Category Archives: Other

A new Census Bureau report shows an 11.4 percent rise between 2007 and 2010 in the number of adults sharing houses or apartments with family members and others, indicating that many people doubled up to survive the recession. The number of adult children living with their parents climbed by 1.2 million to 15.8 million during that time, with the age 25-to-34 demographic accounting for 67 percent of the gain. This increase has contributed to a drop in household formation — which, had it continued at the pre-recession rate, would have […]

Despite slowing economic growth, Fannie Mae says the housing market has “performed relatively well” as record affordability and low interest rates continue to bump up home sales. “Cautious optimism remains in place for continued gradual healing of the housing market, albeit in the face of various headwinds, including weak employment growth, rising student loans, and a continuing stream of foreclosed households,” according to Fannie Mae’s June Economic Outlook report, released by its Economic & Strategic Research Group. The report notes that home prices have “firmed in recent months” while the […]

More people are packing into one home together. Looking back on the recession, the U.S. Census Bureau finds the number of shared households grew by 11.4 percent from 2007 to 2010. Meanwhile, total households grew by a modest 1.3 percent. “Although reasons for household sharing are not discernible from the survey, our analysis suggests that adults and families coped with challenging economic circumstances over the course of the recession by joining households or combining households with other individuals or families,” said Laryssa Mykyta, a Census Bureau analyst and co-author of […]

Violent crime in the U.S. fell 4 percent in 2011, according to FBI crime data. However, violent crime increased in more than half of the cities that have among the highest crime rates in the nation, according to a review of crime data by 24/7 Wall St. “The cities with the highest crime rates tend to have particularly high poverty rates, high unemployment, and low median income,” according to its analysis. The six most dangerous cities in the U.S., according to 24/7 Wall St., are: 1. Flint, Mich. Violent crimes […]

New York lawmakers introduced a bill that could mean jail time for mortgage servicer executives or their employees who commit foreclosure fraud. New York AG Eric Schneiderman drafted The Foreclosure Fraud Prevention Act of 2012, which was sponsored by state Assembly member Helene Weinstein, D-Brooklyn. Servicers could face up to a year in jail and a $1,000 fine in the event they “authorize, prepare, execute or offer for filing false documents in a pending or prospective residential foreclosure action.” Multiple acts of “robo-signing” would be a class E felony with […]

The housing revival is under way, but will need sustained job growth to continue concludes “The State of the Nation’s Housing” report from Harvard’s Joint Center for Housing Studies. “What the housing sector needs is a sustained increase in jobs to bring household growth back to its long-term pace and spur demand,” says Chris Herbert, Director of Research at the Joint Center for Housing Studies, who noted that household formations have fallen “well below expected long-run rates” due to the inability of young adults to move out on their own. […]

Servicers started more foreclosures in May from the month before but filings were still down 4% from last year, according to RealtyTrac. “U.S. foreclosure activity has now decreased on a year-over-basis for 20 straight months including May, but the jump in May foreclosure starts shows that it’s going to be a bumpy ride down to the bottom of this foreclosure cycle,” said RealtyTrac CEO Brandon Moore. The market expected more foreclosures after the $25 billion settlement was struck in March over past abuses and documentation problems. But most of the […]

The estate once belonging to the late Italian designer Gianni Versace, who was murdered outside the mansion in 1997, is on the market for $125 million in Miami. The 18,838-square-foot home, dubbed “Casa Casuarina,” features 10 bedrooms, 11 bathrooms, and a 24-karat gold lined pool, according to Zillow. The home, originally built in 1930, was once an apartment building until Versace purchased it in 1992 for $10 million. He spent $33 million renovating and expanding the home. Following his death, the estate was purchased in 2000 for $20 million by […]

Some cities that have seen population decreases, high foreclosures, and job losses are faced with the problem of what to do with the abandoned homes that were left behind. After all, it takes money to demolish empty homes, and some cities are finding they can’t afford to do it. “The principal impediment is the cost,” Michael Braverman, deputy commissioner of code enforcement for Baltimore Housing, told USA Today. Baltimore has about 10,000 abandoned buildings that need to be demolished, city officials estimate. Some cities are using their share of the […]

Seventy-five percent of Americans still aspire to own a home and consider home ownership a major life goal, according to a new poll of non-home owners aged 22 to 50 conducted by Integra Realty Resources, an independent real estate valuation firm. Despite a housing crisis that saw housing prices drop in many markets, Americans’ enthusiasm for home ownership hasn’t lessened, according to the study. The survey found that non-home owners under the age of 30 are even more positive about home ownership than older buyers: Forty-seven percent of respondents under […]