Come one, come all!
There are bargains out there, and for the right circles, none may represent that more than East Coconut Palm Road in Boca Raton.
The mansion, previously listed for $21.9m, found no buyer. So folks, it’s auction time! And the 25,000 square foot mansion may be purchased for a song, as only $250,000 is needed in earnest money.
On July 11 Concierge Auctions are putting 450 East Coconut palm under the hammer in an effort to attract some high-fliers, as Sotheby’s International Realty is participating in the sell as well.
The property is on its own peninsula on Fishtail Palm Waterway that offers 475 feet of deep yacht dockage. Handy, considering the local park on Deerfield Island is only accessible via something that floats: That’ll keep the gangs of wonky teenagers... more»
What do you get when you cross the foreclosure-ridden Fresno market with abandoned homes falling into disrepair and a documentary about skateboarding?
An on-the-streets documentary film like no other.
The concept of skateboarding thrill-seekers draining abandoned pools for use as skating parks is not a new concept. But a documentary of such skateboarders staged among interviews of local housing and mortgage finance experts brings a whole new angle to Fresno , a documentary film by Stephen Payne.
The film focuses on the Fresno housing market and simultaneously studies the history of house price declines in the area since the burst of the housing bubble, the subsequent influx of foreclosures, the resulting abandoned and vacant homes with stagnant pools in the backyards, and the trend of skateboarding... more»
Securitization is alive and well: off, off Broadway.
Last night saw the premiere of Monetizing Emma, a play about a teenager who securitizes her future possibilities.
HousingWire happily attended the premiere (in spirit), in the front row, wearing tuxedos and holding a whole mess of nachos.
In an interview with writer and ABS journalist, SourceMedia’s own Felipe Ossa, the play is particularly apt since the market in securitization is stalled and it’s only a matter of time before new assets to pool are envisioned.
Inspired by Jane Austen novels, Ossa says: “Girls in those tales are often forced to make financial decisions. In Austen novels it’s all about the money required to get a suitor. In today’s environment a girl needs to marry the market.”
In the play,... more»
We’ve all had one at some point: a lemon of a car that turns out to be too good of a deal to be true, that always seems to be in need of a repair and that — we later discover — survived some massive accident in its history that somehow miraculously escaped reporting and isn’t tied to the vehicle identification number.
Sure, the damage is no longer visible from the outside as soon as the body shop replaces a panel or two, hammers out the dents and fixes the paint. But the damage never goes away. It will always be a car that’s been through an accident, whether or not its electronic record shows it.
Credit scores pose a similar situation.
No matter how hard a consumer works to build up his or her FICO after credit card delinquencies, home foreclosure or other financial... more»
A new bill introduced in the House Thursday, HR 2801 or Home Ownership Moves the Economy (HOME) Act of 2009, aims to make the current $8,000 first-time home buyer tax credit available to literally anyone that purchases a primary residence through the end of 2010.
The bill, introduced by Howard Coble (R-N.C.), extends the current tax break to anyone “who purchases a principal residence” through Jan. 1, 2011. It also lifts the income limitation (currently, singles earning more than $75,000 and couples earning more than $150,000 are disqualified) but keeps the $8,000 maximum credit, depending on the value of the home.
The bill extends the repayment waiver to account for the extended credit availability. Current law states the tax credit does not have to be repaid unless the home... more»
The US housing market, still absorbing the full shock of massive defaults and foreclosures in the wake of contracting economic conditions, faces a new threat to stability: Chinese drywall.
The building product ends up in frequent headlines these days as complaints about the product’s health and safety hazards circulate. Critics claim chemicals in the drywall lead to costly medical complications and expensive infrastructure problems in residential housing units.
Legislation passed by the House of Representatives in early May but stalled in a Senate banking committee includes an amendment that calls for HUD and the Treasury to study the effect of the presence of drywall imported from China from 2004 to 2007 — and the availability of property insurance for residential structures where... more»
As shocking as it is, the story of the pay-option adjustable-rate mortgage (ARM) has become old news: A borrower buys a huge home worth $1m with a mortgage that seems too good to be true at little more than $2,500 per month.
After the bills start coming in, however, the borrower realizes it really was too good to be true. The bill had only prompted the minimum due, even though the total amount payable was more like $5,000. The bank conveniently loaned the borrower the remainder each month and tacked it onto the principal.
Then the monthly rate reset. The pile of debt that initially grew bit by bit now swells into a mountain.
And the borrower? Stuffed under too many helpings of debt, underwater on the home and losing any chance or hope to refinance.
Some groups, like the mortgage loan restructuring... more»
While Senate Bill 61, which may provide bankruptcy judges the ability to modify mortgage agreement, remains stuck in committee, the relationship of bankruptcy to mortgage default remains a hot issue.
The “Helping Families Save Their Homes in Bankruptcy Act 2009″ aims to protect borrowers who are recently made bankrupt. But what exactly would make a family need to file for this protection in the first place? And what do these families look like?
Help finding an answer may be in a place most of us wouldn’t think to look: the August 2009 issue of the American Journal of Medicine. In the medical journal is a research report on the first-ever national random-sample survey of bankruptcy filers. And the results are interesting, to say the least.
Illnesses and medical bills are contributing... more»
Party?
HousingWire loves parties!
And here’s why:
It’s a gloomy state of affairs across the pond, with news that the Global ABS 2009 conference held earlier this week at the Hilton London Metropole was distinctly party-free.
A shame, since this annual meeting used to be more about the evening than the day seminars. Held last year in Cannes (also a bummer) the conference is not even attempting, at this point, to chase the glory days of year’s past, when the Global ABS kicked off in Barcelona. The best party in 2007 was the Bear Stearns’ gig on the beach! Talk about going out with a bang!
So we are pleased that on Sunday, June 7, the 2009 “Swingin’ on a Star” benefit for the Five Acres charity in Southern California is being co-sponsored by national real estate valuation... more»
A San Diego real estate agent is taking on the “big banks” in a self-styled David and Goliath battle.
Bob Hamzey, sure the banks are taking advantage of the Obama administration’s “Foreclosures Alternative Program,” (FAP) is asking for the submission of personal stories documenting alleged short sale abuse.
After the collection process is finished, Hamzey will bundle the testimonials into a single package, a compendium of complaints, to send to the big guy in the White House.
He is asking others to send him their personal stories of getting caught up in short sale abuse. Hamzey intends to send these stories to federal regulators in an effort to encourage the Obama administration to develop a system that is fair and responsible for the people they were designed... more»
