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.
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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.
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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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On Tuesday last week President George Bush blamed the Democratic-led Congress for not passing the foreclosure bills. He was complaining that he was not getting bills to sign and he urged the Congress to work on bills that he could sign, but despite his complaint to many Congress members, he declared yesterday that he will veto the house foreclosure relief legislation under consideration in the Congress. Bush declared that the new legislation would only be beneficial to a group of speculators and lenders.
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The current foreclosure crisis is now affecting thousands of students that are seeking loans to complete their education. Students and parents are complaining that the student loans are almost impossible to get. The lack of these loans is forcing many students to drop out of school.
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After Ben Bernanke (Federal Reserve Chairman) said home prices may continue to fall, the national currency falls even more against the Euro. In New York, Bernanke pointed that the foreclosure crisis, the most severe real estate recession in decades, may hurt more than just lenders and homeowners and he urged the government and lenders to try harder to reduce the number of foreclosures.
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Filing foreclosures in cities that are swamped by ever increasing foreclosure lists means plenty of lawsuits and legal work. Law firms such as Florida Default Law Group in Tampa may have set a record of sorts when it filed over 400 forclosure lawsuits for Hillsborough County in February 2008.
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A multibillion-dollar foreclosure assistance bill is being worked since yesterday by members of the House Financial Services Committee that is intended to help the foreclosure crisis.
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On Tuesday the President Bush blamed the Democratic-led Congress for not passing the foreclosure bills. According to the President, the Democratic-let Congress is blocking proposals that could help the sagging economy and the real estate crisis. The President said he is opened to help on the crisis but he is not getting Bills that he can sign.
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The pop star Michael Jackson has managed to avoid losing his home in La, after paying $414,806. The three bedroom house in Encino had been scheduled for a public foreclosure auction on May 5, according to A Notice of Trustee’s Sale filed on April this month.
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HUD Fair Housing Equal Opportunity
