Dragonfly Property

Fringe Religious Group Making Fraudulent Foreclose Claims In NC

The Moorish Science Temple of America, which is based in Raleigh, NC, has allegedly been strong arming the real estate market in the state. The religious group which subscribes to extremists principles has intimidated several real estate shoppers in an effort to take over vacant and foreclosed properties. Officials are both alarmed and perturbed by the group’s bold acts. Reports have come in all over the state from deed registars looking into the validity of the Moorish Science Temple of America’s claims.

The religious sect’s founder denies the allegations. This is not the first time that a fringe religious group has made claims to property that it does not rightfully own. However, the Moorish Science Temple of America may have landed itself in hot water by filing fraudulent deed claims with state officials. Not only do investigators believe that the deeds are forged, they also believe that the leaders of the group are heavily involved with the scheme.

The two men from the Moorish Science Temple of America who intimidated a couple in Weddington were able to both seize and take over the property in question. It is not known if county officials have yet evicted the men, but criminal charges may also follow. Many criminal outfits are trying to find loopholes in the real estate sector because of the rising number of mortgage defaulters, tax seizures and abandoned property. Officials know that they have to be vigilant in order to avoid fraudulent property ownership claims.

Treasury Department To Challenge New Mortgage Rules

Although big banks that own mortgages in the US have been suffering, new home buyers have been able to reap all of the benefits. Housing pricing are the lowest that they have been in decades, and the 30 fixed interest rate is below 5%. However, banks want to enact a set of rules that would cause interest rates to soar. Reportedly, the US Treasury Department is taking action. Instead of letting the new Dodd-Frank financial law to go into effect, members of the Treasury Department have asked the public for feedback as well as suggestions.

Several groups that represent minorities and the poor believe that the new mortgage rules will have a negative impact on the people that they represent. In fact, it will become nearly impossible for first time home buyers to make a purchase unless they have a minimum of 20% of the total purchase price. Normally, mortgage companies look for no more than 10 to 15% down payments. Since the financial collapse of the housing market, lenders are looking for more secure investments.

Since only a small percentage of all buyers would be able to come up with 20% down, this means that mortgage companies would charge ‘high risk’ customers higher interest rates. This could very well mark the beginning of the prime-sub prime mortgage market. Consumers with less money and poor credit expect to pay more, but the real question that both the Obama administration, the bank industry and the Treasury Department are asking is how much do they really need to pay?

Real Estate Market In San Francisco Improving

Casual shoppers might not be attracted to the luxury real estate market in San Francisco, however, millionaires and jet setters are looking to cash in the deals that are to be had. Recent home sales reports show that San Francisco luxury real estate is being sold at a much higher pace. Unlike other areas in the country, San Francisco has several prominent neighborhoods that are home to residents in lucrative careers. Although there are still homes being foreclosed on, it is much easier for someone with a high income to get refinancing than it is for a homeowner that has recently been laid off.

Some of the most popular neighborhoods amongst shoppers are Pacific Heights and St. Francis Wood. The main draw is that home prices in these areas have not dropped substantially since the housing bubble burst. Instead, local homeowners have been able to keep up with payments as well as maintain their properties. For the first time in several years, luxury homes in San Francisco have fallen slightly. This means that prospective buyers stand to make a gain by making a purchase now.

The news is not the same in other parts of the US. Luxury homes are still being sought after, however, buyers are not certain that the housing market has bottomed out. As a result, many home shoppers are watching and waiting to see if they can get a better deal on similar homes elsewhere. Real estate agents in San Francisco are confident that conditions will continue to improve until they are in line with the number of sales that took place before 2008.

Will The Property Market Ever Rebound? – 25% Of Real Estate Agents Say ‘No’

An alarming new study shows that 25% of real estate agents have moved on and quit their full-time jobs. Although property analysts believe that there are real signs of improvement, a great deal of professional real estate agents don’t seem to agree. With home sales at an all-time low, there are fewer commissions checks to go around. Some real estate agents have been able to get by through selling multi-million dollar properties and transitioning towards commercial properties. Even still, someone has to remain behind to sell the starter houses and tract homes.

