May’s national foreclosure rate was up 90% from last year, and 19% from April according to Reuters. Some of the statistics being quoted by the media are astonishing to us: In Nevada, a formerly hot real estate market, there was 1 foreclosure filing for every 166 households. Nevada’s foreclosure rate was up 40% from April.
real estate
Wells Fargo Takes Over Policy, Decides House On Hill Is On A Flood Plain, Automatically Assesses And Withdraws Money For Flood Insurance
By 5.24.07
A reader asks:
When Will Casey Serin Pay For Embodying The Worst Of The Housing Bubble Burst?
By 5.15.07
Casey-Serin is 24, but he’s already $170,000 in debt, thanks to a bevy of hare-brained schemes that helped him buy 8 homes in 8 months in 4 states with no money down, looking to do the ol’ “fix n’ flip.” None of them sold, and now he’s strapped to the nines.
Free Online Mortgage Calculator
By 5.15.07
All Financial Matters has a nifty online tool for comparing different mortgages.
How To Protect Against Mechanic's Liens
By 5.14.07
Last week we wrote about how if your contractor doesn’t pay his sub-contractors, you can find them coming after the value of your house, a process called a mechanic’s lien.
If Your Contractor Doesn't Pay The Sub-Contractors, You Can Find Them Coming After You
By 5.11.07
If your contractor doesn’t pay his sub-contractrors, you can find yourself in a position where the sub-contractor is coming after your property and making you pay up, this cautionary tale from reader G warns…
Increase The Value Of Your Garage
By 5.11.07
Hey! That old garage could be worth money! If you’re like most American homeowners, you fill your garage with crap and let your car sit out in the rain. This is stupid. Stop doing this. By cleaning up your garage and making it into a useful space, you can increase the value of your home and protect the value of your car. (Psst, a good garage can add 14% to the value of your home, according to Bankrate.)
Throwing The Low Ball
By 4.25.07
RealEstate Journal has some advice for home buyers looking to knock down a seller’s price. For one:
Everything You Ever Wanted To Know About The Subprime Mortgage Meltdown
By 4.18.07
About 85 percent of mortgage borrowers have credit scores of 620 or higher. So far — knock on wood — most of these prime customers needn’t worry about being turned down for home loans on the basis of their riskiness as borrowers, so long as they’re willing to let the lender verify their incomes and assets.
Other sections include an analysis of the Federal debate, and “Lender Implosion” which declares that the industry has itself to blame.—MEGHANN MARCO
Send Us Your Apartment Hunting/Negotiating Tips
By 4.17.07
It’s that time of year: With the budding trees comes a feeling of optimism coupled with intense cabin fever. The result? Apartment hunting.
Arizona Bans Zillow
By 4.17.07
Arizona regulators slapped the popular home-valuation site Zillow with a cease and desist order on doing business in the state, saying the service was providing appraisals without a license.
Is it Better To Buy or Rent?
By 4.12.07
The New York Times has a nifty calculator that will help you decide if its better to rent or buy. It told us that based on our rent vs what it would cost to buy a place similar to the one we rent…buying was only better after 24 years. Sobering news. —MEGHANN MARCO
Rent While The Renting Is Good?
By 4.11.07
According to the New York Times, if you’re renting you’re smart.
Over the next five years, which is about the average amount of time recent buyers have remained in their homes, prices in the Los Angeles area would have to rise more than 5 percent a year for a typical buyer there to do better than a renter. The same is true in Phoenix, Las Vegas, the New York region, Northern California and South Florida. In the Boston and Washington areas, the break-even point is about 4 percent.
Google Housing Lets You Search Real Estate And Rental Listings
By 4.10.07
Google now offers housing listings.
Ride The Real Estate Rollercoaster!
By 4.4.07
Thinking of buying a house as an investment? You may want to ride this roller coaster first. No, it’s not a real roller coaster, it’s the graph of US Home prices (adjusted for inflation) mapped out with Roller Coaster Tycoon. It’s oddly fun, with a “cliffhanger” ending. Enjoy!
Read The Fine Print Before Buying From A Floor Plan
By 3.26.07
•If all else fails, make the fine print work for you. Loopholes may allow a penalty-free escape from disappointing properties. — CAREY GREENBERG-BERGER
