The effort, called the Save Detroit Project, is expected to start on April 1 and has the goal of tearing down 50 blighted/abandoned homes with resources obtained in an online crowdfunding campaign.
“We choose to save Detroit, not because it’s easy, but because it’s hard,” reads a message on Save Detroit Project’s Facebook page.“Because that goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept, one we are unwilling to postpone, and one which we intend to win.
Apparently, we have learned nothing over the last 8 years. Folks are actually starting to tout no and low down payment loans again. Worse yet, many consumers seem ready to follow their suggestions.
via the wasserblawg
Another recently expired provision could cause comparable damage to the same population, but it has yet to trigger similarly urgent attention from lawmakers. The end of the Mortgage Forgiveness Debt Relief Act, which lapsed December 31, means that any type of debt forgiveness on a mortgage will result in a giant tax bill—one that a stressed homeowner cannot usually afford. Even homeowners entitled to compensation for past abuse by the mortgage-lending industry would be subject to unfavorable tax treatment. This will lead to more economically debilitating foreclosures and weaken the housing market.
It is clear at least to me that something ominous is occurring in housing market sales activity and Ive illustrated the declining trend in existing home sales that started in the early summer in previous articles on Seeking Alpha. This view is further reinforced when you consider mortgage rates.
D.R. Horton, via Seeking Alpha.
Wall Streets foreclosure crisis, which began in late 2007 and forced more than 10 million people from their homes, has created a paradoxical problem. Millions of evicted Americans need a safe place to live, even as millions of vacant, bank-owned houses are blighting neighborhoods and spurring a rise in crime. Lucky for us, Wall Street has devised a solution: Its going to rent these foreclosed houses back to us. In the process, its devised a new form of securitization that could cause this whole plan to blow up—again.
via Mother Jones.
A fantastic article that anyone concerned abot real estate and the housing markets should read. - Tim Ballering
From 2009-2012, the top 1% of Americans captured 95% of income gains. Now, as the housing market rebounds, billions of dollars in recovered housing wealth are flowing straight to Wall Street instead of to families and communities. Since spring 2012, just at the time when Blackstone began buying foreclosed homes in bulk, an estimated $88 billion of housing wealth accumulation has gone straight to banks or institutional investors as a result of their residential property holdings, according to an analysis by Tom Dispatch. And it’s a number that’s likely to just keep growing.
via naked capitalism.
National home values fell in October from September, according to the October Zillow Real Estate Market Reports, the second month in a row of falling home values and the first consecutive monthly declines since the market hit bottom in October 2011
via Zillow Blog.
Mike Score is quoted as saying
“I can assure you we have a business plan and we don’t have any anxiety about achieving our goals. We’re entrepreneurs, and that’s really our problem to wrestle with. The purpose of the investment is to make the neighborhood more livable and then recover our investment over time, and we’re very confident we can do that.”
via The Atlantic Cities.