Mortgage Scams Target Homeowners
March 30, 2008 | Filed Under Real Estate News, Mortgage and Finance | Leave a Comment
Earlier this week, federal prosecutors charged 19 suspects in a nationwide mortgage scam that robbed cash-strapped homeowners of their home equity and title, reports the Los Angeles Times. The defendants defrauded homeowners using foreclosure rescue pitches and so-called equity stripping schemes to steal $12.6 million and obtain the titles to more than 100 homes. In one variation of the alleged crime, the defendants contacted homeowners who were behind on their mortgage payments and offered to help them avoid foreclosure.
Financial institutions are on pace to report 60,000 incidents of suspected mortgage fraud this year, up from 28,000 in 2005, the Times reports. The FBI says “house stealing,” which involves both identity theft and mortgage fraud, is the newest crime hurting homeowners. In one variation of the scam, crooks target a property — often a vacation home or rental property — and steal the owner’s identity. After they transfer the property deed to themselves, they sell it and pocket the profits, without the knowledge of the original owners.
Earth Hour - Today 8-9pm
March 29, 2008 | Filed Under Uncategorized | 1 Comment
On Saturday, March 29, 2008, Earth Hour invites people around the world to turn off their lights for one hour – from 8:00pm to 9:00pm in their local time zone. On this day, cities around the world, including Boston, Copenhagen, Chicago, Melbourne, Dubai, and Tel Aviv, will hold events to acknowledge their commitment to energy conservation.
Given our company’s commitment to environmental awareness and energy efficiency, we strongly support the Earth Hour campaign, and have posted this today to help spread awareness of what we hope will be a highly successful global event.
New Home Sales Continue to Slip
March 26, 2008 | Filed Under Real Estate News | Leave a Comment
Sales of new single-family homes were at a seasonally adjusted rate of 590,000 in February, a 1.8-percent slip from a month ago and nearly 30 percent below the February 2007 rate of 840,000, the U.S. Commerce Department reported this morning.
The median sale price of a new home was $244,100 in February, up from $225,600 the previous month but down 2.7 percent from $250,800 recorded a year ago. There were 471,000 new homes available for sale at the end of February, representing a 9.8-month supply at the current sales rate. There was an 8.1-month supply a year ago.
Luxurious Belvedere condo is available for purchase
March 23, 2008 | Filed Under Boston Lifestyle, Boston Condos, Boston Luxury Developments, Boston Real Estate | 1 Comment
Unit 10B at The Belvedere, Back Bay is available for purchase. This magnificent 3000+ square feet, 3 bedroom, 3 and a half bathroom , 10th floor condo offers amazing views of symphony and the Christian Science Museum.
The Belvedere, located on 100 Belvidere Street in the Back Bay, is a boutique luxury development that offers concierge services, doorman, garage with valet and self parking, private library with continental breakfast by the on site chef Laurie Waters, roof terrace and a private dinning room & kitchen. The Belvedere has an exclusive and private entrance to the Prudential mall.
3 Bedrooms, 3.5 Bathrooms, 3083 square feet, 2 deeded garage parking spaces, all available at $3,795,000.
Listed with Brigitte LaBonte of Coldwell Banker.
Louisiana Home to Fastest-Growing Counties
March 23, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics, Real Estate Investment | 1 Comment
Two Louisiana parishes were the nation’s fastest-growing counties in 2007, according to recent population estimates by the U.S. Census Bureau. St. Bernard County, which led the nation in population loss after Hurricane Katrina in 2005, saw its population increase 42.9 percent from July 2006 to July 2007. Orleans county, also hit by Katrina, rose 13.8 percent in the same period. Nine of the top ten fastest-growing counties were located in the South or West.
Of the ten counties that had the greatest numerical increase in population, half were in Texas, two were in North Carolina, one was in California and one was in Nevada. Maricopa County, Ariz. led the pack with an increase of 102,000 residents between 2006 and 2007.
Although the population in Los Angeles County decreased by 2,000 from 2006, it remained the nation’s most populous county with 9.9 million people.
New Luxury Rental Available On The Waterfront
March 19, 2008 | Filed Under Boston Lifestyle, Boston Condos, Boston Luxury Developments, Boston Real Estate | Leave a Comment
The Boston luxury rental market is heating up and the best properties are going fast. This stunning two bedroom two bathroom penthouse at the new 5 Star luxury Battery Wharf Residences will be offered for lease starting May 1st for $9200 unfurnished. The unit can also be furnished for an additional fee. Enjoy sparkling water views from every window as well as the expansive terrace. Tennants will receive world class services from the Regent Hotel and Spa and top-of-the-line finishes.
