This article will give the low-down of pertinent news pertaining to the world of real estate for October 2010.
PLANO RESIDENTS ‘DOING THE SAFETY DANCE’
America’s Safest Cities (Forbes.com)
If you’re in Plano, absolutely. So says Forbes.com, which has deemed the Dallas suburb “America’s Safest City.”
Plano, the only Texas city to land in the top ten on Forbes list, has the lowest violent crime rate of all big American cities, according to Forbes. It also has a much lower rate of fatal car accidents.
Coming in behind Plano were Portland, Ore.; Honolulu, Hawaii; San Jose, Calif.; Omaha, Neb.; New York, N.Y.; Santa Ana, Calif.; Anaheim, Calif.; San Diego, Calif.; and Glendale, Calif.
To determine which cities are the safest, Forbes writers studied violent crime data compiled by the Federal Bureau of Investigation and traffic fatality data compiled by the National Highway Traffic Safety Administration.
12 CITIES – WHERE TO BUY V. WHERE TO RENT
Cities like Detroit and Columbus boast killer buying opportunities, but you’re better off renting in places like New York and Seattle, according to Trulia’s quarterly Rent vs. Buy index.
PUSH TO HALT FORECLOSURES GAINS STEAM
(CNN Money) Oct. 2010
NEW YORK (CNNMoney.com) — Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.
Members of Congress from California wrote to the heads of the Justice Department, the Federal Reserve, and the Comptroller of the Currency on Tuesday, requesting that they investigate the foreclosure processes of banks under their purview for “possible violations of law or regulations.”
BANK OF AMERICA HALTS FORECLOSURES IN 23 STATES
(CNN Money) Oct. 2010
NEW YORK (CNNMoney.com) — Bank of America is the latest in a string of banks to freeze home foreclosures in 23 states as it investigates whether there were flaws in its process.
“We have been assessing our existing processes,” Bank of America said in a statement. “To be certain affidavits have followed the correct procedures, Bank of America will delay the process in order to amend all affidavits in foreclosure cases that have not yet gone to judgment in the 23 states where courts have jurisdiction over foreclosures.”
8 VACATION HOMES TO BUY NOW
((CNN Money) Oct. 2010
The first few months after the end of the summer season is usually the best time of year to buy a vacation home.
Vacation-home owners often squeeze out one more season of rental income before putting their properites on the market. That means many beach homes and summer cabins go up for sale in the fall.
This year, there are even more bargains than usual, thanks to the sustained home price plunge and rock-bottom interest rates.
“Vacation home owners are sitting fat and happy, having collected their rents all summer,” said the author of “How to Rent Vacation Properties by Owner,” Christine Karpinski. “Now, they’re looking at long periods during which bills are coming in but vacation rents are not.”
FOMC – GROWTH SLOW, BUT ECONOMY UNLIKELY TO REENTER RECESSION
Mortgage News Daily Oct. 2010
“Although participants considered it unlikely that the economy would reenter a recession, many expressed concern that output growth, and the associated progress in reducing the level of unemployment, could be slow for some time. Participants noted a number of factors that were restraining growth, including low levels of household and business confidence, heightened risk aversion, and the still weak financial conditions of some households and small firms.”