With fewer real estate agents available to represent sellers, it will take even longer for houses to be sold. While many in the real estate sector try to remain optimistic, the truth is that thousands of seasoned real estate professionals are now considering other endeavors. There are still many real estate agents and brokers around, but they will be forced to spend more time advertising, developing clients lists and consulting with existing customers.

Some experts believe that the sudden exit of 25% of all real estate agents will actually help to improve the market, but others think that it will cause the remaining real estate agents to become overburdened. In due time, both the state of the property market as well as the real estate agent profession as a whole will become apparent. For now, property prices are still falling, albeit at a lower rate than they have in the past. Some real estate agencies are actively recruiting new agents.

Google Getting into Rental Industry

In a surprise move by tech giant Google, Inc. it appears that the company is now expanding its investment fund to get into renting out vacation homes. Google Ventures, as the fund is called, was started in 2009 and already it has made a major investment into the vacation rentals industry in the form of a company called HomeAway that is a web based business it bought massive levels of shares from since the start up had already gotten nearly half a billion dollars in venture capital prior to the formation of Google Ventures. While this is not the same as Google being in the houses to rent market, it is certainly a sign that the company could well be looking to further expand into real estate in what many critics call a very odd choice of expansions.

Google has gotten itself into quite a bit of hot water in recent times over everything from privacy disputes to monopolizing various sectors of the tech market, but real estate analysts do not see the company being able to get too powerful in the properties market any time soon since land and structures are still a massively expensive market that is beyond even the scope of Google’s corporate mega wealth. The company will still have to compete with well established consumer service sites like www.findaproperty.com/ in order to do well and this could certainly take some time.

The company Google Ventures invested in has been well known for helping out travelers find vacation homes in the upper end of the economic spectrum and this could mean that the other 14 sites the company owns would be a fairly good asset for Google over time. Web based property search sites are growing in popularity so it makes sense that Google would want a more direct way into the market while it was easy enough to get into.

US Congress Seeks to Overhaul Flood Insurance Program for Properties

In what may be news that is too late, but still good news for property owners in the United States, the US House of Reps is now at work on an over haul of the flood insurance program that affects more than 5 million property owners at the residential and business level in areas that are historically prone to flooding. Certain subsidies are expected to be cut from the program, but the Reps say that this is to improve the overall financial health of the program so that it can remain in effect despite the cost of the program at a time of weak economy in the US. This latest legislation will keep the National Flood Insurance Program active for another 5 years and allow some of the premiums to rise, along with deductibles. The major problem for the program is the fact that the 2005 hurricane season, the season that featured the devastation Category 4 Hurricane Katrina which smashed into New Orleans, did a huge amount of damage to the program. In all, it is believed that nearly $19 billion is now owed to the US Treasury specifically from the program’s debt.

The new legislation passed in the House by a vote of 329 to 90. Since the program is a part of the Federal Emergency Management Agency that has offered affordable insurance to more than 20,000 communities that take part in the program, it helps the people in these flood zones be able to live in areas that typical private insurers are unwilling to offer coverage to.

Camping on City Property Banned in Honolulu

A new report has come out of the island of Hawaii that the Honolulu city mayor, Mufi Hannemann, will be retiring in the coming weeks. As part of the last things he intends to do before he leaves city hall, the mayor wants to put a stop to illegal camping on public property in the capital of the last state added to the United States. In total, 2 different laws are being proposed which are intended to help the public be able to travel through those properties without being blocked by campers and their possessions. The mayor is turning to the director of city management, Kirk Caldwell, to help get the ordinances passes in city hall. Part of the problem is that while people have moved out of the city parks they were attempting to reside in during the past, now they are taking the their possessions out onto the side walks, traffic islands and also the medial strips of roads. Since this blocks the line of sight needed for drivers on these road ways, the mayor wishes to establish civil penalties for those who violate – as opposed to criminal penalties.

