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By Susan Zakin
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By Gore Vidal
$18.00
$19
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Ian Muttoo (CC BY-SA 2.0)
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Homeownership is at its lowest level in 18 years, but housing prices are rising. Why? Because banks are creating real estate scarcity by buying up homes and selectively stalling foreclosures.
Posted on May 3, 2013
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By David Sirota — With Congress finally starting to have a serious conversation about our revenue crisis, there are obvious reasons to limit the amount of mortgage interest that Americans can deduct from their taxable income.
Posted on Dec 13, 2012
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wilhemlja (CC-BY-SA 2.0)
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In spite of a still-bleak economy, the average cost of rent in Manhattan sits at an all-time high of $3,148 a month. And with a 1 percent vacancy rate and just over 2,200 rentals slated for construction this year, landlords will continue to dominate the market.
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AP / Cliff Owen
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On Thursday, state and federal government representatives announced that five major banks—Wells Fargo, Bank of America, Ally Financial, Citigroup and JPMorgan Chase—had agreed to pay their part in a settlement of more than $25 billion stemming from the mortgage market meltdown that caused millions of Americans to lose their homes.
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Photo illustration from an image by Colin Grey (CC-BY)
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This week on Truthdig Radio in association with KPFK: David Cay Johnston reveals the hidden scandal lurking in Romney’s tax returns; Robert Scheer and Kathy Kiely shine sunlight on super PACs, and Doug Henwood deflates China’s real estate bubble.
Posted on Jan 27, 2012
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This week on Truthdig Radio in association with KPFK: David Cay Johnston reveals the hidden scandal lurking in Romney’s tax returns; Robert Scheer and Kathy Kiely shine sunlight on super PACs, and Doug Henwood deflates China’s real estate bubble.
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Flickr / dherrera_96
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Texas Gov. Rick Perry points to his hyper pro-business policies to explain the fact that 37 percent of the nation’s new jobs created over the last two years were in his state. New York magazine has another suggestion though: the region’s multibillion-dollar drug trade. (more)
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Flickr/Images_of_Money
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According to at least some sources, certain sectors of the American economy are showing signs of life, but the housing market sure isn’t one of them, especially considering the news expected to surface Tuesday that prices have now dipped below the previous lowest point recorded since this recession kicked in three years ago. The recession’s earlier bottom for housing prices occurred in 2009.
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Flickr / Casey Serin (CC-BY)
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At long last, a little good news from the real estate market: The National Association of Realtors reported a 10 percent rise in existing home sales in September, but buyers are still skittish about foreclosures and the country’s job problems figure into the long-term prognosis as well.
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chicagobusiness.com
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After two tumultuous years in the media business, Tribune Co.’s controversial CEO, Chicago-based real estate mogul Sam Zell, is stepping down from his post, but he’s not bowing out of the game altogether—Zell will continue as the media company’s chairman.
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Other market sectors are another story, and this story may also change in coming months, but let’s have some good news about the residential real estate market, shall we? Right: The Associated Press is reporting that home sales rose more than 10 percent in October from their September levels, largely due to tax incentives, and November may continue along this trend.
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Flickr / Strevo
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Donald Trump is plotting to plop down a deluxe golf resort in an “environmentally sensitive” part of Scotland—a plan that’s getting some of the locals good and riled up, including actor Tilda Swinton, according to the AP. Swinton has added her name to a petition signed by some 15,000 Scots to block Trump from breaking ground, which does not please The Donald.
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By Amy Goodman — The host of “Democracy Now!” reports from New Orleans, where residents are fighting to keep their homes and resist the unholy alliance of opportunistic developers and an unresponsive government. Meanwhile, the president seems just as oblivious to the suffering of people in Louisiana as he is to that of Iraqis.
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If you’re caught up financially in the housing bubble (who isn’t these days?), you might want to skip this item. Home prices have fallen by 3.2 percent—the sharpest drop in 20 years, while the median price for homes has gone down for the 12th consecutive month—another record. That’s not good news for a market eager to return to the good ol’ days of easy loans and overpriced homes.
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