U.S. Economy: Confidence Climbs More Than Forecast – Bloomberg
The Conference Board’s confidence index rose to 53.5 from a five-month low of 51 in July, according a report today from the New York-based research group.
Attention RE Agents: NAR Spin is Counter-Productive ! – Barry Ritholtz
Here’s a question for you reality (vs NAR realty) agents. Ever wonder why you seem to be having such a hard time convincing sellers to set reasonable asking prices? Ever ponder why they have such a distorted sense of the true value of their homes? Ever try to get them to set reasonable asking numbers that are competitive with current market prices?
The short answer: NAR spin.
The Land-Residual vs. Building-Residual Methods of Real Estate Valuation – Michael Hudson
How does one decide how much a building’s value grows or shrinks in proportion to the property’s overall value? Does one multiply the building’s cost by the rise in the construction price index since its completion? If a property is sold at a higher price (as usually is the case), is it because the building itself rises in value, or the land site? If the property is sold at a lower price, as sometimes occurs, what is responsible for the decline – the building or the land?
1,000 HomEq Workers Fear For Jobs – SacBee
HomEq, the last vestige of Sacramento subprime lender the Money Store, becomes part of Ocwen after three previous owners in the past decade.
The newest ownership change raised fears that this time hundreds of employees face termination.
Vantage Pointe gives back deposits – Sign On San Diego (HT Patrick)
The move to abandon sales marks the second time in the last year that the developer has given deposits back to buyers in the beleaguered Vantage Pointe project, which has faced one setback after another since launching sales six years ago.
“We’re not able to meet the Fannie Mae or Freddie Mac or FHA requirements in this marketplace because we can’t get enough sales,” said Randy Klapstein, CEO of Pointe of View, developer of the 40-story complex that completed construction last year in the midst of the economic downturn. “We’re not getting the traction we’d hoped for, and we don’t want our customers to stay in limbo, so it’s best to move on.”
It is now likely the $280 million East Village condo project will remain a rental complex for the foreseeable future, said Klapstein, noting that there are roughly 200 renters, about a dozen of whom are buyers who were renting while waiting for their sales contracts to be finalized.
“At this point, we’re going to continue renting,” he added.
Obama Declares an End to Combat Mission in Iraq – NYT
“We have sent our young men and women to make enormous sacrifices in Iraq, and spent vast resources abroad at a time of tight budgets at home,” Mr. Obama said. “Through this remarkable chapter in the history of the United States and Iraq, we have met our responsibility. Now, it’s time to turn the page.”
