Realty DOOM

Wall Street higher on hopes of credit recovery

Economist Says U.S. recovery Unlikely Before 2009

“A buyer who agreed to pay $53.5 million for two penthouse condominiums in New York’s Plaza Hotel sued developer El-Ad Properties NY LLC for fraud, seeking a refund of his $10.7 million deposit and more than $20 million in damages.

The lawsuit, filed Sept. 5 in New York State Supreme Court, is one of the highest-profile examples of the mushrooming legal actions by condo buyers throughout the country because of the collapse of home values. Until recently, Manhattan’s luxury-condo market was relatively unscathed by the crisis, but it is beginning to show signs of stress.” Continue Reading…

Florida is one of the hardest hit states when it comes a gargantuan amount of stalled and undersold condominiums, leading to the state’s huge real estate bubble burst. Now condominium buyers that may have entered at the peak are trying to get out from under these sinking condo complexes, but with little success. Continue Reading…

Not only are homeowners in Western states dealing with the rising possibility or even fight against wildfires, they are also fighting insurance companies and their ever-increasing requirements for fire insurance. “The situation is reminiscent of recent trends on the East and Golf coasts, where millions of homeowners lost coverage because of insurers’ worries about rising property losses from hurricanes. Unlike in the East, however, few Western homeowners have been forced into their states’ high-risk pools, officials say. Instead, many homeowners living in hazardous areas face fewer choices in residential coverage and are being told to fire-safe their homes.” Continue Reading…

Not a surprise, the developers of a 1,230 unit apartment building in Manhattan’s Harlem district may default on the $225 million mortgage it holds. If it does it will mark “one of the housing bust’s largest collapses of a New York City residential development.” Continue Reading…

It appears that Freddie Mac’s chief executive Richard Syron dismissed initial warnings of the impending mortgage mess and real estate crisis at hand. Had the warning resulted in some sort of action, he may have been able to protect Freddie Mac from the current problems it is facing. But can we really blame him? Continue Reading…

Cities in Ohio leads the pack: Youngstown, Canton, Dayton, and Cleveland suffering the most from the real estate crisis. Continue Reading…

Foreclosures and short sales have been one of the leading reasons behind falling home prices, which have been an increasing worry over the past couple years. “Banks price homes to sell,” said Patrick Newport, real estate economic with Global Insight, a forecasting firm. “When demand for home drops, ordinary sellers will take their homes off the market, let them sit or reduce their prices in small increments. But banks will slash prices to where the homes will sell quickly.” This combined with suffering economic conditions results in a lack of homebuyers with people either not “wealthy” enough to buy a home or too scared altogether. Continue Reading…

It appears that the real estate crisis that has gripped our nation doesn’t leave anyone out. In the recent months past we have seen many a famous name in the papers with “foreclosure” stamped on their pictures. Read on for these celebs and others facing real estate difficulty. Continue Reading…