So, the organization most responsible for the current financial crisis, the US department of Housing and Urban development, has decided to blow a couple more million dollars of borrowed money for “housing counseling and training.” Dear me – I wouldn’t trust these guys to teach a five-year-old how to tie his shoe laces, so another five million dollars will get thrown into the black hole of the housing disaster.
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%).
More on Property Crash Hot Spots – London Dubai and Hong Kong
Those of us who watch these things have noticed a disturbing trend over the last month or two – The national and international newspapers talking up the housing market quite aggressively. Much to the ire of their readers who are rightfully questioning the information being given. These are a few examples.
More on Property Investment Advice – Beware the Newspapers Talking up the Market
Norwich Union, who recently changed their name to “Aviva,” have put a freeze on investor withdrawals from their “Norwich Union Unit-Linked property fund.” The excuse they have given is that they do not have any money and want to liquidate some of their assets by selling some of the property into what has to be the worst commercial property market in the last twenty years. Good luck getting your money back if you “invested.” any money in this one.
More on British Property Prices continue to decline and Aviva Freezes withdrawals from Fund
A
ll successful scams and cons have two things in common:
1) All scams involve a ‘hook’ designed to play on our natural greed and opportunism by asking us to do something that seems only slightly unethical (on the surface) in exchange for a huge monetary pay off. 2) All scams then count on our shame at accepting illicit terms to make sure we don’t report the crime or pursue justice.
An interesting new property investment phenomenon came to my attention recently. There are certain parts of the world where property prices have reached the point that it has become extremely difficult to get on the first rung of the investment ladder. This is what caught my eye:
If you’re ready to invest in residential investment property, you are about to set off on a juicy, long-term investment that will bring you big bucks in the years to come – if you manage your money wisely. The first step on your way is to get an investment property loan.
More on Residential Investment Property Loans – Crunching Numbers
While it may be nearly impossible for a homeowner whose home is in foreclosure to get a property-saving loan, it is actually quite common for those seeking to buy foreclosures to qualify for the loans they need to purchase the properties.
Ups:
A slow down in construction has led to buying opportunities. From the Financial Times.
A couple transforms a building on the Greek island of Poros. From the New York Times.
There have been a lot of books and late night infomercials on how to become rich through real estate. Apparently, you can become rich overnight. Neat. But, no one has really written a good guide on how to go bankrupt. Sure everyone is doing it, but how can you get in on the action.