For more Boston Luxury Apartments, Click Here.
Fed cuts rates by 3/4 of a point
March 18, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics, Real Estate Investment, Mortgage and Finance, Boston Real Estate | Leave a Comment
The Fed threw in a change-up today, instead of its usual fastball. While the Fed funds futures market was pricing in a 94 percent probability of a 100 basis point cut today, the FOMC instead settled on a less aggressive 75 basis point cut in the Fed funds rate. Today’s action brings the Fed Funds target rate down to 2.25 percent, three percentage points lower than where it was last August. The real Fed funds rate, which adjusts for current inflation, is at a negative 1.75 percent — a highly accommodative monetary policy stance. The Fed concurrently cut the discount rate 75 basis points, bringing that borrowing rate down to 2.5 percent.
The Fed wanted to remind the market today that they are in charge of monetary policy and not the Fed funds futures market. The Fed is subtly trying to reassert itself and disabuse the markets that whatever it asks for it gets.
It is also clear that there is increasing concern among some on the FOMC that free-wheeling rate cuts are creating a significant problem with the Fed goal of anchoring inflation expectations. There were two votes against. Both Plosser and Fisher wanted less aggressive action. Every time the Fed cuts rates the U.S. dollar takes it on the chin, threatening higher import and price inflation. Moreover, record oil and gold prices seem at odds with a deflationary spiral scenario that would warrant a one-percentage point or lower Fed funds rate.
The Fed is hoping that its efforts to restore market liquidity and ease the credit crunch through more direct measures such as the TAF, TSLF and Discount window will mitigate the need for the Fed to continue to pull its most powerful, but bluntest monetary policy leaver, the Fed funds target rate.
Bottom-line: the Fed is still open to further rate cuts if the economic and credit outlook continues to deteriorate, but we are much closer to an end point on Fed easing than we were at the start of the year. We expect the Fed to cut again in April, bringing the Fed funds target rate to 2.0 percent, though beyond that there will need to be more signs that the economic and financial downturn is still intensifying and that unemployment is rising rapidly.
Bankers Group Reports on Mortgage Fraud
March 17, 2008 | Filed Under Real Estate News, Mortgage and Finance | Leave a Comment
Florida leads the nation in reported cases of mortgage fraud for the second consecutive year and Nevada climbed to the number two ranking, according to the Mortgage Asset Research Institute’s Tenth Periodic Mortgage Fraud Case Report to the Mortgage Bankers Association. Other states in the top 10 are Michigan, California, Utah, Georgia, Virginia, Illinois, New York and Minnesota.
The most common types of fraud involved false claims of employment history and income. The study also found that 2007 had the lowest volume of mortgage originations since 2002 and the highest number of delinquencies and foreclosures.
Foreclosures Decline in February
March 15, 2008 | Filed Under Real Estate News | Leave a Comment
Foreclosure filings nationwide decreased 4 percent in February from the previous month, but they were nearly 60 percent higher than in February 2007, according to the latest report from RealtyTrac, an online marketer of foreclosure properties. One in every 557 U.S. households received a foreclosure filing last month — including default notices, auction sale notices and bank repossessions — on a total of 223,651 properties.
Nevada, California and Florida posted the highest state foreclosure rates, while Vermont, West Virginia and North Dakota posted the lowest rates. Metro areas in California and Florida accounted for nine of the top ten metro foreclosure rates. Las Vegas ranked sixth.
“The year-over-year increase of 60 percent this February was significantly higher than the 19 percent year-over-year increase in February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle,” said James J. Saccacio, chief executive officer of RealtyTrac.
Some Investors Abandon 1031 Exchanges
March 15, 2008 | Filed Under Real Estate News, Real Estate Investment | 1 Comment
Some real estate investors are opting to pay the capital gains tax on the sale of investment property now rather than defer the gains in a 1031 exchange amid concerns that a new presidential administration might raise the tax rate, according to the Wall Street Journal. A 1031 exchange, also called a like-kind exchange, lets a property owner roll over the capital gains from the sale of an old investment property to a new one, if certain conditions are met. Some investors believe that the current 15 percent capital gains tax rate could rise to 20 percent or 25 percent, so they are choosing to pay the taxes now, the Journal reports.
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