So far this year, 748,381 homes—or 46% of the foreclosures—have gone into the possession of the banks as real-estate owned, or REOs, because no bidders were interested in them at auction. Wouldn't it be better for banks to renegotiate principle amounts and avoid both the loss to homeowners and the continuing downward spiral?
Jeremy Siegel — an economist at the Wharton School and NY Times' David Leonhardt had a brief debate on CNBC about whether stocks are cheap right now.
That real-estate agents have an online presence is nothing new. (According to a 2007 study from the National Association of Realtors, 84 percent of home buyers use the Internet in their search.) What’s changing, however, is the growing importance that blogs play in the real-estate world in general.
The city plans to buy up to 115 foreclosed homes to stabilize neighborhoods as part of a broader effort to help struggling New Yorkers, Mayor Bloomberg announced yesterday.
A qualified personal residence trust, or QPRT, allow homeowners to live in a property for many years before passing it on to their heirs. Though the trusts have been around for many years, many estate planners say now could be a good time to set one up since real estate values have fallen dramatically in many markets.
The record $1.1 billion Manhattan House conversion on the Upper East Side has run into resistance from several major commercial banks that have either refused to finance condo deals there or demanded exorbitant down payments from contracted buyers.
Boston Properties reported a nearly $200 million decline in net income, from $242.4 million at the end of the third quarter in 2007 to $48.5 million as of September 30 this year. The share price declined from $1.17 to $1.15.
William Ackman, the activist investor and hedge-fund manager, wants Target Corporation, the large discount chain, to sell the land underneath its stores to a new unit set up for the purpose. Target, he proposes, would pay rent to the spinoff, with existing Target shareholders gaining stakes in the new real estate business.
Starbucks is to some extent real estate driven, a business that depends on selecting visible, convenient locations. Arthur Rubinfeld led the company’s real estate and design division throughout the ’90s, fashioning an expansion strategy that focused on traffic patterns and demographics and became a model for the rest of the retail world.
The initiative could be the most sweeping government effort directed at mortgage borrowers since the financial crisis began last year. Under the plan, the government would agree to shoulder half of the losses on home loans if mortgage companies agreed to lower borrowers’ monthly payments for at least five years.
Vicki Been, director of the Furman Center for Real Estate and Urban Policy at New York University, and Jonathan J. Miller, the president of Miller Samuel Inc., an appraisal company, answered questions on how history might be a guide to the current real estate market in New York City.
Consumer confidence fell to its lowest level in at least 40 years, a survey said Tuesday, as falling home prices and steep declines in the stock market took a sharp toll on the faith of Americans in the economy.
Purchase a home in 67 of the nation's 100 largest metropolitan areas and you should be able to build positive equity by 2012, according to a new study comparing ownership and rental costs.
Looking to tear down a wall or relocate a bathroom? If you’re a Manhattan co-op owner, there’s a chance you’ll have to run that renovation project by Elliott Glass.
Federal Deposit Insurance Corporation Chairperson Sheila Bair told lawmakers about her plans to use methods pioneered by several existing programs to encourage mortgage servicers to increase the pace of loan modifications for homeowners facing foreclosure.
The forthcoming 56 Leonard, a 60-story residential tower designed by Pritzker Prize-winning Swiss architects Herzog & de Meuron, is set to rise in TriBeCa, and represents the epitome of downtown luxury.
Treasury Secretary Henry Paulson is preparing to take stakes in a number of regional U.S. banks as he seeks to halt the freeze of credit to businesses and households
China’s real estate bubble has lost its fizz in many cities, complicating the government’s effort to manage an economic slowdown here. Fearing a surge in loan defaults for banks, the Chinese government announced a series of measures to support real estate prices.
Alan Greenspan, the former Federal Reserve chairman, said he “made a mistake” in trusting that free markets could regulate themselves admitting that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.
A senior policy maker told a Senate committee that the administration was working on a plan under which the government would offer to shoulder some of the losses on loans that are modified.
After a spirited, emotional and at times raucous debate, the New York City Council voted, 29 to 22, on Thursday afternoon to extend term limits, allowing Mayor Michael R. Bloomberg to seek re-election next year and undoing the result of two voter referendums that had imposed a limit of two four-year terms.
The declining level of building activity is not a harbinger of another Great Depression, but an entirely appropriate reaction to recent building which ran far ahead of new household formation. The low level of housing starts is a sign that the housing market is just heading back towards what economists call equilibrium, where supply equals demand and prices reflect supply costs.