As newly-elected Republican congressmen and women attempt to hold true to the values that got them elected by initiating cuts in government backing for home mortgages, leaders in the housing industry are making it known that they are less than pleased with their long-time allies[1]. Banking executives and mortgage investors are holding meetings with both republican lawmakers and their staff members to try and elicit a commitment that they will make the government’s role in guaranteeing mortgages a permanent one. However, thus far, many republicans are holding firm. Representative Spencer …

Thanks to staggering maintenance costs and skyrocketing medical bills, Zsa Zsa Gabor will be putting her 12,000 square-foot mansion on the market, her husband told reporters this week[1]. The asking price is $28 million, but the famous actress’ husband, Prince Frederic von Anhalt, does not want that hefty price tag to deceive potential buyers who think that he and his wife do not need the money. “This house goes,” he told the Beverly Hills Courier, “Maybe we are famous, but we are not rich.” Von Anhalt blames much of the …

In Nye County, Nevada, a judge has ordered a unit of Bank of America Corporation to halt the majority of its foreclosures in Nevada pending investigation of allegations that the unit, Recon Trust, has been operating without a state business license and has been serving foreclosure notices without even being appointed a Bank of America trustee[1]. These are serious allegations under any circumstances, and just more bad news for the beleaguered lender who recently concluded a “deal” with government-controlled Fannie Mae and Freddie Mac that has led many people to …

All over the country, homeowners and their municipalities are discovering that they are going to have to find a way to work together on utility bills. In many areas of the country, local governments are reporting that delinquent accounts have tripled as homeowners struggle to make payments or simply inform the country that the bills cannot – and will not – be paid[1]. This creates serious problems for city governments, which are responsible for schooling and public safety, among other things, and often rely on the current year’s tax dollars …

Although the commercial real estate market – and leased retail space in particular – has struggled over the past two years, many malls “in urban settings have managed to thrive in spite of the recession”, according to a California real estate broker specializing in retail properties[1]. While Richard Rizika admits that malls in his locale, Los Angeles County, are “faring much better…than in the nation on average,” he believes that a shift in the way that stores are promoting themselves and the locations that retailers find attractive could actually ultimately …

While residential and commercial real estate in Detroit continues to represent something of a challenge even to the most intrepid investor, a panel of experts from the University of Michigan’s Ross School of Business believe that opportunities are emerging – particularly in the commercial market[1]. The panel agreed that values and prices remain at “crisis level,” but noted that the low, low prices are finally attracting buyers to the area. Austin Black II, the president of City Living Detroit, noted that 2010 had been the best year for sales in …

If you are a lender, then California is likely looking pretty good right now. A state-by-state study conducted by Mortgage Marvel indicates that the average credit score in California is 755, which is 20 points higher than the national average[1]. The online mortgage-shopping service’s product manager, Rick Allen, expressed surprise at the results, pointing out that “with all of California’s well-publicized issues with decreasing property values and foreclosures, I would have expected it to be well down the list.” Allen added that he believes that the state’s high average credit …

Although most projections show that the housing market should start to make a very slow recovery this year, homebuilders are not joining in the atmosphere of cautious optimism. In fact, they are downright discouraged and don’t expect much to change for them any time soon, reported the National Association of Home Builders (NAHB) yesterday[1]. The air of general concern in this sector is largely due to some serious challenges that stem from new home construction. Because of the huge glut of homes – many relatively new and even unlived-in – …