Recession Lowers Real Estate Confidence

January 31, 2009
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Investment outlook on real estate has plunged to the lowest levels seen as far back as 30 years ago, according to the Florida real estate trends quarterly survey which got 381 responses from leaders and professional advisers in the real estate industry. Occupancy rates also have bleak prospects as more large superstores are following the steps of Linens ’n Things, Circuit City and Sound Advice.

Residential real estate is not an exemption as Florida home prices are seen to continue falling. RealtyTrac reported last week that Florida had 385,309 units closed, posting 133 percent increase from 2007 and 412 percent from 2006— the second highest rate of foreclosures in 2008. UF…

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Filed Under: Economy Crisis, Real Estate Crisis

Bank Foregoes January Mortgage Payments Worth $861,513.25

January 8, 2009
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A total of 500 borrowers will have a one month breather from their mortgage payments in January worth $861,513.25 after being chosen by ING Direct among 5,550 homeowners who sent in their entries to the bank’s online essay contest. The bank held an essay writing contest as a Christmas gesture during this season of foreclosures. In exchange, the company and the employees had to forego their Christmas party but no one is complaining.

ING Direct is owned by Dutch financial services giant ING Groep NV. The online essay contest required the homeowners to tell the bank their stories and the most compelling ones were chosen by a committee. However, the more…

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Filed Under: Mortgages

US Not The Only Country Hit By The Economic Slowdown

December 25, 2008
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It is not only the United States that has been hit by foreclosures and real estate slowdowns but apparently even other countries like the United Kingdom. UK’s construction industry has experienced a slowdown with a severe decline and contraction of the building work sector.

UK’s construction industry provides employment to 1.9 million people but the world crisis is expected to leave 400,000 of those employed by the sector jobless before the end of 2010. The country’s house building or construction industry was the first to go down according to the National House Building Council. The number of registered new homes has gone down by 62% from August to October this year…

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Filed Under: Real Estate, Real Estate Crisis