GOP candidates shy away from Nevada housing crisis
"This Vegas has not been a major part of the political dialogue this week, as the candidates for the GOP presidential nomination visit the state. While he was in Nevada last fall, former Massachusetts Gov. Mitt Romney, who is far ahead in pre-caucus polls, said it would not be a good idea to "try to stop the foreclosure process. Let it run its course and hit the bottom."
Saturday, February 04, 2012
CED Lecture Series: Evan McKenzie and Mildred Warner
CED - College of Environmental Design, UC Berkeley
Just participated in this program at UC Berkeley this week. It was a well-organized event with a large and attentive audience. Mildred Warner is a terrific speaker and I had a great time with the give and take.
Just participated in this program at UC Berkeley this week. It was a well-organized event with a large and attentive audience. Mildred Warner is a terrific speaker and I had a great time with the give and take.
Family Faces Eviction Over Toddler's Noise | AOL Real Estate
Family Faces Eviction Over Toddler's Noise | AOL Real Estate
From the UK: ""I can't believe we're going to be made homeless because of a toddler," Baylis told The Sun. "She's just being a toddler and has no idea how loud she's being."
Nexus Housing reportedly claims that Baylis has violated a contract that she signed agreeing to not run up the stairs, to prevent her dog from barking, and to cease to "use" her daughter as an excuse for noise that emanates from her apartment."
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Fred Pilot sent this along.
From the UK: ""I can't believe we're going to be made homeless because of a toddler," Baylis told The Sun. "She's just being a toddler and has no idea how loud she's being."
Nexus Housing reportedly claims that Baylis has violated a contract that she signed agreeing to not run up the stairs, to prevent her dog from barking, and to cease to "use" her daughter as an excuse for noise that emanates from her apartment."
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Fred Pilot sent this along.
I-Team: HOA Investigation Heating Up
I-Team: HOA Investigation Heating Up
"So far, 10 people have entered guilty pleas and have promised to testify against the big fish. In the near future, perhaps a matter of a few days, a dozen or more additional indictments and plea agreements involving mid-level targets are likely to surface. Once they are in place, the focus will shift to the top suspects who raked in millions of dollars."
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Thanks to Shu Bartholomew for this link. This investigation has been going on since 2007, they say, and so far nobody has gone to jail. This may mean that those who pled out will testify against the higher-ups first, and then be sentenced. But how high will this go? The article mentions police officers and attorneys as possible targets of the investigation. Do we have the full picture of this massive, elaborate fraud yet? And when can we watch the TV movie?
"So far, 10 people have entered guilty pleas and have promised to testify against the big fish. In the near future, perhaps a matter of a few days, a dozen or more additional indictments and plea agreements involving mid-level targets are likely to surface. Once they are in place, the focus will shift to the top suspects who raked in millions of dollars."
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Thanks to Shu Bartholomew for this link. This investigation has been going on since 2007, they say, and so far nobody has gone to jail. This may mean that those who pled out will testify against the higher-ups first, and then be sentenced. But how high will this go? The article mentions police officers and attorneys as possible targets of the investigation. Do we have the full picture of this massive, elaborate fraud yet? And when can we watch the TV movie?
Friday, February 03, 2012
Denmark’s Anarchist Christiania Village Goes Legit Via Fake “Stock Shares” | Disinformation
Denmark’s Anarchist Christiania Village Goes Legit Via Fake “Stock Shares” | Disinformation
After 40 years, Christiania (a car-less, drug-addled autonomous squatter town surprisingly located in middle of urban Copenhagen) will buy the land on which it sits from the Danish government. But how to raise the money? The alternative society is selling symbolic ownership shares, and will have yearly “shareholder parties” which will no doubt be intense
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I think being an anarchist must be pretty tough. Even harder, though--running an anarchist organization. Or not running it, perhaps.
After 40 years, Christiania (a car-less, drug-addled autonomous squatter town surprisingly located in middle of urban Copenhagen) will buy the land on which it sits from the Danish government. But how to raise the money? The alternative society is selling symbolic ownership shares, and will have yearly “shareholder parties” which will no doubt be intense
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I think being an anarchist must be pretty tough. Even harder, though--running an anarchist organization. Or not running it, perhaps.
Wednesday, February 01, 2012
Homeownership ratesfalls to 66% as downturn nears a bottom – USATODAY.com
Homeownership ratesfalls to 66% as downturn nears a bottom – USATODAY.com
Falling homeownership — and prices — reflect the worst housing downturn since the Great Depression. And while there are signs that the housing industry's downturn may at least be nearing a bottom, the impact of the collapse will be evident for years to come, economists say.
