Archive for June, 2009

Housing Plan Stuck, National Recovery In Hands of Real Estate Market

As the Treasury Department training company, Goldman Sachs, records incredible profits, the housing market is fighting a battle to save the economy. The 275 billion that the Federal Government allocated to infuse into the housing market is failing to get into the hand of the borrowers. It is staying with the bankers paying down their [...]

30Jun2009 | Tom Royce | 7 comments | Continued

The Waxman-Markey Cap and Trade Bill Will Control Housing Standards

Remember the local and state building regulations that you have worked under if you are a builder. As New Yorkers would say, Forgetaboutit…
The new legislation that passed through the House last night, unread by any of the Congress people, had inserted into the bill a new NATIONAL BUILDING CODE. You heard me right, there is [...]

27Jun2009 | Tom Royce | 33 comments | Continued

Bank of America Offering Cities First Crack at Foreclosures

I am not comfortable with the new Bank of America policy of offering foreclosures to cities and municipalities to buy instead of offering it to the general public. The goal is to allow the cities to buy the properties, rehab them, and then sell them to families. All well and good.
But isn’t that the goal [...]

26Jun2009 | Tom Royce | 7 comments | Continued

Real Life Meets Dilbert

I wonder how often this is happening these days.

Sad but true…

26Jun2009 | Tom Royce | 3 comments | Continued

Evander Holyfield’s House Under Foreclosure… Again

Evander Holyfield’s home is massive. When you drive by it (it is not far from our house) you think it is a museum. But the cost of maintaining the home and the other expenses that the aging boxer are wearing out his resources and for the second time in a year the home is under [...]

25Jun2009 | Tom Royce | 10 comments | Continued

Countrywide Mortgages Friends Of Angelo Program Investigation Stalled

What happens when you give special deals to politician?
You tend to get away with it.
That is the lesson that the investigation into the Friends of Angelo program that Countrywide and Angelo Mozilo offered influential politicians to get below market loans. They got cheap mortgages, he got an ear to listen to how regulations were [...]

24Jun2009 | Tom Royce | 2 comments | Continued

90 Billion In Commercial Foreclosures – REITS and Vultures Racing In

There are alot of people going to get rich in the next couple of years.
As many real estate developers are losing buildings to the banks, a group of investors are about to pick over the failures and they are looking for deals. Commercial property values are dropping, refinancing capital is scarce, but there is one [...]

22Jun2009 | Tom Royce | 1 comment | Continued

Real Estate Investors Driving Market?

We are all thrilled that real estate sales volume has increased, but is it because the investors have returned to the marketplace? When the bubble burst, real estate investors in parts of the country were hit hard. They fled the market, some with moderate losses, some losing the shirt off their back.
But as the banks [...]

20Jun2009 | Tom Royce | 1 comment | Continued

Buying a Condo? Look For the FHA Label From The Developer

Ah, the power of the government yoke. With 2 quick moves only condo developers with the right connections will be selling well to low and median income buyers.
First, Fannie Mae and Freddie Mac made qualifying for a mortgage much more difficult. You will need to have a mortgage that has 30 percent down now [...]

18Jun2009 | Tom Royce | 2 comments | Continued

Interest Rates Rising – Mortgage Activity Slows Down 16 Percent

Remember all the borrowing and stimulus that the government is doing to save the economy and the housing market. And remember how all the experts told us that housing would lead the recovery?
Well, just as housing is getting it’s footing, the costs of the recovery programs are coming in. The lenders to the USA do [...]

17Jun2009 | Tom Royce | 2 comments | Continued