New Home Sales Set to Plunge in Former Bubble Markets (Update1) - Bloomberg.comNew home sales in Phoenix and Las Vegas, two U.S. markets hardest hit by foreclosures, are set to plunge as a federal tax credit for homebuying expires, according to data from real estate researcher Metrostudy.
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Possibly an infusion of mud and golf balls would help.
Friday, May 28, 2010
Soldier in Iraq Loses Home Over $800 Debt | Mother Jones
Soldier in Iraq Loses Home Over $800 Debt | Mother JonesMichael Clauer is a captain in the Army Reserve who commanded over 100 soldiers in Iraq. But while he was fighting for his country, a different kind of battle was brewing on the home front. Last September, Michael returned to Frisco, Texas, to find that his homeowners' association had foreclosed on his $300,000 house—and sold it for $3,500.
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Here's another one of those "isolated examples."
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Here's another one of those "isolated examples."
Thursday, May 27, 2010
Bankruptcy talk spreads among Calif. muni officials | Reuters
Bankruptcy talk spreads among Calif. muni officials | ReutersStreet expects more talk of municipal bankruptcy across California because local government finances are in such dire shape -- a situation underscored on Wednesday when a top finance officer for Sacramento County projected a worse-than-expected shortfall for the county of $181 million, which could force more than 1,000 layoffs from the county's payroll.
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That's peanuts. Illinois is in the hole to the tune of $80 billion just to the state employee pension funds.
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That's peanuts. Illinois is in the hole to the tune of $80 billion just to the state employee pension funds.
Wednesday, May 26, 2010
US money supply plunges at 1930s pace as Obama eyes fresh stimulus - Telegraph
US money supply plunges at 1930s pace as Obama eyes fresh stimulus - TelegraphThe M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the biggest fiscal blitz in history.
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This recovery is just rocketing along.
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This recovery is just rocketing along.
Renewed effort in Austin to limit HOA powers | kvue.com | KVUE News local | Austin, Tx | Breaking news
Renewed effort in Austin to limit HOA powers | kvue.com | KVUE News local | Austin, Tx | Breaking news"You don't seize someone's home that's entirely paid off for a few hundred dollars in back dues," said State Rep. Chris Turner (D-Dist. 96). "That's fundamentally unfair and not right."
Turner is the latest state legislator to tackle HOA reform, and on Monday, he recruited Sherre Mueller to join his fight.
"I want to be an advocate for people to never let this happen again," she said.
State lawmakers have tried unsuccessfully to reduce the powers of HOAs for years. In 2009, two proposals in the House and Senate ran out of time.
Turner would like to add two major safeguards to the law, including one that would make it impossible for an HOA to foreclose without a court order.
He also thinks members of an association — your neighbors — should have the final say and vote whether to seize a house.
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Thanks to Fred Pilot for this link to yet another cavalry charge in the TX legislature.
Turner is the latest state legislator to tackle HOA reform, and on Monday, he recruited Sherre Mueller to join his fight.
"I want to be an advocate for people to never let this happen again," she said.
State lawmakers have tried unsuccessfully to reduce the powers of HOAs for years. In 2009, two proposals in the House and Senate ran out of time.
Turner would like to add two major safeguards to the law, including one that would make it impossible for an HOA to foreclose without a court order.
He also thinks members of an association — your neighbors — should have the final say and vote whether to seize a house.
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Thanks to Fred Pilot for this link to yet another cavalry charge in the TX legislature.
Sunday, May 23, 2010
KOB.com - Homeowner faces fines over 'for sale' sign in yard
KOB.com - Homeowner faces fines over 'for sale' sign in yardA Rio Rancho homeowner is facing hundreds of dollars in fines for putting up a "For Sale" sign in his own front yard. Geoffrey Padilla, who lives in Diamond Ridge, said his homeowners association fined him $400 over the past few months. He said the the association handbook bans signs and billboards, including "For Sale" and "For Rent" signs. Padilla said the policy went into effect several weeks after he bought his home, so he thinks the fines should be waived. He also said he thinks the policy is unfair because the subdivision's developer, D.R. Horton Homes, posted similar signs throughout the neighborhood. Padilla claims the builder encouraged the homeowners association to enforce the policy because it doesn't want competition from homeowners.
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From Fred Pilot--and keep in mind that municipalities can't ban all signs under the Supreme Court decision of Ladue v. Gilleo, but even Ladue didn't ban "for sale" signs. That was covered by the earlier decision of Linmark Associates v. Willingboro. This is one of those "get away with violating constitutional rights if you are a pseudo-private corporation" kind of things.
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From Fred Pilot--and keep in mind that municipalities can't ban all signs under the Supreme Court decision of Ladue v. Gilleo, but even Ladue didn't ban "for sale" signs. That was covered by the earlier decision of Linmark Associates v. Willingboro. This is one of those "get away with violating constitutional rights if you are a pseudo-private corporation" kind of things.
I-Team: Homeowners Hammered with HOA Arbitration Fees - KLAS-TV Channel 8 News Las Vegas
I-Team: Homeowners Hammered with HOA Arbitration Fees - KLAS-TV Channel 8 News Las VegasIn July of last year, a dispute over a budget ratification meeting went to non-binding arbitration under the Nevada Real Estate Division. It's a mandatory first step before going to court. Friedrich lost, and to the victor went the spoils. He was ordered to pay $22,000 in arbitration and attorneys fees. "I was expecting the worst, and the worst came true," he said.
Friedrich responded with a lawsuit challenging the arbitrator's authority to impose attorney's fees. It is a common practice among arbitrators selected by the Real Estate Division. Records obtained by the I-Team reveal a dozen recent awards in excess of $10,000 against homeowners. Some awards were as high as $20,000.
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Fred Pilot sent this along, which we are talking about even though it happened in Vegas. This is a big issue. The whole idea of ADR is to cut costs. If lawyers can make five figures off it, courtesy of the "arbitrators," it makes you wonder if the process is just another lawyer-driven arm of the industry.
Friedrich responded with a lawsuit challenging the arbitrator's authority to impose attorney's fees. It is a common practice among arbitrators selected by the Real Estate Division. Records obtained by the I-Team reveal a dozen recent awards in excess of $10,000 against homeowners. Some awards were as high as $20,000.
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Fred Pilot sent this along, which we are talking about even though it happened in Vegas. This is a big issue. The whole idea of ADR is to cut costs. If lawyers can make five figures off it, courtesy of the "arbitrators," it makes you wonder if the process is just another lawyer-driven arm of the industry.
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