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"Nearing a bottom," they say. Maybe not. Mortgage interest rates are absurdly low and they have to go up to at least 6% at some point. When that happens, people will find it harder to buy houses because the cost of money will raise their monthly payments. When money is cheap, demand goes up and that drives prices up. When money is expensive, demand goes down and that drives prices...down. So I think that when mortgage interest rates go up, as they must, housing prices will go down.
And that will increase the financial pressure on home owners, who will see more of their equity disappear. That, in turn, will raise foreclosure rates, which will mean increased economic stress on condo associations and HOAs.
Falling homeownership — and prices — reflect the worst housing downturn since the Great Depression. And while there are signs that the housing industry's downturn may at least be nearing a bottom, the impact of the collapse will be evident for years to come, economists say.
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"Nearing a bottom," they say. Maybe not. Mortgage interest rates are absurdly low and they have to go up to at least 6% at some point. When that happens, people will find it harder to buy houses because the cost of money will raise their monthly payments. When money is cheap, demand goes up and that drives prices up. When money is expensive, demand goes down and that drives prices...down. So I think that when mortgage interest rates go up, as they must, housing prices will go down.
And that will increase the financial pressure on home owners, who will see more of their equity disappear. That, in turn, will raise foreclosure rates, which will mean increased economic stress on condo associations and HOAs.
Monday, January 30, 2012
Freddie Mac Bets Against American Homeowners - ProPublica
Freddie Mac Bets Against American Homeowners - ProPublica
"Freddie Mac, the taxpayer-owned mortgage giant, has placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.
Freddie began increasing these bets dramatically in late 2010, the same time that the company was making it harder for homeowners to get out of such high-interest mortgages."
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Gee. I wonder if there could be a connection between Freddie making it hard to refinance at lower rates, and Freddie selling mortgages and keeping only the income stream from the interest income?
Saturday, January 28, 2012
Blog.AnthemVOICE.Org — Defending HOMEOWNER Rights in Sun City Anthem, Henderson, NV
Blog.AnthemVOICE.Org — Defending HOMEOWNER Rights in Sun City Anthem, Henderson, NV
A new homeowner rights weblog. Thanks to Free Pilot for letting me know about it.
A new homeowner rights weblog. Thanks to Free Pilot for letting me know about it.
PleasantonWeekly.com : New HOA laws impact homeowners
PleasantonWeekly.com : New HOA laws impact homeowners
From rental restrictions to electric vehicles and electronic meeting notices, Californians living in homeowners associations are seeing several new laws governing their communities that took effect Jan. 1.
The California Association of Community Managers reports that one out of every three Californians lives in a homeowners association.
One of the most significant of the new laws was state Senate Bill 150, which prohibits associations from restricting owners' abilities to rent their properties unless a rental restriction was in place before the owner purchased the property. This section of the bill applies to a governing document provision that becomes effective on or after Jan. 1, 2012. The law requires owners to provide a statement describing any applicable rental restriction to potential buyers.
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Thanks to Fred Pilot for the link to this summary of the new HOA/condo laws. There are quite a few this year.
From rental restrictions to electric vehicles and electronic meeting notices, Californians living in homeowners associations are seeing several new laws governing their communities that took effect Jan. 1.
The California Association of Community Managers reports that one out of every three Californians lives in a homeowners association.
One of the most significant of the new laws was state Senate Bill 150, which prohibits associations from restricting owners' abilities to rent their properties unless a rental restriction was in place before the owner purchased the property. This section of the bill applies to a governing document provision that becomes effective on or after Jan. 1, 2012. The law requires owners to provide a statement describing any applicable rental restriction to potential buyers.
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Thanks to Fred Pilot for the link to this summary of the new HOA/condo laws. There are quite a few this year.
Friday, January 27, 2012
World's Worst Dad Candidate Thought It Was A Good Idea To Leave Son Behind In Foreclosed House - The Consumerist
World's Worst Dad Candidate Thought It Was A Good Idea To Leave Son Behind In Foreclosed House - The Consumerist
Parenting doesn't get any worse than this. Leave the 11 year old son a Playstation and a note that says "You know your dad loves you more than anything." Right. And then the cops spend five weeks looking for him. Thanks to Mystery Reader for this depressing saga.
Parenting doesn't get any worse than this. Leave the 11 year old son a Playstation and a note that says "You know your dad loves you more than anything." Right. And then the cops spend five weeks looking for him. Thanks to Mystery Reader for this depressing saga.
BBC News - Unwanted homes in Irish Republic could be demolished
BBC News - Unwanted homes in Irish Republic could be demolished
They have been called the 'ghost estates' of the Irish Republic - about 300,000 homes built in the frenzy of the property boom that no-one wants to live in now.
