December 26, 2007 |
Gilbert, Ariz.-based Re/Max 2000, one of the Phoenix area's largest real estate brokerages, shut down its 13 offices this week, as the housing bust hits a city that was once one of the nation's hottest markets. Robert Kline, who started the franchise in 2000 and grew the business through acquisitions, said his decision to close was made after a particularly rough patch in December, when it became clear he no longer could afford to pay overhead expenses.
December 23, 2007 |
LAS VEGAS -- Google executive Justin McCarthy smiled, looked out upon a vast room packed with Realtors and said, "My, my, how times have changed." Just four years earlier, he said, he had spoken to a real estate industry conference on technology trends and got the message that Google was viewed with suspicion. "There was this notion of a lion coming over the hill," he said, evoking a phrase widely heard in the industry at the time.
December 19, 2007 |
If you're a renter looking to join the homeowner club, the cost of admission keeps getting lower. Home sale prices in six Southland counties tumbled 10% last month compared with November 2006 -- the sharpest year-to-year decline in at least 20 years, a real estate information service reported Tuesday. Sales volume dropped even more sharply, plummeting 43% from a year earlier, according to DataQuick Information Systems. For homeowners, falling values mean less equity.
December 13, 2007 |
Shares of U.S. real estate companies are market pariahs, but shares of a Chinese developer got a warm welcome Wednesday on their first day of trading on Wall Street. Xinyuan Real Estate Co., which sold 17.5 million shares at $14 each on Tuesday, jumped $2.80, or 20%, to close at $16.80 on the New York Stock Exchange. The Zhengzhou, China, company, which trades under the ticker symbol XIN, generates most of its revenue from apartment sales in five Chinese cities.
December 9, 2007 |
Up earlier than usual on a recent Sunday, I made a pot of coffee and opened The Times' Real Estate section, where a barrage of rather desperate-sounding come-ons caught my attention. Real estate pages have more exclamation points these days than a Tom Wolfe essay. Reduced! Foreclosure! Back on the Market! New Price! I circled half a dozen listings; plugging their addresses into Google Maps, I charted an itinerary across the city, from Hollywood to the beach and back east again.
December 6, 2007 |
Seeking to gird the nation's economy against a potential tidal wave of foreclosures, the Bush administration will release a plan today that is expected to block many mortgages from adjusting to higher rates for as long as five years. Administration officials acknowledged privately Wednesday that the plan was likely to face objections from low-income borrowers who won't be helped, and from investors who backed now-troubled sub-prime home loans that are at the heart of the mortgage crisis.
December 5, 2007 |
New York state doesn't have the legal authority to investigate the residential real estate lending practices of national banks including JPMorgan Chase & Co. and Wells Fargo & Co., a federal appeals court ruled. It is "beyond genuine dispute that state law may not significantly burden a national bank's own exercise of its real estate lending power," the U.S. 2nd Circuit Court of Appeals in Manhattan decided. The appeals panel upheld a lower-court ruling that said federal law gave the U.S.
December 5, 2007 |
The Bush administration's newly aggressive effort to help people facing foreclosure and shore up the troubled mortgage industry was sparked by growing concerns of an election-year recession, and the political damage that would cause, analysts said Tuesday. Indeed, a new Los Angeles Times/Bloomberg poll found that 71% of Americans now believe that a recession is likely.
November 22, 2007 |
Sales of existing homes fell in 46 states during the July-September quarter in a worsening of the housing market's slump, a real estate trade group reported Wednesday. The third-quarter figures from the National Assn. of Realtors underscore the severity of the housing market's slump, which has economists increasingly pessimistic about the economic outlook. Vermont and North Dakota were the only two states to show sales increases. Existing-home sales in Vermont rose 0.
November 15, 2007
Sperry Van Ness, a commercial real estate broker based in Irvine, bought JBM Realty Advisors Inc. and is opening offices in Chicago, Seattle and New York to boost the size of its deals. The acquisition of Tampa, Fla.-based JBM will allow Sperry to broker larger purchases, said Jerry Anderson, president of Sperry Van Ness International. Anderson declined to disclose the price paid for JBM.