-credit-as-property-slump-threatens-to-drag-down-economy.html

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