Soon, many brand new houses could be demolished.
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Watch this video and see how the Irish were fleeced by developers and realtors.
Thursday, January 26, 2012
Woman claims condo energy efficient windows are melting her car
http://losangeles.cbslocal.com/2012/01/25/woman-claims-neighbors-energy-efficient-windows-are-melting-her-toyota-prius/
STUDIO CITY (CBS) — A SoCal woman says the energy efficient window installed in a neighbor’s condominium is melting the plastic components on cars parked in her carport.
Heather Patron of Studio City was dealing with a mystery regarding her Toyota Prius.
“The side view mirrors were melting,” says Patron. “Anything that was plastic on the car was melting.”
STUDIO CITY (CBS) — A SoCal woman says the energy efficient window installed in a neighbor’s condominium is melting the plastic components on cars parked in her carport.
Heather Patron of Studio City was dealing with a mystery regarding her Toyota Prius.
“The side view mirrors were melting,” says Patron. “Anything that was plastic on the car was melting.”
Legislation would let insured pet owners keep dogs off leash
Legislation crafted by Sen. Lori Klein, R-Anthem, would say that county ordinances which now require dogs in public parks and on public lands to be on a leash do not apply if the owner has at least $50,000 worth of liability coverage. Klein said there is no reason that owners of responsible, well-behaved dogs should not be allowed to let them run free.
But Klein is specifically annoyed by leash law rules of homeowner associations. And she said her legislation, SB 1065, would preclude HOAs from citing homeowners under rules that forbid a dog from sitting, unleashed, in an unfenced front yard.
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Alternative headline: State legislation would preempt Privatopian pooch on porch prohibition.
Monday, January 23, 2012
Government Prevents 101-Year-Old Evictee From Moving Back Home - The Consumerist
Government Prevents 101-Year-Old Evictee From Moving Back Home - The Consumerist
Four months ago, a 101-year-old Detroit woman was evicted from her home because her son could no longer afford payments. The U.S. Department of Housing and Urban Development stepped in and said she go back home, but has now reversed course, deeming the residence unfit to live in.
She tells The Detroit News "Here I am, 100 years old (rounding her age), and don't have a home. Oh Lord, help me."
Now that the HUD controls the property, officials say the house is beyond repair and the department won't pay the cost to get it up to code. The department is looking for alternatives, but for now the woman has no permanent home as she crashes with a friend.
She lived in the house for nearly 60 years, but lost control when she entered into a reverse mortgage. Her sad plight serves as a warning sign for retirees who think a reverse mortgage may be an easy fix to their financial problems.
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Here's the original article from the Detroit News.
Four months ago, a 101-year-old Detroit woman was evicted from her home because her son could no longer afford payments. The U.S. Department of Housing and Urban Development stepped in and said she go back home, but has now reversed course, deeming the residence unfit to live in.
She tells The Detroit News "Here I am, 100 years old (rounding her age), and don't have a home. Oh Lord, help me."
Now that the HUD controls the property, officials say the house is beyond repair and the department won't pay the cost to get it up to code. The department is looking for alternatives, but for now the woman has no permanent home as she crashes with a friend.
She lived in the house for nearly 60 years, but lost control when she entered into a reverse mortgage. Her sad plight serves as a warning sign for retirees who think a reverse mortgage may be an easy fix to their financial problems.
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Here's the original article from the Detroit News.
Mortgage Principal Cuts Don’t Help Homeowners - Bloomberg
Mortgage Principal Cuts Don’t Help Homeowners - Bloomberg
Reducing mortgage balances is a risky idea that hasn’t been shown to keep borrowers who owe more than their property’s worth in their homes, according to Credit Suisse Group AG. (CSGN)
Of the 11 million of “underwater” homeowners, about 6.5 million have never missed a payment and 2 million more are making on-time payments after a delinquency, said Dale Westhoff, the bank’s global head of structured products research. Widespread principal reductions may drive defaults “much, much higher” as borrowers seek the aid, he said.
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And of course the banking industry would have a totally objective view of this idea...
Reducing mortgage balances is a risky idea that hasn’t been shown to keep borrowers who owe more than their property’s worth in their homes, according to Credit Suisse Group AG. (CSGN)
Of the 11 million of “underwater” homeowners, about 6.5 million have never missed a payment and 2 million more are making on-time payments after a delinquency, said Dale Westhoff, the bank’s global head of structured products research. Widespread principal reductions may drive defaults “much, much higher” as borrowers seek the aid, he said.
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And of course the banking industry would have a totally objective view of this idea...
