It was predicted that Home Depot (HD) and Lowe´s (LOW) would get hammered by the housing crisis. But not as hard as they thought. With the rising oil, rising food prices and the real estate foreclosure crisis, customers are not buying at all.
John Davis, a Des Moises real estate investor has been banned from making real estate businesses in Iowa. The Polk Country District Court banned Davis from selling, renting, lease or invest on the states real estate market.
According to the state judicial website, the individuals that helped saving the Waterford Speedbowl’s ownership group from foreclosure last supper are the ones taking the Speedbowl property to foreclosure auction. Peter Borelli and Rocco Arbitell helped the ownership group, when the Washington Mutual Bank was preparing to put the Speedbowl property 1080 Hartford Road in auction last summer.
Sen. Hillary Clinton attacked the future Republican nominee Sen. John McCain, on his foreclosure crisis plan and economic policy. According to Sen. Clinton, MCCain´s economic plan policy boiled down to this: “Don’t just continue driving our nation in the wrong direction. Put your foot on the accelerator and gun it”.
The Field Asset Services (FAS), a company that works together with lenders and banks to prepare homes that are in foreclosure for sale, has hit the wrong unit on a condo in Stockton, CA. FAS was supposed to inspect the unit 232, and instead they entered and re-keyed unit 2 where Ruth Anderson lives.
The Exchange Commission and Security filed fraud charges against the promoters of a real estate investment scheme that operated a fraudulent foreclosure reinstatement scheme. The scheme started in 2005 and got around $18 million in only two years. More than 600 people were caught by the scheme with the promise that they could get returns of 50% of their investment within 30 days.
The Senator Barack Obama, Democratic presidential runner said on Tuesday that the real estate foreclosure crisis is similar to the Great Depression that occurred in the late 20s. He pointed that the housing crisis is far from going into the direction of the Depression, but the way it affected Wall Street and the financial market is very similar.
Despite the terrible recession that America is currently facing with the real estate crisis, Donald Trump, the CEO of the Trump Organization says that the housing market is going to get better fairly quickly and that now is the time to invest.
Media has recently reported some multimillion dollar real estate deals made by stars in New York City. The celebs list is quite extensive and includes Madonna, Scarlett, Bono, Sting, Jennifer Connelly, Jon Bon Jovi and many others. Despite the real estate crisis and the high number of foreclosures in New York City, luxurious properties are still on high demand. The luxurious highly priced homes are being sold for as high as $5.6 million dollars, such as the Carol Burnett apartment in the Trump International condo tower that was recently sold. Bono has sold his apartment in Central Park West for $4.9 million and Scarlet Johansson sold her apartment for nearly $1.9 million.
On Wednesday President George Bush declared that he would veto the foreclosure bill, but despite the threat of presidential veto, the house approved the legislation yesterday.
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