Home sales at 10 year low
Continue Reading Add comment July 24th, 2008
Sales of existing homes in June slowed more than expected and hit their lowest level in 10 years, according to an industry trade group report released on Thursday.
Archive for July 24th, 2008
New York Housing Agencies Approve $329M to Build, Renovate Affordable Housing
Continue Reading Add comment July 24th, 2008
New York–The boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corp. (AHC), recently approved more than $317 million in financing to build and preserve 278 units of affordable housing in all five boroughs of New York City. Read more »
Mortgage rates rise again
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Rates on 30-year mortgages rose for the third consecutive week amid concerns about mounting inflation, the weak housing market and speculation that the Federal Reserve will hike interest rates soon.
Arch Insurance Leases 106,815 SF in Jersey City
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Mack-Cali Realty Corp. said today that Arch Insurance Co. has leased 106,815 square feet at Harborside Financial Center Plaza 3 on the Jersey City waterfront. Read more »
San Diego, “foreclosure sanctuary”? B-a-a-a-d idea
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Now here is a uniquely bad idea for coping with the housing crisis:
SAN DIEGO (Reuters) - San Diego City Attorney Michael Aguirre said on Wednesday he filed a lawsuit against Bank of America Corp and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a “foreclosure sanctuary.”
Here’s a link to the whole story.
There are so many things wrong with Aguirre’s idea of making San Diego a “foreclosure sanctuary” that it’s hard to know where to begin.
*If he gets his way, you can bet the supply of new lending to San Diego will dry up instantly. What idiot would make a loan knowing that borrowers are shielded by the city from ever having to pay back?
*A “foreclosure sanctuary” would protect the guilty along with the innocent. And there were plenty of guilty in San Diego, which experienced some of the most extreme speculation in the country. Why should people who bought homes with next to nothing down, intending to flip them for a quick profit, be protected because they got caught swimming naked when the tide went out?
*San Diego would expose itself to lawsuits by creditors, who would have a good argument that the city has no right to prevent them from trying to collect. A big lawsuit is the last thing San Diego needs right now. It has had its share of municipal disasters over the years (a public pension mess caused mayoral candidates to flirt with the idea of declaring municipal bankruptcy in 2005).
I liked this blog on the topic.
Corning Reaches Agreement to Sell Steuben
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Corning Inc. has reached an agreement to sell its Steuben Glass Division to Steuben Glass L.L.C., a newly formed affiliate of Schottenstein Stores Corp. Read more »
Work Gets Underway on $500M Gates Foundation HQ in Seattle
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Ground has just broken in Seattle on what will become the new home of the Bill & Melinda Gates Foundation. Read more »