The mass retirement of baby boomers could trigger yet another housing crisis. Boomers were responsible for roughly 80% of home construction in the 80’s and 90’s, and many of those homes were big, too big for empty nesters transitioning to a fixed income. Enter a housing solution that’s been with us all along: mobile home communities, or trailer parks.
The New Hampshire Association of Realtors reports that June was the best single month of home sales in eight years.
June marked the 19th consecutive month of year-over-year home sales increases in NH. Bill Weidacher, president of the New Hampshire Association of Realtors, says he is optimistic by the current market because numbers have steadily climbed in 2013 rather than rapidly spiked.
Dennis M. Hope claims to own the moon. He's been taking advantage of an obscure international treaty loophole since 1980, selling off lunar property, and declaring himself owner of the Lunar Embassy, and President of the Galactic Government. Sound like a joke? It's not. It's just business.
At the start of a New Year, some numbers look good -- sales are steadily going up and prices are recovering. But there are also less hopeful signs -- foreclosures remain a stubborn problem and new construction is slow. We’ll take a look at the housing picture here in the Granite State.
Brian Gottlob -Principal of Policon Research, an agency focusing on economic and public policy issues.
Anyone who’s been in this state in late July has seen the traffic pattern – the long line of cars and trucks with boats or kayaks or bikes on the back, heading north on the highway to New Hampshire’s Lakes Region. Some folks are heading toward campgrounds or b&b’s; some others are heading toward their own vacation homes, which in the Lakes Region can be pretty substantial.
Real estate is about location, location, location. And foreclosure is no different. Depending on the state, it can take an average of three months or three years to process a foreclosure. And the disparity in how states deal with foreclosures is getting bigger.
The fate of thousands of troubled homeowners in Central Florida rests in the hands of Lee Haworth, foreclosure administrative judge for Florida's 12th Judicial Circuit. "We were hit pretty hard," Haworth says.
Meet Willow Tufano, age 14: Lady Gaga fan, animal lover, landlord.
In 2005, when Willow was 7, the housing market was booming. Home prices in some Florida neighborhoods nearly doubled from one month to the next. Her family moved into a big house; her mom became a real estate agent.
But as Willow moved from childhood to adolescence, the market turned, and the neighborhood emptied out. "Everyone is getting foreclosed on here," she says.
Not everyone wants to buy a mold-infested foreclosure, but Dan Grohs does.
He and his Realtor are walking through a three-bedroom house in Minneapolis. The copper pipes have been stolen by vandals and the heat doesn't work, but Grohs recently bid on the house — and he sees potential.
"It's got a nice flow to it," Grohs says as he moves through the home. "You walk in — living room, dining room, kitchen. Good spacious rooms."
A year ago, banks admitted to abusing the foreclosure process — using fake signatures to power through foreclosure documents — a practice known as robo-signing. Now, five major banks and more than 40 state attorneys general have agreed in principle to a broad settlement that they say will help homeowners.
One of Freddie Mac's restrictions blocks people who have a short sale in their past from refinancing for two to four years following the short sale.
Credit Joe Raedle / Getty Images
In West Palm Beach, Fla., homeowners lined up for the 2010 Neighborhood Assistance Corporation of America "Save the Dream" tour, hoping to restructure their mortgage loans.
Credit Chris Arnold / NPR
If Jay and Bonnie Silverstein were able to refinance their mortgage, they could save nearly $500 a month. "We're living paycheck to paycheck," Jay says.
Credit Pablo Martinez Monsivais / AP
Freddie Mac has invested billions of dollars betting that U.S. homeowners won't be able to refinance their mortgages at today's lower rates, according to an investigation by NPR and ProPublica, an independent, nonprofit newsroom.
Credit Chip Somodevilla / Getty Images
In December, Freddie Mac CEO Charles Haldeman, FHFA acting Director Edward DeMarco and Fannie Mae CEO Michael Williams testified on Capitol Hill about the Federal Housing Finance Agency's performance.
Freddie Mac, a taxpayer-owned mortgage company, is supposed to make homeownership easier. One thing that makes owning a home more affordable is getting a cheaper mortgage.
But Freddie Mac has invested billions of dollars betting that U.S. homeowners won't be able to refinance their mortgages at today's lower rates, according to an investigation by NPR and ProPublica, an independent, nonprofit newsroom.
New Hampshire has a relatively high share of vacation properties….more than ten percent statewide, with heavy concentrations in resort areas. We’ll look at the impact of these get-away homes on property taxes, demographics, and jobs…also, how the second-home market may provide a bright spot in an otherwise struggling real estate sector.