Monthly Archives: March 2013
The real estate prices in Mumbai as everyone knows has gone way out of the common man’s reach. Unless you are a multi-billionaire like Mukesh Ambani or the King of Bollywood, Shahrukh Khan you can forget about owning a piece of property in Mumbai. But all hope is not lost for those who are on a budget. There are affordable residential projects that are cropping up in the localities of Navi Mumbai which might be the answer to your prayers.
There is already a good amount of demand for residential properties in Navi Mumbai. There are several factors that are driving people towards this area. Infrastructure is the key here. Great connectivity to Mumbai and Pune by road and rail is already in place. There are several proposed infrastructure projects in the pipeline as well including a Metro, the Mumbai Trans Harbour Link and the Navi Mumbai International Airport. When the plans for the airport were announced there was a lot of enthusiasm shown by the realty sector. But the project did not take off as expected and this sent property prices spiralling downwards. With the Maharashtra government stepping in and clearing the hurdles blocking the project, it has been given another lease of life. Once all the proposed projects near completion that property rates will only go up in areas which will benefit from them.
National real estate indexes report that residential foreclosures have declined in recent months, But financially troubled homeowners still need to remain vigilant. Here are five items that continue to create confusion among homeowners facing foreclosure.
1. The right to a loan modification. Many states require residential lenders initiating a residential foreclosure to provide homeowners the opportunity to meet with their lender’s representatives. This meeting is to review the borrower’s relevant financial information and circumstances surrounding a financial hardship. When appropriate borrowers are given the opportunity to modify the loan, some states, like Michigan, require only those 5 mortgage companies that were party to the 2012 National Mortgage Settlement (Bank of America, Wells Fargo, Chase, Citi, Ally / GMAC) to provide homeowners with an opportunity to modify the loan should the borrower qualify. Laws vary by state, but unfortunately for Michigan homeowners, those mortgage lenders not part of the national settlement have it within their discretion to provide a financially challenged homeowner a loan modification. (more…)
During recent months, US home prices and new home construction have started picking up again. This may suggest that both the housing market and the US job market could be starting recoveries.
After suffering through years of downward activity, new construction and US home prices are actually starting to see the light again. Foreclosures across the country have began slowing down, which suggests that the housing market just might be bouncing up from the bottom. Stuart Miller, the CEO of the national homebuilder, Lennar, says that to him, it sure feels like we’ve already reached the bottom. Speaking to analysts back in June, he said that he believes that the housing industry is finally beginning to rise back up.
But, we’ve seen so many false starts in the previous years that many are quite skeptical. The recent numbers showing slight rises in home values may not be enough to feel completely secure just yet. It’s just too soon to know for sure. Miller says that he’s a bit nervous when it comes to using the word “recovery” when speaking about the housing market. Still, the recent stats do show positive signs, leaving many to believe that the worst may be over. If this is true, this is a good sign for other markets and industries that directly affect the US economy. (more…)