Before penalties were imposed, a warning period would be in effect, most likely a 24 hour warning for the person to move what they own. After this, the possessions would be stored for up to 30 days before being disposed of if the transient person did not come to claim them., Homelessness continues to be harsh in Honolulu and amid foreclosures, the high island prices can be difficult for individuals and families to meet.

Nicholas Cage Property Auction Gets Unexpected Result

Hollywood mega star Nicholas Cage owned a home that had been owned by such entertainment industry luminaries as Tom Jones and Dean Martin until recently when he was forced to foreclose on the property. Forbes magazine had just listed him as the 5th highest paid actor in Hollywood as of 2009, being worth $40 million, but Cage has still seen several of his properties ending up in foreclosure as a side effect of the recent economy. The property sprawls at 11,817 square feet and is located in the exclusive Bel Air neighborhood of Los Angeles, California. With 9 bathrooms and 6 bedrooms, not to mention an Olympic sized pool, the Tudor mansion was definitely seen as having a lot going for it, but what threw off many buyers was the decor of the home – thousands of framed comic book covers lined the walls.

Bidding began at $10.4 million on the steps of the Pomona county court house and this home was offered along with a few others. Cage had attempted to sell the house for $35 million but had not found a buyer for it before the foreclosure. Surprisingly, not a single bidder chimed in to make an offer and the house reverted back to the lenders in less than a minute. Sources in Hollywood state that this has become common practice among stars who are not always quite as savvy about property values nor particularly concerned with the way that such investments are handled due to the nature of their careers. With Cage facing such extreme measures, he decided to cut his losses, according to reporters, and simply let the properties go to focus on other opportunities.

Shanghai Property Tax Could Cut Gains in China

While much of the world has been in economic free fall for the past 2 years, the situation in China has remained brighter. There, growth has continued in many segments of the Asian giant’s economy, including the housing market. In the wealthiest city of China, Shanghai, local officials are considering imposing a new property tax to help limit price gains. The news comes from the Shanghai Securities news and suggests that the government has already completed a general plan to implement the tax. The tax itself would mainly be levied against investment properties and possibly existing homes, in addition to new properties. The exact date of this tax’s arrival is not yet known, but many in the media of China are suggesting that it come into effect quickly since China is well known for acting rapidly on plans to keep control over its rocketing growth and maintain it for the future of the nation.

Analysts are suggesting that the tax will help bring demand into line with the Chinese vision of its economy and keep property more affordable for the growing middle class in the Asian nation. With the recent $1.4 trillion boom in lending from the Chinese government, the effects of economic stimulation have been felt across the country and prices were curbed to some extent. The luxury homes market continues to grow and prices there seem to be expanding at an ever more rapid pace. Sources in London suggest that these homes are appreciating in value at a phenomenal pace and with 70 major cities in China seeing strong price increases, most Chinese citizens are not pleased with the higher cost of owning a home.

Seattle Firm Buys Orange County Luxury Property

The St. Regis Monarch Beach resort located in the Dana Point area of Orange County, California has recently been purchased by a Seattle based firm called Washington Holdings. The deal went through at an estimated value of $235 million, a massive sum considering the general leeriness of most real estate investors to purchase California property at this point in national recovery of the United States economy. The resort also happens to be the site that executives from AIG stayed at mere days following the federal bailout only 2 years ago, making head lines and enraging the public by what was seen as flagrant spending of federal funds. Local experts have said that the Washington Holdings acquisition will put the St. Regis Monarch in a much better position to compete with surrounding resorts for tourist dollars.

The posh resort is a five star resort that is well known for its Dana Point golf course. The resort offers 400 rooms and has been suffering from the lack of travel spending by many major corporations who would typically be its bread and butter. Upscale resorts have been sluggish due to the economic down turn, but economic experts predict an upswing is underway and real estate industry observers have cited Washington Holdings for what they see as a brilliant decision to invest shrewdly towards better times. Citigroup Inc. had previously held the resort’s title and required payments as it looked for a buyer. A long negotiations process with Washington Holdings finally meant that the St. Regis would change hands.