Real Estate Latest Blog

Well, the news sounded good at the time, but it seems that movement seen last February might have been due to the massive inventories of homes being sold by banks who have managed to issue tons of bad loans to customers who wanted homes, for which they couldn’t have cared much for at the time due to the housing market boom that was well, booming. The word is fitting for the booming market quickly burst sending millions of homeowners without anything to pay for their home loans. (more…)

February home sales surged a bit, giving the worn out and beaten real estate industry that is managing to get by with whatever minimal sales they get. But will it last, that’s a totally different story for any gains in the economy are downplayed by other issues that continues to plague the whole economic picture. Jobless rates are at their highest and they continue to swell in spite of measures being put in place to augment the many faltering businesses. (more…)

People have been reveling since the bailout bill was passed and the President has said and reiterated that his administration is out to help the American public, one problem, no bailout funds actually getting out. What, there is in fact a long process to get all the cash out to the millions of people who need them to stem foreclosure on their properties and having no other option, they turn to foreclosure rescue companies who are out for big bucks. The situation according to one expert is like having a shark where the blood is and that’s what is really happening. These rescue companies take your money and are never heard of again.
People have complained that these firms simply disappear when they have finished their job, which is nice for they have after all prevented you from losing your home but what happens after that still fails and the funds are still not there to help you, who knows.

Christmas has come and gone and the new year fails to bring hope to the faltering real estates market. Jobs are expected to be shed, even from some of the largest global firms as the global economy slips deeper into recession. The weather is also playing its part in making this one of the coldest winters of all time (except for the Ice Age maybe) aggravating the despair of people who have lost homes due to unpaid mortgages leading to foreclosure.
These foreclosed homes, though recovered by financiers and lending companies, cannot be turned back into cash to re-inject into the system causing it to seize up. More houses to sell, still not enough buyers, not good for an industry that relies on public spending for their income.

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Do you know what happens if you die without a will? The courts will decide who will raise your children, manage your assets, inherit your possessions, and administer your estate. Heirs must usually agree on a court appointed administrator. If some of the heirs are mentally incapacitated, or under age, it gets unbelievably complicated. Add in children and spouses from previous marriages and it can become a seething pot of turmoil for your family.If your second spouse survives you, the children from your first marriage could end up with nothing. The courts may set aside assets to be given to the children when they come of age, that makes it impossible for your spouse to afford your current home or lifestyle.When there is no will and a couple dies together, the state may have to “decide” who died first. If one outlives the other, even by a few minutes, the relatives of the first to die can loose out completely.

Without proper organization your assets could go unnoticed or become lost and loved ones may not benefit from your years of hard work.

Have you ever seen someone that works better when the odds are against him or when everything around him seems to be failing? A smile despite everyone around him crying and gnashing their teeth? There’s a company who have decided to see the current real estate situation as an opportunity rather than a bane. For instance, the Los Angeles real estate firm, CB Richard Ellis just closed a $2.1 billion investment fund. The money will be used to buy properties nationwide.

Through this fund, the firm will be buying both properties that are only in need of minor repairs and those that need more improvements. The latter will fund real estate development.

CB Richard Ellis Investors is an independently operated affiliate of Los Angeles-based CB Richard Ellis Group Inc., the world’s largest real estate brokerage.

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It’s pretty obvious by now that the US is suffering on the real estate market. However, like a proverbial silver lining, California Real Estate Commissioner Jeff Davi said:

“The market is cyclical, you know that,” he said. “There’s no quick fix. There’s no silver bullet.”

This was the strongest message he said yesterday in front of 300 members and guests of the San Diego Association of Realtors. As we reported last time, the city was one of the hardest hit by the market.

The commissioner also advises the vets to pair up with the greenhorn agents and that they should focus on the rising number of foreclosure properties because that is an opportunity for all.

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If you’re a real estate buyer, it’s the best time to buy one! If you’re a seller though, you may need to scrimp a bit as the US Real Estate boom has burst and there’s no other place to go to but down.

The statistics are staggering. According to Standard & Poor’s/Case-Shiller Home Price Indices, 14 major cities has posted double-digit lows for single-family home values. Generally, it’s been down 12% since December 2006 with a possiblity of going further down by 10% by end of 2008.

The biggest culprit for this downturn: rampant speculation on property values during the past several years. “The areas that have seen a huge amount of speculation…are the ones that got nailed,” says Blitzer. “The farther up prices went the farther down they’ve come.”

Listed below is the five most hard hit cities:
1.Las Vegas
2.Miami
3.Phoenix
4.Los Angeles
5.San Diego

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