News about properties and real estate
The sales pitch was great, but the company fell apart Invest in real estate. Make money. Improve neighborhoods. That was the pitch, and it usually started with a ride. Cary McEntee would be at the wheel, steering his black Cadillac Escalade through some of Hampton Roads’ poorest neighborhoods. His brother, Jacques, usually rode shotgun. Potential …
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This Is the Sound of a Bubble Bursting Two years ago, when Eric Feichthaler was elected mayor of this palm-fringed, middle-class city, he figured on spending a lot of time at ribbon-cuttings. Tens of thousands of people had moved here in recent years, turning musty flatlands into a grid of ranch homes painted in vibrant …
Option ARMs: Next Weakling The Bush administration is pushing its plan to help subprime borrowers whose loans are due to reset to higher interest rates next year. But left out of the mix are hundreds of thousands of borrowers with good credit who could face sharp increases in their payments. These homeowners could be the …
Cramping My Style [New York City] Manhattan residents are making an average of $147,000 this year, according to the U.S. Bureau of Labor Statistics. That might sound like a big number, but try owning a $1 million apartment or renting a threebedroom apartment on that salary. While we hear plenty of stories about hedge-fund kings …
Bank of America files foreclosure suit against builder Sterling Communities [South Florida] Bank of America is eager to recover $20.5 million it lent to Boca Raton-based developer Sterling Communities to build a luxury community of single-family homes in Lake Worth. But the giant lender, which filed a foreclosure suit in Palm Beach Circuit Court, is …
No one wins in foreclosure Banks losing money; others losing their homes Economic analysis of the current wave of mortgage foreclosures must now yield to the overwhelming feelings of grief and blame as Charlotte County’s construction-dependent economy prepares for a tough 2008. Charlotte County homeowners are being tossed out of their dwellings in record numbers, …