Getting out of The Housing Mess

January 21, 2009
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The American housing industry is a mess and while there are lots of intelligent minded people in the United States no one knows for sure the exact formula to get out of the housing mess.

Experts have gloomy predictions and they do not see any recovery in the real estate sector for at least two years. However, there are ways to turn things around and it requires effort from both the private and the government sectors.

Apparently, the unwillingness of the lenders to modify loans is further pushing the country into unemployment and massive foreclosures. What usually happens is an economic crisis followed by unemployment and then foreclosure. This time though, the…

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Filed Under: Real Estate Crisis

Proposed NFL Stadium To Bring Work Opportunities In LA

January 19, 2009
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The proposed National Football League stadium is expected to bring thousands of work opportunities in the area and this is the primary reason why the Los Angeles Chamber of Commerce is fully supporting the project. Chamber marketing and communications director Gwen Oldham said job creation is very important as it stimulates the economy.

The $800 million project is being proposed by Majestic Realty Co which is owned by billionaire developer Ed Roski, Jr. If it pushes through, the stadium will seat on a 600-acre lot near the freeway exchange.

If all goes well, the NFL stadium will be completed by 2012 and the jobs it could generate will tremendously benefit the economy. …

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Filed Under: Commercial Real Estate, Economy Crisis

One Million Home Foreclosed In 2008

January 19, 2009
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A total of one million home shave been foreclosed last year increasing the foreclosure percentage by 63.5% compared to 2007. The US Foreclosure Index shows a 67% increase in the rate of pre-foreclosure filings in 2008 compared to the 2007 data.  This means that up to 2.1 million pre-foreclosure actions have been implemented last year to include notice of default or auction which are done prior to foreclosure.

As of December 2008 the number of foreclosed properties has reached a total of 97,841 which is a 19.3% increase from the 82,033 homes foreclosed in November. However, the peak foreclosure month for last year was September and the December foreclosure rate is…

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Filed Under: Foreclosures

HR 384 To Stimulate Home Buying Demand

January 19, 2009
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House Bill 384 or the TARP Reform and Accountability Act is expected to make affordable mortgages more accessible to qualified buyers and in the process stimulate the demand for home buying. The bill, which was introduced by Representative Barney Frank, is being eyed as the first step to reviving the housing market and attaining economic recovery.

By amending some provisions of the Emergency Economic Stabilization Act of 2008, the bill seeks to strengthen accountability and lessen foreclosures. Those in the real estate sector are confident and al praises for the bill saying it is an important step that the government should take to pave the way for the recovery of the…

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Filed Under: Mortgages

Nick Nolte’s Malibu Home Catches Fire

January 17, 2009
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An electric malfunction started a fire which resulted to at least $3 million worth of damages to the Malibu home of “The Prince of Tides” actor Nick Nolte. Nolte also suffered minor injuries as a result of smoke inhalation and an attempt to fight the fire using a garden hose.

Los Angeles fire Inspector Frank Garrido said the fire caused both structural damage and damage to Nolte’s artwork, collectibles and other personal possessions.

Garrido said the fire has already reached the kitchen and the living room and the entire residence had smoke damage. The 67-year old Nolte reportedly jumped out of a window from an upstairs bedroom when he detected the fire.

The…

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Filed Under: Celebrity Real Estate, Real Estate

Relais Paradiso Is One Luxurious Destination

January 17, 2009
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The Relais Paradiso Hotel in the Vietri sul Mare is one luxurious piece of real estate and those who have money to spend and those who have more curiosity than money are awaiting its opening in March. The hotel boasts of 23 suites and guestrooms that are decked in luxury including a personal laptop and iPod for each room. Not surprising though considering that the hotel belongs to the Ragosta Hotels Collection which is known for its luxurious real estate pieces.

Even the outdoors of the hotel is luxurious including a swimming pool, solarium and suspended gardens. The hotel is located near the sea so expect a Mediterranean landscape and a…

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Filed Under: Inns & Hotels

$28M Crantzdorf Castle Razed In Fire

January 17, 2009
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The landmark Crantzdorf Castle in Johnson City, Tennessee was razed in a fire early this week. The castle, which was listed in the real estate market at $28 million, took 10 years to be completed but took only several hours to be destroyed by fire. The Castle has a 20,000 square-foot area with 9 bedrooms, 10 full baths and filled with European castle furniture. The Castle was badly damaged with the upper floors charred by the fire and the lower floors damaged by water.

Crantzdorf Castle is a showcase of European architecture from the building details, to the antique castle furniture. It has grand ceilings, antique fireplaces, antique fountain, stained glass,…

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Filed Under: Real Estate

Non-Payment Of High Rate Property Taxes Means Trouble

January 15, 2009
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The full-blown crisis in the housing market is starting to be felt and among its indicators is the rise in the number of homeowners who have failed to pay their property taxes. Housing Authority executive director Ken Cole said people who opt not to pay taxes is a sign that they are in trouble. And when you get an increasing trend on non payment of property taxes then that means more trouble.

In California’s Santa Cruz County alone, one out of every ten households is behind in the payment of property taxes. Property taxes are an additional burden to homeowners who are already deep into mortgage problems.

The Housing Authority and other…

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Filed Under: Economy Crisis, Property Tax, Real Estate Crisis

Starbucks To Close Down Over 600 US Outlets

January 15, 2009
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Coffee giant Starbucks is set to lose down over 600 outlets in the United States alone in its bid to recover form its losses. Starbucks is one of the most sought-after tenants not only in the US but internationally and the coffee giant’s decision to shut down locations and cease from renewing leases is starting to worry landlords relying on Starbucks’ crowd and tenant-drawing powers. However, in their quest to hold on to Starbucks, the landlords are making Starbucks’ slowdown and partial closure a reality.

Landlords have opted to settle their agitation in courts accusing Starbucks of failing to pay them rents and for failing to fulfill their lease contracts. Seven…

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Filed Under: Economy Crisis
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