Billionaire real-estate magnate Sam Zell warns that Americans should brace for a “disastrous” 25 percent decline in the standard of living if the U.S. dollar’s reign as the global reserve currency ever ends. He says that there are signs in the market that it could eventually happen. As it is now, a Korean manufacturer who […]
Mary Umberger, Chicago– People who have been delaying putting their homes on the market should do it soon because prices may go down 5% to 8% as banks unload a glut of repossessed properties, Steve Harney tells agents. Sell now, avoid (some) regret later. That was Steve Harney’s advice recently to a roomful of real […]
When it comes to the housing market, two things get talked about regularly: the bottom and a recovery. However, these two terms mean very different things and don’t occur at the same time. Some have predicted that we have yet to see a housing bottom, while others say we may have hit the bottom and […]
The euro is facing an unprecedented crisis after another country indicated on Monday night that it was at a “high risk” of requiring an international bail-out. Portugal became the latest European nation to admit it was on the brink of seeking help from Brussels after Ireland confirmed it had begun preliminary talks over its debt […]
LOS ANGELES (AP) – Some struggling homeowners say they’re being unfairly foreclosed on despite making all their payments under trial mortgage modification programs. They equate that to mistreatment by banks who agreed to help borrowers when they took part in the government’s $700 billion Wall Street rescue. Attorneys in California, Kentucky, Massachusetts and other states […]
The dollar’s slump could get far worse if the dollar index takes out last year’s low, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday. “If the (dollar index) takes out the low that was made roughly a year ago I really think that will not only encourage more sales, it will cause a […]
TRUCKEE, Calif. – Clear Capital , is issuing this special alert on a dramatic change observed in U.S. home prices. “Clear Capital’s latest data shows even more pronounced price declines than our most recent HDI market report released two weeks ago,” said Dr. Alex Villacorta, senior statistician, Clear Capital. “At the national level, home prices […]
Just as new owners were about to move in, the previous owners of a foreclosed house in Simi Valley, Calif. reoccupied it with locksmith, attorney and camera crew in tow. Investors who had purchased the home at a lender’s trustee sale had been hoping to have its new owners in it this week. But Jim […]
WASHINGTON – Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents. Bank of America isn’t able to estimate how many homeowners’ cases will be affected, Dan Frahm, a spokesman for the Charlotte, N.C.-based bank, said Friday. The move […]
A small bank in Chicago called SHORE BANK almost went bankrupt during the recession. The bank made a profit on its foreign micro-loans (see below) but had lost money in sub-prime mortgages in the US. It was facing likely closure by federal regulators. However, because the bank’s executives were well connected with members of the […]
