Archive for November, 2009

Myrtle Beach Neighborhoods See Up To An 80 Percent Drop in Home Sales

Who says speculation was only in Florida, Nevada, Arizona, and California.
A recent report compiled with data from the Home Mortgage Disclosure Act shows that parts of Myrtle Beach experienced tremendous drops in real estate sales. And this is not me trying to get your blood up.
The numbers are staggering.
The census tract stretching from [...]

30Nov2009 | Tom Royce | 6 comments | Continued

Watching the Making Home Affordable Program Fail

If you are working out a home mortgage with your bank through the Making Home Affordable Program, you have my sympathy.
The program is in a bad place. First, out of the first 500,000 homes that have gone through the program in the trial form, less than 2,000 of the modifications have been made permanent. FAIL.
The government recognizing [...]

29Nov2009 | Tom Royce | 20 comments | Continued

Calpers May Fire BlackRock as an Advisor After StuyTown Debacle

It is amazing that Calpers is still listening to BlackRock after the advice they have been given over recent real estate deals. Now they are contemplating removing BlackRock as an advisor the huge Californian retirement fund.
When you are in a position to lose $500 million in one investment they steered you into, that being the Stuyvesant [...]

26Nov2009 | Tom Royce | 0 comments | Continued

Real Estate Agent Robbed in Model Home

This is another reminder to be safe out there. An Oregon real estate agent was robbed in a model home while working late in the evening. Fortunately she was able to get free and contact police, and that all the attackers were interested in was her ATM card.
That being said, if you are an agent, [...]

26Nov2009 | Tom Royce | 4 comments | Continued

Toronto Businessman Buys Pontiac Silverdome for 583,000

So which would you rather buy in metro Detroit. This 3,200 square foot condo;

or the Pontiac Silver Dome:

Because for one week they were essentially selling for the same price. Yes sir, if you had the right bid, you could have bought the Pontiac Silverdome in metro Detroit for a little less than $600,000. The carrying costs [...]

24Nov2009 | Tom Royce | 5 comments | Continued

Party Crews Illegally Take Over Empty Homes For Raves

You know that big old McMansion that has been empty in town with a bit of acreage? The old Johnson House. Boy was there a shindig out there the other night. No one has lived there since the bank took it over but there must have been 500 cars there for the party that went all [...]

23Nov2009 | Tom Royce | 5 comments | Continued

Are FHA Loan Limits Increasing $100,000?

Buried at the bottom of a New York Times article on the trouble FHA housing loans are in is this tidbit, Congressman Barney Frank of Massachusetts wants to raise the lending limits of an FHA loan $100,000.

A few weeks ago, Congress extended the higher lending limits for another year. Representative Barney Frank, the Massachusetts [...]

20Nov2009 | Tom Royce | 6 comments | Continued

Top 10 Most Affordable Real Estate Markets in 2009

If you are looking to move to someplace affordable, we have the list for you. The criteria that the National Association of Home Builders uses is if the home is affordable for families living at the median income of $64,800.
So while these cities are not the top of most folks hit parade, they do [...]

19Nov2009 | Tom Royce | 0 comments | Continued

7 Million More Foreclosures To Hit The Market?

How scary is that number, 7 Million. If it was the deficit, it would not even scratch the surface. But it is the number of homes that are essentially in a foreclosure backlog.
These 7 million foreclosures represent those that are being negotiated, ones lenders are just plain ignoring, ones that are being worked out, [...]

19Nov2009 | Tom Royce | 2 comments | Continued

Lowes See Home Improvement Market Improving In Hard Hit Areas

The housing downturn also took a big chunk out of the profitability of the home improvement stores. Think about it, who wants to invest in a home that is losing value or that you may have to turn over to the bank. When you can not pay the mortgage, preventative maintenance is not a priority. [...]

17Nov2009 | Tom Royce | 5 comments | Continued