Nov
30
Myrtle Beach Neighborhoods See Up To An 80 Percent Drop in Home Sales
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Who says speculation was only in Florida, Nevada, Arizona, and California.
A recent report compiled with data from the Home Mortgage Disclosure Act shows that parts of Myrtle Beach experienced tremendous drops in real estate sales. And this is not me trying to get your blood up.
The numbers are staggering.
The census tract stretching from Eighth Avenue North to 21st Avenue North, for example, experienced an 89.7 percent decline in the number of home loans and an 87.2 percent decline in the dollar amount of those loans from 2006-2008.
The Forestbrook area, where a number of new inland subdivisions have started in recent years, also was hit hard by the real estate bust. The number of home loans declined 85.4 percent from 2006-1008, and the dollar amount of those loans dropped 83.1 percent during that period.
And the census tract along the U.S. 501 corridor stretching from Gardner Lacy Road to roughly S.C. 90 experienced a 72.1 percent decline in the number and a 75.5 percent decline in the dollar amount of home loans.
In all, 31 census tracts experienced declines of 50 percent or greater in the number of home loans approved, and 29 census tracts experienced declines of 50 percent or greater in the dollar amount of those loans in the two years since the boom ended. via The Sun News
Seriously, try comparing this to the hardest hit areas of Florida or Phoenix and you may be surprised. I think there are many pockets of home sales devastation affecting both home prices and the incomes of real estate agents. For the industry volume is even more important than pricing. One can make money even if pricing is off, but no one earns if the market is non existent.
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
Myrtle Beach Neighborhoods See Up To An 80 Percent Drop in Home Sales
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Nov
29
If you are working out a home mortgage with your bank through the Making Home Affordable Program, you have my sympathy.
The program is in a bad place. First, out of the first 500,000 homes that have gone through the program in the trial form, less than 2,000 of the modifications have been made permanent. FAIL.
The government recognizing this fact has decided to do two things to the banks that are participating.
First they are going to shame them by outing the numbers. It reminds me of the phrase “Yeah, thats the ticket!” from the old Saturday Night Live episodes. If the banks are doing a program under government pressure that is not working out, do you really think shame is the answer? These are bean counters folks.
Then the second alternative is not to pay them for the work they have done as punishment. Can you say theft of services? Lawsuits? Treble Damages? Not a motivator in my books. In fact it is a demotivator, enough that smart bankers will look up and say we are in a failed program that we are not even going to get paid for even though it was promised?
The answer is to watch the bankers run away and the Making Home Available Program wither on the vine.
The White House is full of academics and aides from the public sector. There is not enough expertise from the private sector in the White House to stop these feel good programs from failing and provide true incentive for the banks to do the right thing.
And thus the families caught in a tough spot are the ones who are suffering the most. You do have my sympathy.
Mr. Barr said the government would try to use shame as a corrective, publicly naming those institutions that move too slowly to permanently lower mortgage payments. The Treasury Department also will wait until reductions are permanent before paying cash incentives that it promised to mortgage companies that lower loan payments.
“They’re not getting a penny from the federal government until they move forward,” Mr. Barr said.
From its inception early this year, the Obama administration’s program, called Making Home Affordable, has been dogged by persistent questions about whether it could diminish a swelling wave of foreclosures. Some economists argued that the plan was built for last year’s problem — exotic mortgages whose payments increased — and not for the current menace of soaring joblessness. Lawyers who defend homeowners against foreclosure maintained that mortgage companies collect lucrative fees from long-term delinquency, undercutting their incentive to lower payments to affordable levels.
Last month, an oversight panel created by Congress reported that fewer than 2,000 of the 500,000 loan modifications then in progress had become permanent under Making Home Affordable. When the Treasury releases new numbers next month, it is expected to report a disappointingly small number of permanent loan modifications, with estimates in the tens of thousands out of the more than 650,000 borrowers now in the program. via the NY Times
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
Watching the Making Home Affordable Program Fail
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Nov
26
Calpers May Fire BlackRock as an Advisor After StuyTown Debacle
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It is amazing that Calpers is still listening to BlackRock after the advice they have been given over recent real estate deals. Now they are contemplating removing BlackRock as an advisor the huge Californian retirement fund.
When you are in a position to lose $500 million in one investment they steered you into, that being the Stuyvesant Town – Peter Cooper Village purchase, you are probably smart to re-assess ones advisors.
3 years ago the BlackRock team was sitting on top of the world. They were part of every major deal in the commercial real estate community. Now with a string of setbacks the company may be facing a very tough road back to credibility.
The $500 million sunk into the Manhattan complex by the California Public Employees’ Retirement System is widely considered worthless, an embarrassment for BlackRock as Calpers reviews its ties to outside firms that gave it advice on real-estate deals. The pension fund’s real-estate program was down 48% in the latest fiscal year; the fund’s overall decline was 24%.
In addition to vetting the deal for Calpers, a venture led by a BlackRock unit and Tishman Speyer Properties bought the 11,200-unit complex in 2006 in a near top-of-the-market deal valued at $5.4 billion. It is now teetering on default. As a result, it is “a strong possibility” that Calpers will decide to get rid of BlackRock as a real-estate adviser, according to a person familiar with the fund’s thinking. Calpers, which pays BlackRock a base fee plus a performance fee, paid the firm $12.6 million in real estate advisory fees last year. via the WSJ
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
Calpers May Fire BlackRock as an Advisor After StuyTown Debacle
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Nov
26
This is another reminder to be safe out there. An Oregon real estate agent was robbed in a model home while working late in the evening. Fortunately she was able to get free and contact police, and that all the attackers were interested in was her ATM card.
That being said, if you are an agent, you are a potential victim, especially in these tough economic times. Have a plan if things go wrong especially if you are alone.
Sheriff’s deputies say a real estate agent working late in the model home of a subdivision in Aloha was tied up and robbed of her ATM card.
The Washington County deputies say the real estate agent told them early Tuesday the armed robber accosted her as she was leaving.
She told them the robber tied her hands behind her back, took the card from her purse, got the PIN number from her and then duct-taped her mouth. via KTVZ.com
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
Real Estate Agent Robbed in Model Home
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Nov
24
So which would you rather buy in metro Detroit. This 3,200 square foot condo;
or the Pontiac Silver Dome:
Because for one week they were essentially selling for the same price. Yes sir, if you had the right bid, you could have bought the Pontiac Silverdome in metro Detroit for a little less than $600,000. The carrying costs on the Silverdome are a little higher, about 1.5 million a year, but the opportunities are endless.
The buyer, Andreas Apostolopoulos, made a business decision to buy the property. He seems to be a successful commercial real estate investor in Canada. If I had to guess, he had enough money to say, what the hell, I bought a stadium for 600k.
And if you are wondering, construction of the Silverdome cost 55 million to build in 1975.
A Toronto developer has purchased the 80,300-seat Pontiac Silverdome near Detroit for $583,000 (all prices U.S.) – a little more than 1 per cent of the cost of building the domed sports stadium in 1975.
“It’s something different,” Andreas Apostolopoulos of Triple Properties in North York said in an interview Monday. “I’m happy.” The Star
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
Toronto Businessman Buys Pontiac Silverdome for 583,000
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