Buy Michael Bolton’s Dalle Acqua Home For $11M

December 28, 2008
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Singer Michael Bolton has put up his 2.7-acre “Dalle Acqua” estate in Westport in the real estate market for $11 million. Built in 1988, Bolton’s house has a total area of 9.600 square feet and has 13 rooms and six bedrooms.

The home is located near Nash’s Pond so you can expect a spectacular and luxurious view.  The property, which was purchased by Bolton for $975,000 in 1991, has definitely increased in value over the years. The building of the estate’s tennis court in 1992 has been surrounded by controversy after a cease and desist order was issued against Bolton after he failed to get the proper permits for the construction. …

Aretha Franklin’s Home To Be Foreclosed For $445 Tax Lien

December 28, 2008
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Queen of Soul Aretha Franklin’s $700,000 home in Detroit’s Bloomfield Hills is in danger of being foreclosed for a meager $445 worth of late fees and taxes that Franklin failed to pay in 2005 which ultimately amounted to back taxes worth $19,192 as of 2007. Franklin however said she will pay up before the March 31 deadline even as she blamed her lawyer for the non-payment of taxes.

The 65-year old Grammy-winning singer has been earning a lot so the non-payment of such a meagre tax amount came as a surprise to most people. The singer, who is known for her 60’s hit songs including “I Say A Little Prayer” and…

Michael Jackson to pay $100,000 for Holmby Hills Home Rental

December 28, 2008
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If Michael Jackson can afford $100,000 rental fee for a seven-bedroom home in Holmby Hills in Los Angeles then his financial status might be totally different from what is being perceived in news reports. The Richard Landry-designed three-story home includes a wine cellar, library, guest house, a heated pool, theater room, 12 fireplaces and 13 baths.

The deal was leaked to the press despite a heavy confidentiality agreement inked between Jackson and the real estate representatives. Built in 2002, the French-Chateau” style estate measures 17.171 square feet. The property was pulled out from the real estate market where it was advertised for sale at $38,000,000.

The property is considered one of the…

Anne Rice’s Former Home Up For $3.75 Million

December 25, 2008
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If you want a home that’s rich not only in features but also in history then this New Orleans Greek-Revival style home is a fitting choice.  This five-bedroom home is rich in literary history having been previously owned by author Anne Rice.  The home, which was occupied by Rice from 1989 to 2004, has borne witness to Rice’s literary Vampire masterpieces.  This is an original 1850s home with antique murals and bevelled mirrors as well as high and plated ceilings.

The allure of this home however does not just lie on the previous owner’s literary popularity. If you love a great challenge, the spooky ones, then rumors that this house is…

US Not The Only Country Hit By The Economic Slowdown

December 25, 2008
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It is not only the United States that has been hit by foreclosures and real estate slowdowns but apparently even other countries like the United Kingdom. UK’s construction industry has experienced a slowdown with a severe decline and contraction of the building work sector.

UK’s construction industry provides employment to 1.9 million people but the world crisis is expected to leave 400,000 of those employed by the sector jobless before the end of 2010. The country’s house building or construction industry was the first to go down according to the National House Building Council. The number of registered new homes has gone down by 62% from August to October this year…

Chwarzenegger Launches $200M Program To Pump Up Communities

December 25, 2008
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Gov. Arnold Schwarzenegger led the launching of the “Community Stabilization Home Loan Program”, a $200 million that will help pump up the communities hardly hit by the economic crisis. The seed fund for the program will provide first-time home buyers with fixed-rate loans that will allow them to purchase community properties that have been foreclosed.

Schwarzenegger said the loans are not intended for speculators or investors but for people who really need them. He said foreclosures do not only devastate families but leave rows of homes vacant and attractive to crime. Among the partner-companies of the program which intends to put people in foreclosed homes are CitiMortgage, Wells Fargo, Fannie Mae…

SOS For Commercial Real Estate Industry

December 24, 2008
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The impending maturity of the $6 trillion worth of debts incurred for real estate investments including office buildings, hotels and shopping malls has forced the commercial real estate industry to seek help from the United States government. The industry’s big players have already met with the Treasury Department and Federal Reserve officials, congressional leaders and the transition team of President-elect Barack Obama to plea their case.

Industry leaders said $160 billion worth of commercial debts will fall due next year while $530 billion more will fall due in three years. The properties financed by these debts are in danger of foreclosure or even bankruptcy considering that the owners will have a…

California’s Housing Finance Agency Faces Budget Crisis

December 24, 2008
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The budget crisis being faced by the State of California’s Housing Finance Agency has led to the suspension of the state’s down payment assistance and fixed-rate mortgage loan programs after being implemented for the past 30 years. A total of $1 billion worth of mortgage loans is being purchased every year by the Agency thanks to an investment account coming from state bond issues.

The agency said it has no choice but to suspend the program considering the $40 billion budget deficit faced by California.  With the state unable to issue bonds or commercial papers, a total of $3.8 billion worth of funds for infrastructure projects have been shut down by…

Short Sales Down By 8.6%

December 24, 2008
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Short sale may be an alternative to facing foreclosure procedures but latest news show that even short sales record has gone down by 8.6% last November. The National Association of Realtors said this is a 10.6% reduction from short sales record during the same period last year. Not only are the sales records down but also the price. The median price for resale homes was pegged at $181,300 in November 2008 but it is now down to $181,300.

Real estate transactions are indeed getting a beating because even new home sales records dropped by 2.9% last month which is a decrease of 35.3% compared to the same period last year as…