News about properties and real estate
Feared flood of foreclosures in California may be averted Signs are emerging that a much-feared escalation of California home foreclosures may not happen, as banks respond to government pressure and scale back their repossessions of troubled properties. Statewide, the number of homes taken back by lenders dropped sharply in the three months ended Sept. 30, …
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Note Deals Take Off in South Florida When Robert Lechter heard Banco Popular North America was selling a note secured by a recently completed condo tower in Miami’s Brickell area, he knew it was no time to be timid. Lechter says he won the bidding with a $10.2-million offer for an $18-million note secured by …
Detroit real estate: A bargain home or a money pit? Detroit’s four-figure home prices are unusual, but investors around the country think foreclosed houses are too cheap to pass up. How to tell a great deal from a money pit. For a foreclosure, the house at 15461 Kentfield St. in Detroit needed surprisingly little work. …
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Tips for Buying a Condo at a Bargain These days it’s not easy owning a condo, or any house located in a community that requires homeowners to pay fees. As more owners in these communities feel financially pinched, many aren’t paying dues. That means residents who keep up with the bills have to pay a …
Consumer Advocate: Look before you leap into a reverse mortgage The reverse mortgage – available to homeowners 62 and older – has met criticism lately from federal regulators and consumer advocates who say aggressive sales tactics are pushing the loans on consumers who don’t fully understand the consequences. The National Reverse Mortgage Lenders Association has …
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First-time homebuyers: For many, $8,000 tax credit proves nearly impossible to get This summer, Brian Smith decided he should buy a house. The 35-year-old was in the break room at his Maitland office talking to a friend about the idea, and the timing seemed perfect. Prices were at record lows; “for sale” signs were common, …