Sunday, January 22, 2012
FHA lending rules: Condo buildings - chicagotribune.com
FHA lending rules: Condo buildings - chicagotribune.com
Since Feb. 1, 2010, condo buyers haven't been able to secure unit-by-unit "spot" approval for FHA-backed mortgages if an entire building was not certified. Instead, the federal government set criteria to determine the financial viability of an entire building before deeming the project as FHA-approved, even if it had previously been certified. An approval lasts two years.
The number of rejected buildings is adding up, due to bad paperwork and bad balance sheets as an increasing number of condo associations struggle with rentals, short sales and foreclosures. It is jeopardizing the plans of condo sellers who rely on the FHA's stamp of approval as a marketing tool and condo buyers who either want or need an FHA-approved building.
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This is a huge problem not just with FHA loans but with Fannie Mae certification, which is also building by building.
Since Feb. 1, 2010, condo buyers haven't been able to secure unit-by-unit "spot" approval for FHA-backed mortgages if an entire building was not certified. Instead, the federal government set criteria to determine the financial viability of an entire building before deeming the project as FHA-approved, even if it had previously been certified. An approval lasts two years.
The number of rejected buildings is adding up, due to bad paperwork and bad balance sheets as an increasing number of condo associations struggle with rentals, short sales and foreclosures. It is jeopardizing the plans of condo sellers who rely on the FHA's stamp of approval as a marketing tool and condo buyers who either want or need an FHA-approved building.
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This is a huge problem not just with FHA loans but with Fannie Mae certification, which is also building by building.
Van Jones: Obama Must Choose on Housing: A Sweetheart Deal for the 1% or a Fair Deal for the 99%
Van Jones: Obama Must Choose on Housing: A Sweetheart Deal for the 1% or a Fair Deal for the 99%
Rumor has it that on Monday, after months of negotiation with big banks, the White House may announce a settlement that would let the banks off the hook for their role in the foreclosure crisis -- paying a tiny fraction of what's needed in exchange for blanket immunity from future lawsuits.
We hope these rumors are untrue.
President Obama has the ability to stop and change the direction of this sweetheart deal. He should reject any deal that benefits the one percent and lets the big banks get away with their crimes. Instead, the president should stand with the 99 percent and push for real accountability and a solution that will help millions of people in this country.
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From Van Jones, who was Obama's Green Jobs Czar until the right wingers went after him on AM radio and Fox News.
Rumor has it that on Monday, after months of negotiation with big banks, the White House may announce a settlement that would let the banks off the hook for their role in the foreclosure crisis -- paying a tiny fraction of what's needed in exchange for blanket immunity from future lawsuits.
We hope these rumors are untrue.
President Obama has the ability to stop and change the direction of this sweetheart deal. He should reject any deal that benefits the one percent and lets the big banks get away with their crimes. Instead, the president should stand with the 99 percent and push for real accountability and a solution that will help millions of people in this country.
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From Van Jones, who was Obama's Green Jobs Czar until the right wingers went after him on AM radio and Fox News.
Florida governor turns his attention to special taxing districts
It's difficult to tell what kind of impact, if any, the review and staff's recommendations will have on community development districts. However, Scott likely won't dismantle the districts, which by state law are designed to help developers defray the cost of infrastructure and other services. These agencies can issue bonds, dividing the cost among property owners. In other words, they're contracts between the developers and property owners.
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Here we go again with local government being incorrectly equated with a contractual arrangement. It is not and moreover lacks the necessary elements of a legal contract regardless of whether the framework is a private nonprofit corporation as is the case with mandatory membership homeowner associations or a public entity such as a special district.
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Here we go again with local government being incorrectly equated with a contractual arrangement. It is not and moreover lacks the necessary elements of a legal contract regardless of whether the framework is a private nonprofit corporation as is the case with mandatory membership homeowner associations or a public entity such as a special district.
Homeowners association pursues extreme option — foreclosure — against Korean War veteran
A measly $338.91.
That's how much Sherman McCray owed his homeowner association when the board of directors foreclosed on his Clermont house.
Of course, the debt wasn't just $338.91 by the time a Lake County judge on Jan. 3 ordered the 81-year-old Korean War veteran's home sold.
Oh, no. Between 2010 when McCray failed to pay a homeowners assessment and that final hearing, the all-powerful homeowner association in the Vistas subdivision had levied late fees, costs and interest, and it had busied itself running up absurd lawyer bills by sending threatening letters at every turn.
Total cost now: $4,272.24.
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The commentary describes this as yet another sickening tale of diabolical, petty homeowner associations in South Florida and asks why the HOA would exercise a punitive option against an elderly disabled veteran obviously overwhelmed by health troubles and without a thorough understanding of the rules. McCray clearly needs an advocate to help him navigate the dangerous legal minefield that's Privatopia.
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