“Home values fell 9.7 percent year-over-year in the third quarter to a Zillow Home Value Index of $202,966, according to the third quarter Zillow Real Estate Market Reports, which encompass 163 metropolitan areas. Home values have dropped a total 12.8 percent since the market peaked in 2006. ” [Link]
Real Estate Pictures + News
Donald Trump and Ivanka Trump picture
“The New York developer has hired a broker to market the building’s four-level retail space overlooking the Chicago River, set to open next summer with room for 20 shops and restaurants. Mr. Trump won’t disclose an asking price, but an offering memorandum obtained by Crain’s suggests the space could fetch $115 million to $130 million.” [Link]
Amber Frey picture
“Amber Frey, who testified against Peterson during his 2004 trial, bought a house in Clovis in 2005, taking out a $431,000 mortgage, the Fresno Bee reports. Court records show that in May she owed $16,000 in overdue payments.” [Link]
“Banks and lenders are in the business of making loans rather than managing property, so many have little or no staff to oversee the homes’ upkeep. Yet with foreclosures mounting, they have more property than ever before to manage. That’s why ‘board-up’ guys like Norton have no lack of work. ‘The business has picked up quite a bit,’ says Norton, who began taking on ‘board-up’ jobs in 2006 and now handles five to 10 jobs a week. ‘Banks can’t just let the properties sit there.’” [Link]
Fannie Mae
“‘Under no circumstances should the executives of these institutions earn a windfall at a time when the U.S. Treasury has taken unprecedented steps to rescue these companies with taxpayer resources,’ Obama said in a letter to Treasury Secretary Henry Paulson and Federal Housing Finance Agency Director James Lockhart. ‘I urge you immediately to clarify that the agreement with Fannie Mae and Freddie Mac voids any such inappropriate windfall payments to outgoing CEOs and senior management.’ ” [Link]
“The move to take control of the two companies, which may be announced Sunday, could amount to the largest financial bailout in the nation’s history, and is a bid to ward off further damage to the U.S. housing market which is in its deepest downturn since the Great Depression. ‘I think all shareholders will be disadvantaged,’ Rep. Barney Frank, chairman of the U.S. House of Representatives Financial Services Committee, told Reuters.” [Link]
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