Continue Reading Add comment February 5th, 2009
Mortgage rates rose over the past week, pushing the cost of borrowing to its highest level since Christmas. And volatility is expected to continue as the debate over the economic stimulus plan continues. Read more »
Continue Reading Add comment February 5th, 2009
American Home Mortgage Servicing Inc., owned by vulture investor Wilbur Ross, will pay Citigroup $1.5 billion for the rights to service 185,000 home loans, Ross said Thursday. Read more »
Continue Reading Add comment February 5th, 2009
New numbers provided us by online real estate agent ZipRealty.com shows that the housing slump is begining to pinch prices even in the nation’s wealthiest zip codes.
In Atherton, in Northern California, prices fell 2% to $4.1 million last year. In Newport Beach, Calif. prices fell 10% to $2.5 million. Further south, in Rancho Sante Fe, homes sold at an average of 90% of their asking price. No more price wars there.
One exception to this slide, the Highland Park neighborhood in Dallas. Prices there were up 10% to $2.2 million. Maybe that’s just because the Bushes moved in.
Continue Reading Add comment February 5th, 2009
The gloomy economy has caused yet another hiccup for a major development project. The Metropolitan Transportation Authority revealed that the partnership period of conditional designation with Related Cos. and Goldman Sachs, the team the MTA selected to develop the $1 billion Hudson Yards project in New York City, has been extended one year beyond its originally agreed upon finalization date that was not to exceed Jan. 31.
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