Moody’s Investors Service has concluded its review of the ratings of six government-related issuers (GRI’s) in Dubai and has taken multiple rating actions resulting in confirmations of four companies, and downgrades on two companies. The outlook on all ratings is negative.
American homeowners are starting to fight back when lenders force foreclosure proceedings.
Many lenders say they are willing to work with homeowners to keep them in their homes, but in practice voluntary loan modifications are extremely rare.
Today, Limitless, owned by Dubai World has announced more cuts in it’s workforce and another delayed project in Dubai.
Dubai-based developer Limitless said today that it had cut 7% of its workforce and delayed its $61 billion Arabian Canal project thanks to the real estate collapse in the UAE.
Foreign real estate investors are often shocked by the low price tags on houses in the industrial midwest. Australian news shows have recently featured segments on homes in Detroit that are selling for $1,000 or less, and even Americans are shocked that the average price on a home in Detroit has fallen to an astonishing $18,000.
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Greek Property Investment Advice – Buying a Building Plot
For many people, especially those with a low budget, buying a plot of land and self-building is one way of affording a dream home in the sun. In Greece, the whole process can appear to be a little daunting, but finding and employing the right professionals makes the task easy and relatively painless. The first, and most important stage, is to find a good lawyer, who will guide you through he legal niceties surrounding buying a good plot of land.
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Moody’s lates REAL commercial property price index is a stark reminder of the current financial situation. Showing a 5.5% drop in prices in January, this is the largest one-month drop in the history of the index.
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The Obama mortgage relief bill was passed and the plan is now active and online at www.makinghomeaffordable.gov.
The web site includes a short online quiz that will help visitors determine if they are eligible for the program, and it also includes information about the program, how it works, and instructions on how to make an appointment with a HUD-approved housing counselor to discuss a borrowers personal situation at no charge.
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The number of cases of mortgage fraud reported to the Federal Bureau of Investigation has more than doubled in the past three years, but what is especially troubling is the dramatic increase in reports of corporate fraud. Right now the FBI has more than 560 pending corporate fraud investigations that relate to the mortgage meltdown and the current financial crisis. Instances of individual mortgage and foreclosure fraud are so out of control right now the FBI has a huge backlog of uninvestigated cases, with a 26% increase in reports over last year alone.
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In another statement of nationalistic behavior, Deyaar, on of Dubai’s major property developers, has affirmed it’s commitment to employ more Emiratis. Deyaar, one of the region’s fastest growing real estate companies, today announced its participation at the ninth annual Careers Show. The event is one of many initiatives through which the company seeks to achieve its target of 20 per cent Emiratisation by the end of 2009.
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The Citi Private Bank report commissioned by Knight Frank shows that the largest drops in residential property prices were in Hong Kong (-26.8%), the Home Counties (-19.4%), London (-16.9%) and Dubai (-19.1%).
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